East-West Digital News 21 June 2012
KupiVip Holding, the owner of the largest online fashion shopping club in Russia, has raised $38 million in a Series D funding deal led by Intel Capital, with new investment from Acton Capital Partners and the European Bank of Reconstruction and Development.
Historic investors Accel Partners and Balderton Capital also participated in the round. KupiVip’s valuation has not been disclosed.
In addition to the online shopping club KupiVip.ru, the holding also includes: KupiLuxe.ru, a shopping club focusing on the premium and luxury segments; KupiVip E-Commerce services, which provide third-party players with fulfillment services; and Shoptime.ru, a fashion items and accessories retailer that launched earlier this year.
The $38 million investment will be used to develop the order fulfillment process, with the opening of a new 20,000 sq. meter warehouse, and also to support business growth with the launch of new websites.
Since its foundation, KupiVip has attracted total investments of over $124 million, including the present round, from leading Russian and foreign investors. In the spring of 2011, the company completed a record $55 million Series C funding deal.
In an exchange earlier this week with Reuters, KupiVip’s CEO Oskar Hartmann confirmed he has plans to hold an IPO in New York “within two years.” ”We need to grow to reach the size [of business] that allows us to do a round of $120 million or more,” he said.