eMAG Ventures has acquired a 42.3% minority stake in the refurbished phones marketplace Flip.ro and made an additional €1.5mn investment in the company's development.
The transaction was the first deal by eMAG Ventures, the investment fund created by eMAG, Romania's largest online retailer.
"The funds will go in three directions: team development, product development, and internationalisation," Flip's founders said.
The terms of the deal were not disclosed. The three founders, George Moroianu, Alin Luca and Alex Burghelia, still hold 57.7% of Flip's shares.
GapMinder Venture Partners sold its stake as part of the deal.
Flip.ro sold its first smartphone in December 2019 and reached a turnover of €2.5mn in 2020. During this time, the team has grown to 50 employees.
The founders expect a turnover of €14mn in 2021 and a team of over 100 employees by mid-2022.