Privalia Venta Directa, a private online sales club providing value for fashion brands and consumers, has received a EUR70m (USD95m) financing.
Privalia was founded in Barcelona, Spain in 2006 by Lucas Carné and José-Manuel Villanueva.
New investors General Atlantic and Index Ventures, together with current shareholder Highland Capital Partners, participated in Privalia’s funding round.
The capital raise – one of the largest in the private online sales sector – will enable the company to expand into new markets organically and through acquisitions.
This capital raise is the largest funding round the company has undertaken to date. Prior to this capital raise, Privalia had received a total of EUR15m through four funding rounds since its formation in 2006. Nauta Capital and Caixa Capital Risc, both from Barcelona, were the first institutional investors in Privalia. Subsequently, Insight Venture Partners and Highland Capital Partners became shareholders through the fourth round that was used to fund expansion into Latin American markets.
Marcel Rafart from Nauta Capital, chairman of Privalia says: "The combination of a best in class management team, a proven strategy since the very early days to build leading positions in high growth markets, a well funded company and the resulting group of investors positions Privalia as one of the key European and Latin American eCommerce players."
Fergal Mullen, general partner of Highland Capital Partners, adds: "We are honoured to be in business with José-Manuel and Lucas, two exceptional leaders and entrepreneurs, and we look forward to supporting them during the next phase of this phenomenal growth story."
