bne IntelliNews – Catalyst Romania supports the evoMAG online store to finance its expansion
Catalyst Romania, one of the region’s largest venture capital funds, paid €2 million for a minority stake in evoMAG, one of Romania’s first online stores, according to StartUpCafe,ro.
This is the first major funding evoMAG has received since its launch over 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 34 million euros, up 46% year-on-year, the highest in recent years.
It forecasts 40 million euros in sales this year, with sales peaks in the categories of mobile phones, televisions, PC components and electric vehicles. Home and garden products are a separate category, where evoMAG expects significant growth this year.
“The capital injection will allow us to take evoMAG to a new level of development, both in 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 market 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 over the next three years, with new categories, increased storage space and complex operational processes.