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Accel Partners leads investment in Russian e-commerce leader raises $20 million in financing

MOSCOW: 18 January, 2010 -, Russia’s leading online shopping club, today announced it has raised $20 million in funding led by global venture capital firm Accel Partners. Accel Partners was joined by existing investors Mangrove Capital Partners, ARLAN, Direct Group and business angel, Oliver Jung. Sonali De Rycker from Accel Partners will join’s board as part of Accel’s investment. is Russia’s largest online flash sales business and has achieved extraordinary growth in its first year with more than one million members joining in 2009. The company sells discounted fashion goods from over 500 active brands on its online property. has continued to gain momentum since launching in 2008 with an initial $11 million investment.

Founder and CEO of, Oskar Hartmann, commented: “This round, which is the largest investment ever into a Russian e-commerce vendor, will allow us to reach our goals for the next period of our company’s growth. Fashion is at the core of our business, and we want to make more brand names available to our members at competitive prices. We are also committed to providing our suppliers with the best service in order to become an essential part of the Russian fashion industry.”

Commenting on the investment, Sonali De Rycker from Accel Partners said: “Russia has proven to be a vibrant market for the flash sales model, and we are very excited to partner with KupiVIP, the fast-growing category leader in the region. The management team has accomplished a lot in a short period of time and we look forward to helping them build on their current momentum”.

The company plans to use the proceeds of the funding to further’s rapid growth and invest in logistics and operational infrastructure. In 2010, plans to increase the number of promotional sales events to 2,500, while doubling the number of participating brands to 1,000.

- Ends -

Notes to Editors

About is an exclusive, invitation-only shopping club that organises new sales events everyday with a great selection of fashion brands at best prices. For brands and suppliers, offers a complementary and controllable distribution channel. Located in Moscow with a team of approximately 170 employees, executes over 200 sales events per month. The company is committed to delivering excellent customer services and has its own call centre, fulfillment facilities and a courier service for Moscow. aims for successful long-term relationships with brand holders in Russia and CIS and solves basic inefficiency problems of the fashion industry.

About Accel Partners

Founded in 1983 and with offices in Palo Alto, London, Bangalore and China (via the IDG-Accel Partnership), Accel Partners has a history of excellence and innovation in the venture capital business. Accel is dedicated to partnering with outstanding entrepreneurs and management teams to build world-class internet and technology businesses. Category-defining companies backed by Accel include Admob, Actuate, Agile Software, Alfresco, Arrowpoint, BBN Technologies, BitTorrent, Brightcove, Brightmail, ComScore, Facebook, Foundry Networks, Gameforge, GlamMedia, Infinera, Interwoven, JBoss, Kayak, Macromedia, metroPCS, Playfish, Polycom/PictureTel, QlikTech, Real Networks, Redback Networks, Remedy, Riverbed, SupportSoft, UUNet, Veritas,, Wily Technology, XenSource and Zimbra. For more information, please visit the Accel Partners website at

About Mangrove Capital Partners

Mangrove Capital Partners is committed to turn entrepreneurial visions into realities as a means to drive capital appreciation for investors. Mangrove hands-on philosophy in all areas of business and technological development is the cornerstone of its investment strategy and positions Mangrove as a true partner for growth.

Mangrove Capital Partners has invested in among other the following companies: Skype, Lumension, Brands4friends, Zink, Woome, Nimbuzz, SeatWave, Quintura, KupiVIP, Jolicloud.

For more information, please visit Mangrove website at


ARLAN is a private equity management company with headquarters in Moscow. For more information about ARLAN visit

About Direct Group

Direct Group (formerly PPE) was created to pioneer and develop the vast mail-order and retail distribution potential of Russia. Over the years, Direct Group grew very rapidly and extended its scope of business. This was achieved by continuously and successfully identifying opportunities, building new ventures and investing on its own or together with industrial partners. Today, Direct Group creates and develops companies in four key sectors: Mail Order, Internet, Financial Services and Distribution.


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