Lyst, the online premium fashion platform, will this week hint at plans to pursue a public listing when it announces an $85m fundraising backed by a string of blue-chip investors.

Sky News has learnt that Lyst, which is based in London and boasts 150 million users, will announce on Wednesday that it has secured new capital from new investors including Fidelity International and C4 Ventures, a firm set up by former Apple executive Pascal Cagni.

The valuation at which Lyst is raising the money is unclear, but sources said it would be positioned as a pre-IPO round, suggesting that a public flotation could take place in the next year.

Lyst sells fashion products from high-end brands such as Balenciaga, Gucci, Prada and Valentino.

Founded in 2010 by Chris Morton, the company has grown rapidly since its most recent substantial fundraising in 2018.

Lyst competes with rivals such as Farfetch, which is quoted in New York, and Matches Fashion.

Its IPO ambitions are likely to prompt overtures from exchanges in the UK and US, with Boris Johnson’s administration expected to court the company to remain in London as part of a wider charm offensive aimed at fast-growing technology companies.

Deliveroo, which had a disastrous public debut, has since been followed by the cybersecurity company Darktrace, which has fared much better.

Lyst counts respected investors such as Draper Esprit, Accel and Balderton Capital among its existing backers.

LVMH, the global luxury goods behemoth, acquired a stake in the business six years ago and invested further in 2018.

Carmen Busquets, a co-founder of Net-a-Porter, is said to be increasing her investment in Lyst as part of the funding round.

Lyst is understood to have seen strong growth during the pandemic, with a 12-fold increase in next users on its app and gross merchandise value exceeding $500m.

Insiders said Lyst would announce the appointment of several senior executives alongside the fundraising, including Mateo Rando from Spotify as chief product officer.

The London-based company argues that its proprietary use of data gives it an advantage over competitors in tailoring a personalised experience to its customer base.

Lyst declined to comment on Tuesday.

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