Back in April, we reported that Rocket Internet’s ‘Global Fashion Group’ (aka GFG, the holding that comprises Zalora Dafiti, Lamoda and others), had secured commitment for a €300 million financing round that valued the combined online fashion retail business at €1 billion after the transactions. This was the mother of down-rounds, as the business was valued at about €3 billion only a year ago.
Today, Rocket Internet announced that it has closed the financing round for the e-commerce holding, and actually ended up raising €330 million due to 'high demand'. The €1 billion valuation was maintained.
Worth noting: Rocket Internet only invested €68 million including the conversion of an investment in a previous financing round, whereas it previously said it committed to investing up to €100 million. Its stake in GFG after the transaction will be 20.4%.
“GFG has successfully built its position as market leader in online Fashion in many key emerging markets”, says Oliver Samwer, CEO of Rocket Internet. “The recent funding round provides GFG with the necessary capital to continue on that path. We are looking forward to continuing to work with the GFG team as well as Kinnevik and the other GFG shareholders.”