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The Internet holding KupiVIP, originally a flash sales shopping club was founded by Oscar Hartmann, raised $38 million from Intel Capital, Acton Capital Partners, EBRD as well as existent shareholders Accel Partners and Balderton Capital. The total funding raised by KupiVIP to date is $124 million.
There are other online shopping platforms in the holding, including KupiLuxe.ru and ShopTime.ru, and it has over 500,000 daily visitors.
Accel, and Intel are not new to investing in Russia. Accel has recently single-handedly backed Avito.ru, the online free classified portal which may steer in the direction of becoming Russian eBay. Intel Capital’s portfolio includes Altergeo, Speaktoit, RockFlow Dynamics and DeNovo.
According to Reuters, KupiVIP plans to raise $120 million in an IPO on New York Stock Exchange in two-years time, and expects to grow its turnover to $1 billion.
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