Accel backs online fashion

Venture capital firm Accel Partners has led a US$20m funding into Russian online shopping club,

The funding is the largest investment that has been made in the company since it received its initial investment of US$11m when it was established in 2008.

Accel will be joining existing investors Mangrove Capital Partners, ARLAN, Direct Group and Oliver Jung.

KupiVIP specialises in the online selling of discounted fashion goods from over 500 brands. The company has experienced rapid expansion in the past two years and now has approximately 1.3 million registered users.