A member of Russian e-commerce market attracted up to $80M from JP Morgan

A member of Russian e-commerce market attracted up to $80M from JP MorganJP Morgan Asset Management, the investment division of JP Morgan Chase & Co, has taken part in the next round of funding of online retailer Lamoda which operates in Russia and Kazakhstan, investing in its development from $40M to $80M and became the owner of a minority stake in the company. This was said by the representative of the retailer to Kommersant and confirmed by the portfolio manager of JP Morgan Asset Management Robert Cousin.

The exact amount of the deal is not disclosed, but as a co-founder of Lamoda Niels Tonzen says, the total amount of transaction exceeds the investment in such projects in our industry.

Attracted investments will make it possible for Lamoda to increase the range, add new products, brands and categories, as well as to expand its presence in other emerging markets except Russia – in Kazakhstan, Ukraine, Azerbaijan and Belarus, Niels Tonzen says.

Lamoda was launched by German incubator for start-ups Rocket Internet in 2006, and to date has managed to attract investments from the venture capital market participants such as AB Kinnevik, Holtzbrinck Ventures, Tengelmann Group. The current distribution of shares of investors in the capital of the online retailer is not disclosed. The founders of the online retailer are Dominique Picker, Florian Jansen, Burkhard Binder and Nils Tonzen.

Lamoda sells clothing, shoes, accessories, household products, cosmetics and perfumes, offering products of 700 international brands. The range includes about 500 thousand items of clothing, shoes and accessories. Finance indexation is not disclosed. As they say in the company, Lamoda has managed to increase monthly audience of the store up to 5 M unique visitors, 500K of whom are regular customers.