LAZADA, the largest online department store in Southeast Asia just announced that it has acquired an investment of $26 million in its German holding company from leading growth equity investor Summit Partners (“Summit”). The funds will be used to continue developing LAZADA’s growth initiatives and expanding its product offering.
“We are very proud to have an investor of Summit’s calibre joining our shareholder base. They have extensive experience in supporting fast-growing companies which will be of huge benefit as we continue to build out our offering and services to win the Southeast Asian market,” shared Maximilian Bittner, Regional CEO. Scott Collins, a Managing Director and head of the Summit Partners London office, stressed “We seek to invest in companies that build long-term value, and LAZADA has shown dynamic growth in a short period of time. We are thrilled to be part of the LAZADA story.”
LAZADA also opened its new marketplace platform in Malaysia on November 21st. The company has entered the country’s promising fashion market by offering more than one-thousand clothing and shoe products through this platform. Mr. Bittner shared that the marketplace offers an attractive opportunity for offline retailers in the region to leverage LAZADA’s broad reach and extensive marketing expertise to drive additional sales while still controlling logistics and operations. LAZADA plans to roll-out the marketplace platform in all its markets in the near future and continue to add partners to complete its product assortment and drive growth.
About LAZADA
LAZADA (www.lazada.co.id, www.lazada.com.my, www.lazada.com.ph, www.lazada.co.th, www.lazada.vn) is Southeast Asia’s fastest growing online department store, with operations in Indonesia, Malaysia, Philippines, Thailand and Vietnam. LAZADA is pioneering eCommerce across some of the fastest growing countries in the world by offering a fast, secure and convenient online shopping experience with a broad product offering in categories ranging from consumer electronics to household goods, toys and sports equipment. LAZADA is always striving to offer its customers the best possible offering – including multiple payment options, free returns and extensive customer service and warranty commitments.
About Summit Partners
Summit Partners (www.summitpartners.com) is a growth equity firm that invests in rapidly growing companies. Founded in 1984, Summit has raised nearly $15 billion in capital and provides equity and credit for growth, recapitalizations, and management buyouts. Summit has invested in more than 350 companies globally in the technology, healthcare and other growth industries. These companies have completed more than 125 public offerings, and in excess of 130 have been acquired through strategic mergers and sales. Summit Partners has offices in Boston, Palo Alto, London and Mumbai.
In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners Limited, a firm authorized and regulated by the Financial Services Authority. Summit Partners Limited is a limited company registered in England and Wales with company number 4141197, and its registered office is at 20–22 Bedford Row, London, WC1R 4JS, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.
