Catalyst Romania, one of the most important venture capital funds in the region, paid €2mn for a minority stake in evoMAG, one of the first Romanian online stores, according to StartUpCafe,ro.
This is the first large financing that evoMAG has received since its launch, more than 15 years ago.
The company will use the funds to expand in the Romanian and international markets, accelerating its offline development with two new showrooms.
Last year, its sales reached €34mn, 46% up y/y — the highest in recent years.
It expects €40mn turnover this year, with sales peaks in the categories of mobile phones, TVs, PC components and electric vehicles. Home and garden products are a separate category, for which evoMAG predicts significant growth this year.
“The capital infusion will allow us to take evoMAG to a new level of development, both on the Romanian market, online and offline, but also outside the country,” said Mihai Pătrașcu, founder and CEO of evoMAG, in a press release.
The investment will be used to secure access to as many relevant marketplace platforms as possible. It will also allow evoMAG to inaugurate two new showrooms in the next two years. The company plans to double its product portfolio in the next three years, with new categories, increased storage space, and complex operational processes.