European lamp shop Lampenwelt receives €120 million funding
Lampenwelt.de, a German online lighting shop that also operates local websites in other European countries, has received a major investment of 120 million euros from venture capital firm 3i. With this money, Lampenwelt wants to expand its online lamp-selling business across Europe.
Tech.eu writes that venture capital firm 3i will also provide a short-term loan of 54 million euros to Lampenwelt.de. “We are very pleased to enter the next phase of our growth history together with 3i”, Lampenwelt.de’s co-founder Thomas Rebemann commented. “3i has extensive experience in the consumer goods industry and an impressive network that will help us expand our presence in Europe.”
According to the press release, issued by 3i, the venture capital form has been following Lampenwelt’s growth for several years. Last year, 3i approached the lamp shop to discuss a potential investment in the business. “We are investing in a successful company with strong growth potential. We believe there are significant opportunities for Lampenwelt to further expand internationally and build on its best-in-class digital and online marketing capabilities”, Peter Wirtz, Managing Director of 3i Germany, said.
Lampenwelt was founded by the brothers Thomas and Andreas Rebmann in 2004. The company is headquartered near Frankfurt am Main in Germany and claims to be the number one specialty online retailer of lightning products in Europe. It sells own-brand and third-party products to customers in 12 countries across Europe. Last year, the company generated 61 million euros of sales, of which 45 percent came from outside Germany.