BaltCap in €1m Stenders top-up

The fresh capital brings the total amount BaltCap has invested in Stenders to €2.5m, having provided the first round of funding in October 2013.

The majority of Stenders stores (110 out of 200) are based in China. The company will use BaltCap's cash to expand operations in east Asia, beginning with Singapore and South Korea, as well as in London.

Additionally, the investment will also fund the adaptation of Stenders' product portfolio to the Asian market.

Previous funding
BaltCap first backed Stenders with a €1.5m investment in October 2013, when the company also secured financing from private investors and EU structural funds, the latter through the Latvian Guarantee Agency.

Company
Founded in 2001, Stenders is headquartered in Riga with 200 franchises across 22 countries, including Estonia, Sweden, Finland, Germany, Russia, Armenia, Slovenia, Poland, Japan and China. The company has approximately 60 professional franchise partners.

Stenders produces a range of body care, skin care, hair care and bath and shower cosmetics, including hand cream, shower gel and handcrafted soap, the latter of which was Stenders' sole product when it was established.

The company generated global revenues of €27m in 2014.

People
BaltCap investment director Astra Neimane worked on the deal for BaltCap. Jānis Bērziņš is the CEO and co-founder of Stenders, alongside co-founder Zane Dreimane.

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• Topics
• Expansion
• Consumer
• CEE
• Latvia
• Baltcap Management Ltd