7. January 2015–
Westwing, one of the largest eCommerce companies for home and living products, receives €25 million in funding from existing investors. That brings the total amount of funding to €179 million.
Based in Munich, Westwing was founded in 2011 and is an online shop for furniture and interior design. Westwing selected items are offered at a discounted price. According to Westwing, it is Germany’s largest online shop for interior design, accessories, with over 4,000 new products every week.
Stefan Smalla, CEO and founder of Westwing, comments on the fresh investment: “The new funding by our existing shareholders is a big vote of confidence that our investors are convinced of Westwing’s business model and our strategy. With the funding we have sufficient flexibility to enhance our growth plans as well as to further expand our position in the home & living market.”
In a previous funding round in early 2014, Westwing raised €72 million from a group of investors to expand to Belgium, Kazakhstan, Slovakia, Czech Republic, and Hungary. It also grew to have seven logistics centers around the world.
Westwing is also active in Austria, Brazil, France, Germany, Italy, Netherlands, Poland, Russia, Spain, and Switzerland.
"left"]The overall funding of now €179 million was raised from investors such as Rocket Internet, Access Industries, Fidelity Worldwide Investment, Investment AB Kinnevik, Odey, Summit Partners, and Tengelmann Ventures.
Westwing decided not to name who besides Rocket Internet joined this most recent round, however, it was said by the company that it included VCs from the previous round.
Rocket Internet shared that, based on this round, Westwing's post-money valuation of €353 million increases to €449.2 million. In addition, according to the incubator and VC, its total shareholding (direct and indirect) in Westwing changes from 33.7% to 34.0% (capital increase and secondary transaction). This results in an increase in the last portfolio value ("LPV") of Rocket Internet's stake in Westwing by €33.9 million (from €118.8 million to €152.7 million)”.
Image: Screenshot Westwing