Germany-headquartered Westwing, an online shopping club that operates in more than a dozen countries, has secured $50 million (£40 million) in a financing round led by Summit Partners with participation from its existing investors. This capital injection takes Westwing’s total funding raised to $82 million.
The investment will be used to build Westwing into one of the largest ecommerce retailers in the home and furniture market. Commenting on the deal, cofounder and chief executive Stefan Smalla says, “With this new capital, we will accelerate our rapid growth, scale operations in each of our countries and do everything to serve our members and brand partners even better.”
Launched in Germany in 2011, Westwing is active via the Dalani website in the UK, Westwing.de in Germany, Heavenandhome.com in India, as well as sites in France, Australia, Italy, Sweden, Poland, Turkey, Russia, the Netherlands, Spain, Brazil and Finland. Each territory is managed by a dedicated local team. Currently serving more than 3 million members, Westwing saw sales grow tenfold in the past five months.
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