Venture-backed Groupalia sells Latin American subsidiaries

The move is in line with Groupalia's decision to focus on its core operations in Europe. The acquisition increases Pez Urbano's market share by four times across Argentina, Mexico and Chile.

Previous funding
In May 2010, Nauta and Caixa participated in a series-A funding round for Groupalia totalling €2.5m. Both investors then led a €5m second round in October than year.

In April 2011, Nauta and Caixa were joined by General Atlantic, Insight and Index in providing a $15m capital injection. In August that year, previous investors then participated in a $26m capital increase for the company, alongside the founders and the managing directors of private sales club Privalia. The management team retained a minority stake.

Company
Founded in 2009, Barcelona-based Groupalia is a discount website offering a daily deal on gyms, spas, events and restaurants in eight different countries across Europe and Latin America.

The company has over 10 million users and reported a turnover of $19m in July 2011. It currently employs in excess of 600 staff. In 2011, the company's Latin American subsidiaries accounted for around 20% of its sales.

People
Joaquin Engel is CEO of Groupalia.

Advisers
Company - Jefferies International Limited (Corporate finance); Garrigues Anderson (Legal).

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