The high-end shopping club Westwing has just closed a record funding round of $50 million, which was led by the US based investor Summit Partners.
Existing investors like Investment AB Kinnevik, Rocket Internet, Access Industries and Holtzbrinck Ventures also participated in this round of financing. Westwing, which is headquartered in Munich, has now raised a total of $82 million (including the latest funding).
Westwing Home & Living is basically a ‘flash sale’ shopping club combined with some editorial content. The site informs its users via email about daily or weekly offers from selected brands in the field of stylish home accessories and design furniture. Westwing has over 10,000 new members every day, over three million members worldwide and reports suggest that its turnover has grown tenfold in the last five months. Westwing was founded in 2011 and is now present in about 15 countries worldwide, including Germany, France, UK, Turkey, Brazil and India, sometimes under the name of ‘Dalani’ instead of Westwing.
Stefan Smalla, co-founder and CEO of Westwing, stated in today’s press release: “We want to become one of the world’s largest eCommerce retailers in the upcoming Home & Living market. The capital raised will allow us to increase the strong growth, continue to scale scale the business in our international markets and extend our offering especially for our customers and brand partners.”
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