MCI Management has invested in Polish online fashion retailer Answear.com in return for a minority stake.
The firm invested in the company via its MCI Tech Ventures fund, a PLN 301m vehicle with a focus on e-commerce, digital media and mobile internet.
The MCI Tech Ventures fund typically invests anywhere between €1.5-25m per transaction, the firm's website states. According to reports, this deal's value was in the range of €1.5-2.5m.
The fresh capital will be used by Answear to expand into additional countries located in the CEE region, as well as introduce an own-brand label and increase its promotional offers.
Warsaw-based MCI, a listed venture capital firm, focuses its growth investments on the technology and healthcare sectors in the CEE and DACH regions, as well as Turkey and the former Soviet bloc states.
Company
Founded in 2011, Answear is based in Krakow. The company is an online multi-brand clothing retailer, offering 15,000 products across 200 brands on the site. Answear also owns one store in a shopping centre in Kielce.
Founded in 2011, Answear is based in Krakow. The company is an online multi-brand clothing retailer, offering 15,000 products across 200 brands on the site. Answear also owns one store in a shopping centre in Kielce.
People
Krzysztof Bajołek is the founder and president of Wearco, Answear's holding company. MCI partner Sylwester Janik led the deal for the firm and also manages the MCI Tech Ventures fund.
Krzysztof Bajołek is the founder and president of Wearco, Answear's holding company. MCI partner Sylwester Janik led the deal for the firm and also manages the MCI Tech Ventures fund.
KEY FACTS
Answear.com
DEAL - Expansion
VALUE - n/d (€1.5-2.5m est)
LOCATION - Krakow
SECTOR - Clothing & accessories
FOUNDED - 2011
DEAL - Expansion
VALUE - n/d (€1.5-2.5m est)
LOCATION - Krakow
SECTOR - Clothing & accessories
FOUNDED - 2011
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