Polish venture fund Xevin Investments, one of our sponsors, announces $500,000 in backing for Ukrainian online-retailer Hilt.
Hilt is an online shopping-club, fashioned after Fab.com, which offers luxury items at discounts of up to 70%. The company was founded in May 2012 and sells domestic goods, jewelry, clothes, and children’s items, among other things. According to the company, many of the products available cannot be found at physical stores in the country. I’m told that the company conducts over 200 campaigns per month.
According to Xevin Investments, the funds will go towards developing the product line, increasing working capital, and expanding marketing efforts. Also planned is a loyalty-scheme for the company’s regular customers. Marek Rusiecki, President of the Board at Xevin Investments, says that they expect for Hilt to reach $300,000 in monthly sales by mid-2013. According to company co-founder Vladimir Pyrozhenko, the company currently has 150,000 users. He believes that his company has strong growth prospects because there are currently only 2 such shopping clubs operating in the country.
Just a few weeks ago, we reported that Xevin backed Polish shopping club Baby’s Secret Club.
