An online toy retailer set up by one of the first employees at Asos has raised £4.2 million from investors after a rise in sales driven by parents looking to entertain their children during lockdown.
Kidly was founded in 2016 by James Hart, former ecommerce director of the online fashion retailer, shortly after he had become a father and had grown frustrated with what the market offered.
The retailer, which focuses on products for under-5s, is set to pass £10 million in revenues this year. Kidly, which works with parents to review its own-brand products, said that it had thrived during the pandemic, with sales soaring by 205 per cent between April and July.
Mr Hart, 47, said: “This has been a difficult time for millions of parents, myself included, and we’re proud to be sharing the load when it comes to keeping their kids occupied and entertained.”
Hargreave Hale, the venture capital firm, has invested in the fundraising, along with several private investors, including Nick Robertson, the founder of Asos, and Claire Nesbitt, former head of Footasylum and the daughter of David Makin, the co-founder of JD Sports.