IBB invests in Paper & Tea

IBB invested in the Berlin start-up via its €30m VC Fonds Kreativwirtschaft Berlin vehicle, alongside business angels Hsiao Lun Tai, Hans Ephraimson and Lenard Krawinkel, as well as DCM, the film production and venture capital company of Dario Suter. The equity will be used to build an online retail concept and further the firm's internationalisation.

This transaction is IBB's second investment in as many days, after the VC backed textbook summarising app Blinkist earlier this week.

Company
Founded in 2012, Paper & Tea is a luxury tea and accessories retailer based in Berlin. The company sells teas, brewing pots and storage items, as well as greeting cards and stationery.

The firm is aiming to establish tea-drinking as a part of the lifestyle and culture in Germany similar to coffee. So far, Paper & Tea's sale focus had been centered on its store located in one of Berlin's upscale districts.

People
Jens de Gruyter is Paper & Tea's CEO while Sven Kröncke is COO. Rayk Reitenbach led the deal for IBB.

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• Topics
• DACH
• Consumer
• Expansion
• Germany