Rocket Internet-backed online fashion site Namshi has raised $13m from US growth equity company Summit Partners. The investment will be used to scale operations and establish the company in the Middle East, plus to fund a centralised distribution centre.
Launched in 2012, Namshi is the Samwer brothers’ Middle Eastern Zalando clone. It’s the second time Summit Partners has invested in the company, which has also received funding from Kinnevik, JP Morgan Chase, Blakeney Management, Holtzbrinck Ventures and others. It stores over 550 brands of footwear and fashion, plus has the standard Zalando feature of free delivery and returns.
Recently, leaked documents from Rocket Internet revealed the largest investors in the Berlin-based company builder – with Summit Partners providing a total of $140m in funding distributed across a number of Rocket portfolio companies, including Amazon clones Lazada and Linio, along with a handful of other Zalando copycats around the world such as Dafiti, The Iconic, Lamoda and Jabong.
Over the past three years, a massive $1.5b in financing has been provided for Rocket Internet ventures, which fits with the Samwers’ high ambitions to aggressively expand their eCommerce companies and provide real competition to established brands such as H&M and Ikea.
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