Vorwerk Direct Selling Ventures, the corporate venturing arm of direct selling company Vorwerk, has exited Germany-based e-commerce platform DaWanda, divesting its stake to private equity and venture capital firm Insight Venture Partners.
DaWanda runs an online platform where users can sell homemade products such as clothing, jewellery, bags and accessories.
Insight is leading a consortium that also includes Global Founders Capital, Enfield and Kersiwood Holdings which is buying a 55.7% stake in DaWanda, including shares held by Vorwerk and venture capital firm Holtzbrinck Ventures, paying upwards of €10m ($11.2m) according to Unquote.
Vorwerk Direct Selling Ventures joined Piton Capital to invest $5.2m in the company in 2011, the year before Insight provided a double-digit euro amount of funding.
The company’s earlier investors include Team Europe Ventures, Point Nine Capital and Global Founders Capital, then known as European Founders Fund.