Russian electronic commerce site KupiVIP.ru has raised $20 million in a funding round led by Accel Partners.
The Moscow-based company has been operating for a year and it has more than a million members in its online shopping club. KupiVIP.ru sells discounted fashion goods from 500 different brands. Oskar Hartmann, chief executive, said that the round was the largest investment to date in a Russian e-commerce vendor.
Other investors are Mangrove Capital Partners, ARLAN, Direct Group and business angel, Oliver Jung. Sonali De Rycker from Accel will join KupiVIP.ru’s board. The company previously raised $11 million in 2008. The capital will be used to invest in logistics and operational infrastructure. KupiVIP.ru plans to double the number of brands to 1,000 in 2010, and grow the number of sales events to 2,500.
The company has about 170 employees. Buyers clubs such as KupiVIP.ru have been doing well during the recession across Europe because they offer big discounts on designer goods.
VentureBeatVentureBeat's mission is to be a digital town square for technical decision-makers to gain knowledge about transformative technology and transact. Our site delivers essential information on data technologies and strategies to guide you as you lead your organizations. We invite you to become a member of our community, to access:
- up-to-date information on the subjects of interest to you
- our newsletters
- gated thought-leader content and discounted access to our prized events, such as Transform
- networking features, and more