Rocket Internet plans fashion and furniture ecommerce firms
Berlin based eCommerce incubator, Rocket Internet has raised a total of USD 500 million from partners Investment AB Kinnevik and Access Industries since May 2012. The funds will be used to further expand incubator’s world-wide network of internet start-ups.
The incubator aims to develop and support leading, highly innovative e-commerce companies in the fashion, general merchandise and furniture sectors. Rocket is targeting Europe, Russia, Latin America, Africa, the Middle East, India, South East Asia and Australia with its ventures. Rocket Internet holds a significant interest in 75 ventures with 20,000 employees in over 50 countries world-wide.
Oliver Samwer, Rocket Internet’s co-founder said, “This is a highly significant investment from our partners Kinnevik and Access Industries. The additional capital supports our goal to be the world´s largest and most successful creator of high impact companies in the internet space and reaffirms the confidence our investors have in our business. We will use the new capital to further strengthen our global presence while continuing to build successful companies together with great entrepreneurs.”
Founded in 2007 by Alexander, Marc and Oliver Samwer, Rocket Internet is headquartered in Berlin, Germany, and operates 25 international offices in five continents. Investment AB Kinnevik and Access Industries became their investors and partners in 2008 and 2012, respectively.
In India, Rocket Internet has seven ventures including, FoodPanda India, 21Diamonds, PrintVenue, OfficeYes, FabFurnish, Cuponation and Wimdu. Some of these ventures scaled and received funding while others struggled.
Its online food ordering service, FoodPanda has secured over US$ 20 million funding from a group of investors including Investment AB Kinnevik and Phenomen Ventures in May this year. The company focuses on emerging markets, operates together with its affiliated brand HelloFood.
In June this year, there have been reports that Rocket Internet has shut down the operations of online jewellery portal, 21diamonds.in as on clicking on any of the product the website takes you back to the homepage without adding any item to the cart. Although there has been no official confirmation from the company’s side. The official website of Rocket Internet still has the 21Diamaonds listed as one of its incubated company in India.
Meanwhile, couponing portal, CupoNation expanded operations in Spain after entering the South America’s market in December last year. The company has presence in countries like Austria, Brazil, India, Italy, and Poland. It also claims to launch in nineteen other countries.
Over the past 15 years, Rocket and/or the Samwer Brothers have created, developed, and successfully exited over 25 significant online businesses to leading international companies such as eBay, Groupon, Rakuten, and NBC Universal. They were also early investors in Facebook, LinkedIn, Eventbrite and many other successful internet companies.