BUCHAREST (Romania), May 22 (SeeNews) - Romania's Neogen Group said on Tuesday it has acquired 20% of local e-fulfilment platform Frisbo for 100,000 euro ($117,419) and is investing a further 500,000 euro in the company.
Following the investment, Frisbo reaches a business valuation of 3.0 million euro and aims to expand its logistics network in Romania and beyond, along with exponential growth in customer numbers, it said in a joint statement with Neogen.
"In order to integrate more logistics operators and enable online stores to easily access this type of service from the computer, the development of Frisbo applications and automation of processes is absolutely necessary. That's why we need to invest in Frisbo's development," Frisbo founder Bogdan Colceriu said.
Currently, Frisbo operates halls in Brasov, Bucharest, Giurgiu and Cluj.
"Frisbo can become the largest depositor in Europe without owning any deposit," Neogen director Calin Fusu said.
Frisbo offers complete e-fulfilment services from storage, pick & pack, billing, AWB issuance, courier delivery, and dedicated call center. It manages the operational and logistical processes of about 70 businesses in the country, located in cities such as Bucharest, Brasov, Cluj, Timisoara and abroad, from countries like the Netherlands, Switzerland or Bulgaria that sell online in Romania.
In 2017, Frisbo raised a first round of investment of 250,000 euro at a valuation of 1.5 million euro from Cluj investor Mircea Ilea.
Established in 2000, Neogen specializes in the development of successful marketplace business in the online area, the most important being BestJobs, Vivre, Clever Taxi, which was sold to the Daimler group and iTaxi.md.
The investment in Frisbo comes shortly after an investment in Conso.ro, a website comparing the prices of loans and other financial services.