In May 2016 its two young founders, 24-year-old Milan Daniels and 25-year-old Max Klijnstra, secured no less than 600 thousand euros in seed funding, topping up the 200 thousand euros they already raised earlier in the year.
Designer deals for fashion insiders
Otrium matches fashion fans with designer brands – it’s a win-win solution. Members sign up for access to a ‘private shop’ with exclusive fashion deals. Designer brands are able to clear their surplus stock directly online, making a profit from garments that would otherwise be left unsold.
“Nearly every fashion brand struggles with an abundance of excess inventory,” says Otrium’s cofounder Milan Daniels. “Too often beautiful items are just left to collect dust in warehouses.” Otrium opens up the warehouses so a community of fashion lovers can pick up bargains from up-and-coming and leading designer brands. The fashion firms ship the orders straight from the warehouse, making a tidy profit on stock that would otherwise go to waste.
Investment firm Keadyn led the latest seed funding round, which followed earlier investments from the founders of real estate website Funda, digital production company Media Monks and online photo printer Albelli.
Keadyn’s founding partner Martijn Don is deeply impressed by the achievements of Otrium’s young founders. He says Otrium is “the new contender in terms of online fashion stock sales,” and describes the results the startup has achieved in just nine months as “unbelievable”.
Attracting international brands
Otrium’s platform is growing fast, at a rate of over 10,000 new members a month, and new brands are signing up every week. As yet Otrium only operates in the Netherlands, but their success has already drawn the attention of a “prominent fashion industry influencer”, and with 800 thousand euros of investment working for them, the young founders aim to attract 300 international brands within the next two years.
Young entrepreneurs of the year
Daniels and Klijnstra already have an impressive startup track record. In 2012 they launched the online digital printed clothing company Breaking Rocks, which they sold on three years later. They went on to found orbitnow, an Amsterdam-based digital development studio, before starting Otrium in 2015. In 2016 Daniels was among the Sprout 25 Dutch entrepreneurs of the year under the age of 25.