Zando.co.za, South Africa‘s largest fashion e-commerce retailer, announced today an investment of â‚¬20 million by Summit Partners. The growth equity investor will take a stake in Zando.co.za through its German holding company.
In September, it was reported that Zando also received a significant investment from J.P Morgan Asset Management. At the time the article was published, the amount was not disclosed.
Founded in 1984, Summit is a leader in growth equity and credit investing for fast-growing companies. Summit Partners has invested in more than 350 rapidly growing businesses across North America, Europe and Asia, and has raised nearly US$15 billion since inception.
“œWe seek to invest in companies that build long-term value, and Zando.co.za has shown dynamic growth in a short period of time,“ said Scott Collins, a Managing Director and head of the Summit Partners London office.
“œWe are excited to be joined by an investor that shares our vision and belief in the huge potential for the South African market,“ said Manuel Koser, Zando Managing Director and Co-founder. “œWith the ubiquitous convergence of technologies, feature phones, smartphones, tablets and desktops with dedicated connectivity, internet accessibility is maturing.“ Internet penetration is forecasted to hit 20% in 2013 in South Africa as the number of experienced internet users increases.