eCommerce - Friday, July 25, 2008
Barcelona's Online Shopping Club Privalia Raises €4M
The online shopping club is a concept that has really taken off fast in Europe, in contrast to the US. Not sure why that is but we started covering the trend back in March 2007 with coverage of Privalia, Germany's BuyVIP, UK-based Koodos.com and Vente privée. Spain's Nauta Capital has lead a €4M financing round in Privalia with existing investor Grupo Cabiedes investing €1M of that.
Privalia says it expects revenues of €20M in 2008, 5x revenues of 2007. Its head count is up to 125 employees.
We think of Privalia as an outlet mall online. Privalia organizes online sales events of top brands, at
heavily discounted prices of 50-70%. A difference is that these are time-limited sales events that last only 2-4 days. SKUs are from top brands in sports and fashion, but also include home equipment, personal care, electronics, and toys.
The company was founded in 2006 by Spanish founders Lucas Carné and José Manuel Villanueva as well as Frenchman Bruno Coffre.
With this funding, Privalia plans to expand from Spain and Italy to launch operations in Brazil.
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Very strange deal. Why is Nauta, a VC fund that claims to invest in and be experts in the wireless sector, investing in an e-retailer. I'm guessing the deal flow dried up or they found out too late that the financial returns in early stage wireless investments are non-existent. Isn't it a little late to try and save the fund???
Posted by: Bryson at July 25, 2008 03:16 PM
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