KupiVIP.ru raises $38 million
Moscow, 21 June 2012. KupiVIP Holding, the largest fashion e-commerce player in the Russian market, announces it has raised $38 million led by Intel Capital, Intel's global investment and M&A organization, with new investment from Acton Capital Partners and the European Bank of Reconstruction and Development. Accel Partners and Balderton Capital, who are existing investors, also participated in this financing round.
Founded in 2008 by Oskar Hartmann, KupiVIP Holding 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.
The $38 million investment will be used for various activities, such as further development of the order fulfillment process, with the opening of a new 20,000 sqm warehouse, and also to support the business growth with the launch of new websites. With this investment, KupiVIP Holding is well-prepared to profit from the huge opportunities in the booming ecommerce market in Russia.
Commenting on the new investment, Oskar Hartmann, General Director of KupiVIP Holding, 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. We are delighted to get this investment to help us build a world class e-commerce company.”
“We are very excited to be able to work with Oskar and his talented team and our co-investors to help KupiVIP become the largest fashion ecommerce company in Russia.” said Igor Taber, Investment Director of Intel Capital Russia. “Russia is now the largest internet market in Europe and KupiVIP is well positioned to take full advantage of this opportunity.”