Talk about record funding rounds. German high-end shopping club WestWing has taken on a whopping $50m funding round according to VentureVillage, with US firm Summit Partners joining existing funders Access Industries, Holtzbrinck Ventures, Investment AB Kinnevik and Rocket Internet in backing the site.
WestWing adopts a familiar flash-sale shopping club formula by sending registered users daily or weekly offers by email from its retail partners.
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Since it’s launch in August 2011, WestWing has grown to become one of Germany’s biggest online shopping clubs for home & living. It was co-founded by Delia Fischer, Georg Biersack, Tim Schäfer, Matthias Siepe and Stefan Smalla.
According to VentureVillage, the Munich-based startup has more than 3m members globally and its turnover over the past 5 months has grown tenfold. Although it was founded in Germany, WestWing is present in 12 countries including Brazil and India, though it trades under the Dalani brand in some territories, as is the case in the UK.
The $50m will be used to build on its growth to date and continue its global expansion.
Image Credit: Thristian | Flickr