Germany-based online fashion aggregator Stylight is set to be acquired by media company ProSiebenSat.1 through 7Commerce, the corporate venturing subsidiary that evolved out of investment unit SevenVentures.
The deal provides an exit to retailer Tengelmann’s investment arm, Tengelmann Ventures, and Holtzbrinck Ventures, the venture capital firm spun out of publisher Georg von Holtzbrinck. Its completion is subject to regulatory approval in Germany and Austria.
Although financial details have not been officially confirmed, Stylight has most recently been valued at €80m ($90m), meaning ProSiebenSat.1 may have committed some €62m as the corporate already owned a 22% minority stake ahead of the acquisition.
Founded in 2008, Stylight operates a magazine and aggregator platform that displays products from hundreds of e-commerce companies. The company initially focused on fashion items but in March 2016 added homeware and other lifestyle products.
Stylight is currently available in 15 countries and will continue to operate as a separate brand with managers Maximilian Müller, Nicolas Stadtelmeyer and Matthias Marschall remaining in charge. Co-founders Benjamin Günther, Sebastian Schuon, Max Meier and Anselm Bauer will leave.
SevenVentures participated in Stylight’s 2013 series B round, in which it raised an undisclosed amount, and a company blog post discussing the acquisition revealed that it had first invested in 2012.
Tengelmann Ventures and Holtzbrinck Ventures provided an undisclosed amount of series A capital for Stylight in 2010, following a seed round of undisclosed size from Holtzbrinck in 2008.