Kinnevik welcomes Holtzbrinck Ventures as a Rocket shareholder
Investment AB Kinnevik (publ) ("Kinnevik") today announced that Holtzbrinck Ventures ("HV"), a long-term, early-stage investor in companies started by Rocket, is contributing its entire stakes in seven of Rocket's most developed e-commerce businesses directly into Rocket, in exchange for equity in Rocket Internet AG.
The contribution includes HV's stakes in the emerging markets fashion businesses Lamoda, Dafiti, Jabong and Namshi, held through the holding companies BigFoot and BigCommerce; it also includes direct stakes in home & living businesses Home24 and Westwing, as well as in HelloFresh, a leading home food delivery company.
In return for this contribution, HV receives a 2.5% stake in Rocket. All contributed stakes were valued on the basis of the last external funding round of the respective companies. Post-closing, Kinnevik will own an 18.1% interest in Rocket Internet.
"Following the recent investments by PLDT and United Internet, we are delighted to welcome Holtzbrinck Ventures, one of Europe's most successful venture capital firms, as a new shareholder in Rocket Internet. This acquisition allows Rocket to progress on its strategic objective of owning larger stakes in the most established companies it has founded over the last five years" says Lorenzo Grabau, CEO of Kinnevik.
For further information, see the attached press release from Rocket Internet.
For further information, visitwww.kinnevik.se or contact:
|Torun Litzén, Director Investor Relations
|+46 (0)8 562 000 83
|+46 (0)70 762 00 83
Investment AB Kinnevik is a leading, long-term oriented, investment company based in Sweden. Kinnevik primarily invests in consumer centric businesses that provide innovative and value-added technology-enabled services. Our main areas of focus are the Communications, e-Commerce, Entertainment and Financial Services sectors. We own significant stakes in over 50 companies that operate in more than 80 countries across five continents, with a particular emphasis on growth markets. The Kinnevik Group employs more than 90 000 people around the world.
Kinnevik actively supports the companies in which it invests and plays an influential role on their respective Boards. Kinnevik was founded in 1936 by three Swedish families who continue to play a leadership role in the ownership of the Company and in the pursuit of its entrepreneurial ventures.
Kinnevik's shares are listed on Nasdaq OMX Stockholm's list for large cap companies under the ticker codes KINV A and KINV B.Press release
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The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Kinnevik via Globenewswire