The new shareholder of the company is Emerging Europe Accession Fund (EEAF), the private equity fund managed by Axxess Capital. The investment aims to speed up Elefant’s annual growth rate of over 50%.
Horia Manda, managing partner at Axxess Capital, said EEAF plans to use its expertise and capital to support Elefant in its next development stage. Manda also said Elefant has the potential to distance itself from the rest of competitors.
Private equity fund Catalyst Romania also participated in the new round of investments.
The transaction is pending approval from Romania’s Competition Council.
During its six years of activity, Elefant has attracted several rounds of investments. Alongside Fribourg Capital, founding majority shareholder, Catalyst Romania, managed by 3TS Capital Partners, and EEAF, also entered Elefant’s shareholding structure.
Founded in 2010, elefant.ro set off as an online bookstore and, over the last years, it has powerfully extended towards new segments such as home appliances, toys, accessories and fashion. The online retailer has expanded into the Republic of Moldova where it has a delivery point in Chisinau, starting May 5, 2016, and it can be accessed online at www.elefant.md.