Tengelmann Ventures’ other investments in German internet companies include deals with Delivery Hero, Hitfox, SumUp, TradeMob and Coffee Circle.
Lazada and Tengelmann – “a huge win”
The press release today is light on details – saying only that Tengelmann’s eight-digit euro investment was made through Lazada’s holding company, similar to recent investments in Lazada by Kinnevik ($40m), JP Morgan (at least $10m) and Summit Partners (€20m).
“Having a strategic investor of Tengelmann’s calibre on-board is a huge win,” Lazada’s regional CEO Maximilian Bittner said. “They are bringing with them significant retail experience which will be of huge benefit as we strive to achieve our ambitious growth targets.”
Future plans include the roll-out of Lazada’s new marketplace feature – which opens the platform up to third-party retailers – across all its markets. So far, those markets include Indonesia, Malaysia, the Philippines, Thailand and Vietnam.
The new funding follows unconfirmed but credible rumours that Rocket Internet – headquartered in Berlin and spanning over 50 portfolio companies in 40 countries – is considering an IPO for at least one of its ventures. Lazada, at least, is clearly having no trouble raising cash by more usual methods.
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