Lazada, an online shopping mall created by the Samwer brothers’ incubator Rocket Internet, an Asia-oriented equivalent of Amazon, has raised €20m ($26m) in new funding from Summit Partners, a US-based growth equity investor. Lazada has now raised over $100m in four months.
The new funds will be used by Lazada to further business development in its five markets: Indonesia, Malaysia, Philippines, Vietnam, Thailand.
Maximilian Bittner, ehief executive at Lazada, said: “We are very proud to have an investor of Summit’s calibre joining our shareholder base. They have extensive experience in supporting fast‐growing companies which will be of huge benefit as we continue to build out our offering and services to win the Southeast Asian market.”
Lazada is also backed by US financial firm JP Morgan, who invested between $125m and $165m in September.
In May, Russian-American billionaire Leonard Blavatnik, through his US-based industrial holding company Access Industries, committed $200m to Rocket and the e-commerce site received $40m from Swedish-based investment firm Kinnevik.