- Angela Gonzalez-Rodriguez |
7Commerce, the investment arm of German media company ProSiebenSat.1 will take over the fashion aggregator and discovery start up Stylight. The investor is intending to acquire 100 percent of the company by July — pending regulatory approvals.
As reported by ‘TechCrunch’, 7Commerce will buy out existing Stylight investors Holtzbrinck Ventures and Tengelmann Ventures, along with two business angels and the four founders.
To date, ProSiebenSat.1 owned 20 percent of the fashion start up and had already invested into the later via a Series B funding.
“Over the last few years, we have built up a strong e-commerce portfolio, in which the ranges of products are particularly suited to marketing via TV advertising. This is now one of our most important growth drivers,” notes ProSiebenSat.1 Group on its website in regards to this move.
Commenting on the planned equity buy out, Daniel Raab, MD of 7Commerce, highlighted Stylight’s focus on fashion and home & living as complementary to its existing beauty & accessories investment portfolio. “With its mix of content, advertising and commerce, the company is an essential strategic element of our fast-growing e-commerce business,” he added.
As per Stylight, the fashion startup claims to have more than quadrupled revenue since launch, currently holding a valuation worth of more than 80 million dollars, publishes ‘TechCrunch’.