Boo.com saves itself with $45 million in funding

CampaignLive 15-May-00

Boo.com, the online urban sports store, has secured $45 million (£30 million) in new funding.

The new funds put the troubled Boo.com on a firm financial footing. The latest round of funding has been secured as Boo prepares to announce what it says are strong financial results for the three months to April.

The bulk of the new money is understood to be coming from one of Boo's largest existing backers, Bernard Arnault. Arnault is chairman of the French luxury goods firm, LVMH, and it is his money that has kept the internet store afloat.

Last year, Boo raised a record $150.6 million (£100 million) to fund its launch. Aside from Arnault, investors included Goldman Sachs and the Benetton company, among others.