Two European online retailers are accelerating their expansion
plans after securing additional funding.
France-based online bags and shoes retailer Spartoo received
€25 million (approximately £20.4 million, $32.5
million) in a third round of funding led by investment company
Sofina alongside existing investors. Spartoo will use the cash to
accelerate its expansion across Europe.
Founded in 2006, Spartoo is now profitable in its core French
market. Over the past three years, it has seen its international
turnover increase “20-fold” and last year alone, it
sold 2 million pairs of shoes into 20 European countries.
Germany-based Zalando saw Swedish investment firm Kinnevik become
its largest shareholder this month following the acquisition of
an additional 10 percent stake from Holtzbrinck Ventures,
Tengelmann and Rocket Internet.
Founded in 2008, Zalando now operates in 14 European markets. It
is currently on track to double last year’s revenue of €510
million (£411 million, £664 million) this year.
In the past 12 months, Zalando has raised capital from DST, JP
Morgan and Kinnevik among other investors, and says it is
“well capitalised to fund its future expansion”. In
addition, Zalando obtained €40.7 million (£32.8
million, $52.9 million) in debt financing from Commerzbank and
other German banks this summer.
The investments will assist Zalando in opening its new fulfilment
centre in Erfurt, Germany and fund the build of a second centre
in Monchengladbach, which opens next autumn.
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