October 27 (SeeNews) - Romanian second-hand mobile phones marketplace Flip secured a 1.5 million euro ($1.7 million) financing from eMAG Ventures, the investment arm of Romanian online retail group eMAG, and aims at a leading position on this market in Central and Eastern Europe.
Through the investment, eMAG Ventures took over minority shareholders' stakes in Flip, leaving the startup's founders with a 57.74%, it said in a press release.
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The company estimated that it will book a turnover of 14 million euro this year, up from 2.5 million euro in 2020. Also, it plans to reach over 100 employees by mid-2022, from 50 at present.
"The attracted investment will go in three directions: team development, product and internationalisation," Flip founders George Moroianu, Alin Luca and Alex Burghelia said.
Flip was founded in November 2019.
EMAG Ventures was launched in December as an investment programme for tech companies. It is owned by eMAG, which was founded in 2001 by Romanian entrepreneurs and later expanded in Bulgaria, Hungary and Poland.
South Africa-based Naspers media group acquired a 70% stake in eMAG in 2012.
($=0.8608 euro)
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