E-retailer Wantitall has invested in Citymob, another online retailer, which specialises in selling a curated range of products for the design minded. The investment offers Citymob improved systems, logistics, warehouse facilities, increased access to customers and better supplier relationships.
Citymob co-founder Luke Jedeikin says the deal will allow the start-up to “upscale quickly and ensure a world-class logistics offering”.
Originally a group-buying website, Citymob was launched in March 2011. A year later, it moved away from group deals and coupons to selling curated design products and this meant having to adjust to the challenges of inventory and deliveries from previously selling only virtual goods.
The company previously expressed a desire to form partnerships that could help it expand its operations and grow its user base. It now has a database of over 300 000 people and sells about 800 items a day. From employing 14 people in July 2012, it now has 35 staff.
Wantitall founder Justin Drennan says his company has been working on a highly automated warehouse system for the past few years and has been looking for an appropriate partner with whom to share it.
Jedeikin says Citymob’s turnover has increased by 300% in the past six months.
The partnership with Wantitall means Citymob customers can also expect to be able to buy products from Europe, the US, Australia and Japan in future. — (c) 2013 NewsCentral Media
