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Westwing Raises $50 Million in Financing Round Led by Summit Partners

Posted: 8th June 2012 15:35

Westwing, a leading international shopping club for home & living, today announced it has received $50million in funding in a financing round led by growth equity investor Summit Partners, with participation from existing investors Access Industries, Holtzbrinck Ventures, Investment AB Kinnevik and Rocket Internet.

With this substantial capital injection, the company’s total funding rises to $82 million. “We are dedicated to building one of the largest e-commerce retailers in the emerging home décor and furnishing market on an international scale”, said Stefan Smalla, cofounder and CEO of Westwing. “With this new capital, we will accelerate our rapid growth, scale operations in each of our countries and – most importantly – do everything to serve our members and brand partners even better. We are very pleased to have Summit Partners join our group of shareholders, and we will benefit from their substantialexperience.”

Launched in August 2011 and headquartered in Germany, Westwing has since rolled out operations to more than a dozen countries in Europe and worldwide. With dedicated local teams in each geography, Westwing is positioned to leverage its initial traction into long-term success in the $500 billion global home & living market. Westwing currently serves over 3 million members, and sales have increased by more than 10x in the past five months.

Westwing’s early success is driven by tens of thousands of new members joining each day, as well as by exceptional loyalty of existing customers and brand partners. “We are extremely passionate about what we do, working hard day-by-day to offer our members the finest home & living products from established brands and upcoming designers at exclusive prices”, said Smalla. “Excellence in curation, merchandising, design – and providing our brand partners with a sales and marketing platform to reach our international member base in an exclusive, inspiring, almost magazine-like e-commerce environment – is at the core of our business.”