Southeast Asia’s online department store Lazada has received an investment of €20 million (US$26 million) from Boston-based equity investor Summit Partners.
Lazada will use the funds to continue developing its growth initiatives and expanding its product offering.
“They have extensive experience in supporting fast‐growing companies which will be of huge benefit as we continue to build out our offering and services to win the Southeast Asian market,” said Maximilian Bittner, Lazada’s regional CEO.
“We seek to invest in companies that build long‐term value, and Lazada has shown dynamic growth in a short period of time,” said Scott Collins, MD and head of the Summit Partners London office.
Lazada, considered Asia’s Amazon, recently launched its new marketplace platform in Malaysia. The company has entered the country’s promising fashion market by offering more than 1000 clothing and shoe products.
According to Bittner, the marketplace offers an attractive opportunity for offline retailers in the region to leverage Lazada’s broad reach and extensive marketing expertise to drive additional sales while still controlling logistics and operations.
Lazada plans to roll out the new format in all its markets in the near future and continue to add partners to complete its product assortment and drive growth.
JP Morgan Asset Management and Swedish investment company Kinnevik have also injected funds in Lazada.
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