E-commerce specialist KupiVIP completes €30 million funding round
Munich, Germany, 21 June 2012 – Munich-based VC firm Acton Capital Partners has made its first investment on the Russian market. Acton subscribed to a minority stake in the Moscow-based fashion e-commerce company KupiVIP Holding. Acton’s investment is part of a comprehensive funding round worth a total of €30 million. In addition to Acton, lead investor Intel Capital, the European Bank for Reconstruction and Development (EBRD) and existing investors Accel Partners and Balderton Capital also participated in this funding round.
Founded in 2008, KupiVIP Holding is today one of Russia’s leading e-commerce players in the fashion sector. The company operates KupiVIP.ru, the largest online shopping club in Russia, and KupiLuxe, the luxury shopping club. It also operates ShopTime.ru, an internet shop which offers a wide assortment of fashion products, as well as white label e-commerce services to global fashion brands to operate online stores in Russia, including brands such as shop.quicksilver.ru, mexx-shop.ru and shop.tsum.ru.
Acton’s investments to date have all been in Western Europe and North America; KupiVIP is the VC firm’s first investment in Russia. “The Russion e-commerce market is still very young. We are expecting the comparatively low internet penetration and online share of fashion retailing to grow significantly. At the same time, demand for western brands is high,” said Jan-Gisbert Schultze, Managing Partner of Acton, describing the market. “KupiVIP has shown an impressive development in the last four years and has an excellent experienced and internationally-oriented management team, in particular in its founder Oskar Hartmann.”
Oskar Hartmann, General Director of KupiVIP Holding, grew up bilingually in Germany and studied at Germany’s renowned WHU – Otto Beisheim School of Management in Coblenz. Commenting on the new investment, Mr Hartmann said: “We were the first company in Russia to launch an online shopping club and were thrilled with our early success. We have brought the biggest and best international brands to the huge Russian consumer base and now have more than eight million registered users. We have only just started to exploit the enormous opportunity the Russian consumer market offers to international brands. With this new investment, we are delighted to get the support we need to build a world class e-commerce company.”
About KupiVIP Holding:
KupiVIP.ru was founded by Oskar Hartmann in 2008. Within four years the company has become the largest fashion ecommerce player in Russia. KupiVIP Holding operates KupiVIP.ru, the largest online shopping club in Russia, offering over 1500 designer brands in fashion products and accessories with up to 90% off boutique prices through daily flash sales. It also operates online boutique KupiLUXE.ru and online store ShopTime.ru which offers a wide assortment of fashion products, as well as white label e-commerce services (KupiVIP E-Commerce Services) which offers ready ecommerce decisions: creation, development and customer service for online stores for brands such as shop.quicksilver.ru, mexx-shop.ru and shop.tsum.ru. KupiVIP Holding is based in Berlin, helping it to source international brands, many of which it exclusively sells in Russia and the CIS.
