Online retailer Elefant has recently concluded the new round of investment mounting to EUR 5.5 M after Emerging Europe Accession Fund (EEAF) joined the company’s shareholders. EEAF, which became a significant minority shareholder, is a private equity fund counseled by Axxess Capital. Catalyst Romania that became shareholder in 2014 also took part in the new investment round. The transaction is waiting for the Competition Council’s green light.
The investment aims at accelerating the annual growth of over 50 percent that the retailer is currently experiencing.
“I am glad that there are investment funds in Romania that share the vision of rising the eCommerce expansion. The new investment will go to the technology development and expansion in the CEE,” said Dan Vidrascu, CEO Elefant.
During this 6 years of activity, Elefant drew several investment rounds, with Fribourg Capitl also joining it as majority founding shareholder, as well as Catalyst Romania funds, mainly financed through the JEREMIE initiative, as part of the 2007-2013 Operation Sectorial Programme.
Elefant was initially launched as an online bookshop in 2010 but developed into one of the largest online generalist retailers in Romania.