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Accel Partners backs Russian online fashion retailer in $20m round Accel Partners backs Russian online fashion retailer in $20m round

19 Jan 2010. Source: AltAssets
KupiVIP, a Russian online shopping club, has raised $20m in a financing round led by global venture capital firm Accel Partners. Accel was joined by existing investors Mangrove Capital Partners, ARLAN, Direct Group and business angel Oliver Jung.

Launched in 2008 with an initial $11m investment, the first year of KupiVIP’s operations has seen more than one million members join up to the service. The company’s 170-strong team sells discounted fashion goods online from a Moscow-based office through the KupiVIP.ru website.
 
KupiVIP founder and CEO Oskar Hartmann said, “This round, which is the largest investment ever into a Russian e-commerce vendor, will allow us to reach our goals for the next period of our company’s growth.”

Sonali De Rycker from Accel Partners said, “Russia has proven to be a vibrant market for the flash sales model, and we are very excited to partner with KupiVIP, the fast growing category leader in the region. The management team has accomplished a lot in a short period of time and we look forward to helping them build on their current momentum.”

Founded in 1983 and with offices in Palo Alto, London, Bangalore and China via the IDG-Accel Partnership, Accel Partners has invested in notable companies including Admob and Facebook.

Copyright © 2010 AltAssets

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