Russian e-commerce company KuviVIP Holding has announced that it has raised new funding from central European private equity group, MCI Management.
The company operates highly popular shopping club KupiVIP and a luxury version called KupiLuxe, as well as a range of other fashion-focused e-commerce brands in Russia, such as ShopTime.ru, shop.quiksilver.ru, mexx-shop.ru and shop.tsum.ru.
No amount has been disclosed for the new funding (although we’ll update here if we obtain the figure), but it follows on from a $38m round in June this year, which was led by Intel Capital.
KupiVIP, which was founded in 2008, says that the new funds will be used to develop its order fulfillment process further, and to support the launch of new websites. This places the company in a position to further extend its Russian lead in the shopping clubs sector, which is quickly gaining traction around the world.
Image credit: Giuseppe Cacace/ Getty Images
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Major Russian e-commerce player KupiVIP raises fresh funding from MCI Management
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