LBBW and KfW invest in avandeo
LBBW Venture Capital and KfW Bankengruppe have invested in a second funding round for Munich-based furniture e-commerce business avandeo.
Other investors in the round included existing backers Partech International, Mountain Super Angel and High-Tech Gründerfonds (HTGF). The total value of the investment was estimated at around €5-9m. The company plans to internationalise following the funding round.
Company
avandeo is a manufacturer and online retailer of designer furniture and home accessories.
The company is based in Munich with an additional facility in Shanghai. It was founded in 2009 by brothers Burkhard and Ulrich Gersch.
People
Roman Loch is an investment manager at LBBW Venture Capital, Andreas Schlenker is a general partner at lead investor Partech and Romy Schnelle is a senior investment manager at HTGF.
Advisers
Equity - CMS Hasche Sigle, Ulrich Springer (Legal).
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