European portal of general purchases, the start-up of Sophia finalized an investment with an initial payment which is in line with an investment strategy in several steps.
We could say that the partners found each other. Buying-partner.com, created in Sophia Antipolis in January 2000 finalized a fund raising from the company Mangrove Capital Partners.com S.A. an investor from Luxembourg. This investment is in line with an investment strategy. It consists of several steps according to an agreement set between Buying-partner.com S.A. and its investors, the 11 million francs representing the initial payment. This fund raising follows a first investment of several million francs brought by the founders of the company, in particular Michael Horvarth, teacher in economy at Standford and founder of Kana.com, listed on the Nasdaq. The latter also contributed to this second investment.
Financing the European expansion
This first financing will be used for the pan-european development with the opening of subsidiaries in Germany, Luxembourg and in England. It will also enable buying-partner to strengthen and increase its activity in France with the recruitment of about twenty people who will join before the end of 2000 the head office of the company in Sophia (about fifteen people at the moment). Finally, a new communication campaign will be launched with media on-line, campaign directed by the agency Publicic Etoile.
After 6 months of activity, the start-up, which has recently put on line a new version of its website, has registered more than 145 calls for a turnover of 50 MF. With this financing, the aim of the company is to reach, within the 12 months to come, a total of 1000 calls for tenders.
More than an investor
'This first investment will unable us to expand rapidly and to face a growing demand for our services, announced Brice Graillot, CEO. Moreover, Mangrove Capital Partners S.A. is more than an investor for us. It is a real partner, which will contribute to the success of buying-partner.com thanks to its experience in companies management and it will work with us all along our development strategy.'
As far as Marc Tluszcz, from Mangrove Capital Partners S.A is concerned, the 'choice focused on buyingpartner.com because it corresponded exactly to the type of company in which we wish to invest: a high potential start-up able to develop rapidly on the European market.'
Contacts
Website of /www.buying-partner.com">Buying-partner.com
Florence Aucante, in charge of communication; Tel : 04 92 38 80 04; Email : f.aucante@buying-partner.com