Tengelmann Ventures, the corporate venturing arm of German retail firm Tengelmann Group, has invested in a €72m ($98.7m) equity round raised by Germany-based e-commerce company Westwing.
Tengelmann was joined the round by other existing backers including investment firm Odey Asset Management, Access Industries, Holtzbrinck Ventures, Kinnevik, and Summit Partners. Financial services firm Fidelity Worldwide Investment participated in the round as a new investor.
Founded in 2011, Westwing uses a shopping club model to sell home and living products online across 10 markets on three continents and has already grown to more than 1,100 employees. The company recently revealed that it grew its full-year net revenues from €41m ($56.2m) in 2012 to €110m ($150.8m) in 2013.
“We are very excited to have the support of such internationally renowned investors,” said Westwing CEO Stefan Smalla. “Their funding represents strong confidence in our rapidly growing business. We will use the investment to reinforce our position as a pioneer in the home and living e-commerce market. We constantly strive to offer the best interior design brands, latest trends and products, and to create the best possible customer experience for our more than 12 million members.”
Tengelmann first invested in Westwing in November 2013, taking a 7.85% stake in return for an undisclosed sum. Westwing previously raised $50m from Access, Holtzbrinck, Kinnevik, Summit and Germany-based incubator Rocket Internet in 2012, and has now received €150m ($205.6m) in funding overall.