“elefant.ro has become a known brand and a fast-growing business. Following a capital inflow, we have joined the shareholding structure with a stake of little over 10% and we might operate a new capital inflow at the end of next year,” said Sfintescu, who declined to state the amount of capital invested.
The remaining stakes in Universal Online Promotion are owned by company managers (5%) and Fribour Investments, majority owned by businessmen Ion Sturza and Dan Vidrascu, who owns a minority stake.
Launched in 2010 as an online bookstore, www.elefant.ro registered fast growth and has expanded its product range with categories such as toys, fashion accessories, perfumes, electronics and home&deco.
The 3TS Capital investment comes after a recent financing of EUR4 million from Fribourg Investments.
“Negotiations started four months ago. The capital inflow provided by 3TS Capital allows us to secure the development of elefant.ro and will help us double our turnover each year, in the next two to three years. We target sales of EUR30 million in 2015,” said Fribourg Investments CEO Ion Sturza.
He added the online store is expected to start turning a profit in two or three years.