Online Shopping Club KupiVIP.ru Raises Another $20 Million
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More evidence of online shopping clubs continuing to do well with investors in the recession. Today, Russian online shopping club kupiVIP.ru announced it has raised $20 million in funding, on top of the $11 million it has already received.
SEE ALSO: Our H1 VC Review: More Companies Funded With Less Money
Oskar Hartmann, the CEO of the company, claims this is the largest investment to date in a Russian e-commerce site, according to Emoiz. The round was led by Accel Partners and also included existing investors Mangrove Capital, Arlan, Direct Group and Oliver Jung.
KupiVIP.ru, which sells discounted fashion items to a growing middle class of Russian online consumers, has more than 1.3 million registered users (Quintura). This year, the company plans to double the number of brands it offers to 1,000 and hold 2,500 sales events.
It will also use the investment to upgrade its logistics and operational infrastructure. Sonali De Rycker from Accel will be joining the company’s board.
Sites like kupiVIP.ru have been attracting a lot of attention from VCs. In addition to an $8 million round for kupiVIP…
—the online shopping club Privalia, from Spain, also raised €8 million
—the German site Brands4Friends got €10 million
—and BuyVIP raised €14.9 million.
Posted In: E-Commerce, Money, M&A & Venture Capital, Venture Capital, Countries, Europe, Russia
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