Westwing, the Germany-based online shopping club Westwing backed by retail chain Tengelmann, has raised €25m ($29.7m) in a new round backed by undisclosed existing investors, Reuters reported yesterday.
Startup incubator and founding shareholder Rocket Internet returned for the round alongside other existing investors, which were not disclosed by Westwing. The round valued Westwing at approximately $529m.
Westwing has now raised a total of $235m to date, including $98.7m from an April 2014 round supported by Tengelmann’s corporate venturing unit, Tengelmann Ventures, and Rocket Internet, conglomerate Access Industries, Fidelity Worldwide Investment, Kinnevik, Odey and Summit Partners.
Founded in 2011, Westwing uses a shopping club model to sell home and lifestyle products online across 15 markets spanning three continents. The company employs 1,400 staff.
Stefan Smalla, chief executive and founder of Westwing, said: “This funding round gives us the required flexibility to support our plans for growth and to strengthen our position in the home and living sector.” [Translated from German by Global Corporate Venturing]