Shopping app co-founded by Romanian gets USD 65 mln

Spring, a startup co-founded by the Romanian Octavian Costache, received an investment of USD 65 million from the investment fund Fidelity Investments. Costache is also the company’s Chief Technology Officer. The young company, which sells clothes from over 2,000 brands via an app and the mobile site, has thus reached total investments of USD 100 million. Its investors include Groupe Arnault, Thrive Capital and Box Group. The company’s main target are the millennials, young people whose average age is 28 and for whom online clothing shopping is the standard. Spring combines cheap and expensive products, from USD 20 Levi's jeans to USD 1,110 Gucci moccasins. The average order amounts to USD 150, which allows the company to provide free shipping and return. Spring keeps between 15% and 20% of the value of each order and expects sales of USD 100 million in 2017. editor@romania-insider.com (photo source: Shop Spring on Facebook)