US-based private equity firm Summit Partners has poured a multi-million euro figure into multiple Rocket Internet companies.
This isn’t the first time Summit Partners has backed a Rocket Internet venture but the sheer amount invested – as first reported by German website Deutsche Startups today – indicates that the partnership so far is performing successfully.
Summit has already invested in the company builder’s Zalando clones, including €20million in South African Zando and South-East Asian Zalora, along with online furniture site Westwing. The new revelations suggest they have invested a three-figure million sum in Rocket Internet ventures in the past few months.
Which ventures won funding?
Summit Partners now reportedly holds stakes in a number of other Zalando clones worldwide, including Dafiti (Brazil), The Iconic (Australia), Lamoda (Russia) and Jabong (India). The recent funding rounds also included South-East Asian Amazon replica Lazada and South American online department store Linio.
In August, Summit Partners announced a $520 million credit fund for middle-market companies that are expected to have large growth – which could explain the latest investments in Rocket Internet companies.
Speaking at IdeaLab! in October this year, Oliver Samwer made his high expectations for investments in Rocket Internet clear: “I raised this year so far half a billion euros… I think by the end of this year, three quarters of a billion for this year.”
Other major investors in Rocket Internet companies include JP Morgan and AB Kinnevik, who in November invested €40 million in Lazada.
Rocket Internet declined to comment and Summit Partners could not be reached.
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Summit Partners invests €20 million in Zando, Rocket Internet’s South African Zalando
The biggest financing rounds of 2012 so far: The 10 German startups with multi-million deals
JP Morgan invests millions in Rocket Internet’s Zalora, Zando, Namshi