Investment AB Kinnevik leads €30m Westwing series-E

Kinnevik is said to have committed €20m to the round, while the Berlusconi family also invested in the company for the first time, according to reports in the German press. Holding Italiana Quattordicesima is run by former Italian prime minister Silvio Berlusconi's son Luigi, while Reti Televisive Italiane is owned by his television network Mediaset. Together, the two companies own shares representing less than 1% of Westwing.

Westwing will use the fresh capital to improve its infrastructure and technology, expand its supplier relationships and invest in TV advertising.

The latest round of financing brings the amount raised by the online home and living store to €209m, €25m of which came from a series-D round in January. Investors confirmed to have taken part in the round include Access Industries, Fidelity Worldwide Investment, Kinnevik, Odey, Summit Partners and Tengelmann Ventures.

According to unquote" data, the company raised its first funding round in September 2011 from Holtzbrinck Ventures and Point Nine Capital. Summit Partners joined the existing backers in a €40m series-B funding round nine months later. In April 2014, Tengelmann, Fidelity and Odey committed €72m to the company.

Company
Founded in 2011, Munich-headquartered Westwing is an e-commerce website offering home accessories and furniture. It has 788,000 active customers throughout Austria, Belgium, Brazil, the Czech Republic, France, Germany, Hungary, Italy, Kazakhstan, the Netherlands, Poland, Russia, Slovakia, Spain and Switzerland.

With 1,600 employees, the company processed 2.2 million orders last year. It generated turnover of €183m in the 2014 financial year, up 66% from €112m in 2013.

People
Stefan Smalla is CEO and founder of Westwing.

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