Cape Town – In a vote of confidence in the South African
e-commerce industry, international growth equity investor Summit Partners is
investing €20m (R224.2m) in Zando.co.za, South Africa’s largest fashion
The investment follows JP Morgan’s “double digit US dollar”
investment in Zando about a month ago.
Summit is a leader in growth equity and credit investing for
fast-growing companies and has invested in more than 350 rapidly growing
businesses across North America, Europe and Asia. Since its inception in 1984
it and has raised nearly $15bn.
Said Scott Collins, a Managing Director and head of the
Summit Partners London office: “We seek to invest in companies that build
long-term value, and Zando has shown dynamic growth in a short period of time.”
As in the case of JP Morgan, Summit Partners will take a
stake in Zando through its German holding company.
Manuel Koser, managing director and co-founder, said Zando
is excited to be joined by an investor that shares its vision and belief in the
huge potential for the South African market.
“With the ubiquitous convergence of technologies, feature
phones, smartphones, tablets and desktops with dedicated connectivity, internet
accessibility is maturing,” said Koser.
Internet penetration is forecasted to hit 20% in 2013 in
South Africa as the number of experienced internet users increases.
Zando.co.za is ranked as one of the top five B2C e-commerce
sites in South Africa. Launching with a footwear category in January this year,
it now offers clothing, beauty products and accessories.
“Our current offering of over 400 brands and 10 000 products
online, positions us as a leading fashion e-commerce website in South Africa,”
said Zando’s managing director and co-founder Peter Allerstorfer.