Rite Ventures invests in Verkkokauppa.com
Rite Ventures invests in Verkkokauppa.com, one of the largest e-commerce companies in Finland and becomes the second biggest shareholder in the company. Verkkokauppa.com sells primarily home electronics and computer products for end-consumers and enterprise clients. The turnover in 2008 was over 140 million EUR. The investment allows Verkkokauppa.com to focus more on growth generating measures, including a fully automated storage facility, as well as the expansion of its own brands and the investigation of potential acquisitions.
"We are happy to be able to invest in Verkkokauppa.com”, says Christoffer Häggblom, Managing Partner of Rite Ventures. “The brand is absolutely among the strongest in Finland within the entire retail sector and the company is one of the biggest Finnish e-commerce companies.”
Rite and Verkkokauppa.com are aiming for an IPO within the coming years.
"I am happy to become a partner of Rite Ventures. Their background as entrepreneurs in combination with their experience of listed companies made me accept their offer”, explains Samuli Seppälä, the founder and CEO of Verkkokauppa.com.
"Our goal regarding Verkkokauppa.com is to strive for continued growth, both organically and through acquisitions. Our aim is also to list the company as soon as the market situation allows it”, Christoffer Häggblom concludes.
For more information please contact:
Christoffer Häggblom, Managing Partner Rite Ventures
christoffer@riteventures.com
www.riteventures.com
Samuli Seppälä, CEO Verkkokauppa.com
samuli@verkkokauppa.com
www.verkkokauppa.com
Verkkokauppa.com is one of the biggest e-trading companies in Finland and the second largest retailer of consumer electronics in the country. Founded in 1992, Verkkokauppa.com employs 300 people on three locations in Finland with the head office in Helsinki. In addition to 42 000 different products by 937 different producers, the company has a large number of its own brands and models as well as production of its own in Asia. During 2008 the turnover of Verkkokauppa.com amounted to 140 million EUR. Sales increased with 4% during Q2/2009 and with 12% during Q3/2009 respectively, while at the same time the total market for consumer electronics decreased by 29% during the course of Q2/2009.