22. May 2013–
Big news from camp Rocket – Zalora (the Berlin-based company builder’s South-East Asian Zalando clone) has received $100m from Summit Partners, Investment AB Kinnevik, Verlinvest and Tengelmann Group.
The news comes just two months after Tengelmann invested €20m in the company and JP Morgan invested a significant double-digit sum last September. Zalora operates in nine countries in the South-East Asia region and claims a big part of its success comes from supplying customers with international fashion and beauty brands that were previously only available in capital cities.
Michele Ferrario, Managing Director at Zalora, commented on the funding: “Our company is one of the fastest growing eCommerce companies in South-East Asia and has bright prospects. It is an honor for us that investors of such great repute have invested into an eCommerce company as young as Zalora.”
The investment will be used to scale operations and strengthen the company’s foothold in South-East Asia and target the 600 million potential customers in the region. Zalora will also add to the brands it currently has on offer. In the year it has been active, Zalora achieved double-digit million USD in revenues – which was revealed in confidential documents leaked from Rocket Internet last month. The documents also highlighted the biggest investors in Rocket Internet companies, with Tengelmann, Kinnevik and Summit making the top ten.
While Rocket Internet ventures are no strangers to hefty funding rounds, the latest investment is huge even for Rocket standards – which demonstrates a definite confidence from the investors in the development of Zalora. The business model of the company is typical Samwer-style – targeting developing regions with copy-cat eCommerce ventures and rapidly scaling operations.