July 26 (SeeNews) - Romanian online retailer elefant.ro said on Tuesday that Romanian-American Axxess Capital investment fund has become a minority shareholder in the company, following a 5.5 million euro ($6.05 million) capital injection.
The investment aims to boost further Elefant's annual growth rate of over 50%, it said in a press release.
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The transaction is pending approval from Romania' s antitrust body.
Elefant.ro drew several rounds of investment in recent years from funds such as Fribourg Capital ex-Greenlight Invest, Catalyst Romania and 3TS Capital Partners, which are present shareholders.
Elefant.ro is one of the largest online retailers in Romania, with over 600,000 customers and 15 delivery points countrywide. In May, Moldova became the first foreign market to which elefant.ro expanded its business, by establishing a pick-up point and a dedicated website for orders.
Elefant.ro was founded in 2010 through an investment of about 1.2 million euro from Fribourg Capital, one of the investment funds controlled by Ion Sturza, former deputy general manager of oil group Rompetrol and former prime minister of Moldova.
($= 0.9078 euro)