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Not on the High Street, the UK’s best-loved curated online marketplace for unique lifestyle products and thoughtful gifts, today announces it has been acquired by growth equity firm Great Hill Partners. Great Hill Partners will become the majority shareholder in the business, with existing investors BurdaPrincipal Investments and Industry Ventures also remaining as shareholders.
The news comes following a year of unprecedented growth for Not on the High Street, in which revenues rose more than 50%. During this time, the company, which supports thousands of the UK’s best independent artisans, designers and boutiques, grew its customer base by almost 1 million and added four times as many hand-picked small business partners to the site than the prior year.
The backing and expertise of this investor base will help Not on the High Street to further advance its growth; expanding its reach in the UK’s small business community, and developing and diversifying the range of products offered through the marketplace in order to meet growing customer demand for categories such as homeware, gardenware, and food & drink.
The transaction is also a catalyst to expedite the company’s tech and product roadmap for both sides of its business, evolving the experience of its small business partners, and helping customers find the perfect product from the now expanded range through the evolution of on-site and in-app discovery tools and algorithms.
“'Not on the High Street' has been the online home of the UK’s best creative small businesses since 2006, and business has boomed for our marketplace in the past 12 months. With more people shopping online and choosing to support small businesses than ever before, 'Not on the High Street' has become a go-to platform for people across the UK who are seeking unique ways to improve their home environment, discover new ways to spend their time and find thoughtful ways to stay connected with loved ones. We’re incredibly grateful to our founders and past shareholders for all they’ve done for the business to date, and we are delighted to work with digital growth experts Great Hill Partners, Burda and Industry for the next exciting stage of our growth. Each brings considerable expertise that will help us to build on the success we’ve seen so far.”
Claire Davenport, CEO of Not on the High Street
“We are excited to continue to back Claire Davenport and her team in shaping the future of 'Not on the High Street' and reimagining online retail. Having access to a market place like ' Not on the High Street' is the backbone for thousands of small businesses in the UK and at the same time a great shopping experience for millions of customers. We very much look forward to partnering with Great Hill.”
Christian Teichmann, Managing Director of BurdaPrincipal Investments
Not on the High Street was founded in 2006 by Holly Tucker MBE and Sophie Cornish MBE, and was previously backed by Index Ventures, Venrex and Eight Roads Ventures, as well as BurdaPrincipal Investments and Industry Ventures.