Studio Moderna Holdings B.V., a multi-channel e-commerce and direct to consumer platform operating in Central and Eastern Europe (CEE), Russia and Turkey, has received a private equity investment from General Atlantic LLC (GA).
With the transaction, whose amount remained undisclosed, GA has acquired a minority stake in the company.
Existing investors Insight Venture Partners, Templeton Strategic Emerging Markets Fund III and JH Partners also participated.
The company intends to use the proceeds from the investment to continue its international growth and development.
Founded in 1992 and led by Chairman Sandi Cesko, Studio Moderna markets and sells a diverse range of consumer products including home, fitness, health and fashion offerings and has proprietary technology, payments, logistics and customer service operations, which allow consumers to transact through the platform across its 21 markets.
In addition to marketing third party products under the Top Shop brand, the company also develops and sells its own proprietary products under brands such as Dormeo, Delimano, Wellneo and Kosmodisk.
Studio Moderna’s e-commerce platform includes over 120 websites, 190 dedicated retail stores, over 4,000 sales locations with major wholesale partners across the region and its own telephone-sales centres. The company also operates Top Shop TV home shopping channels in Russia, Ukraine, Romania and Serbia and recently launched Stilago, a members-only online fashion club offering discounts on branded apparel in six countries including Poland, Russia and the Czech Republic.
It currently reaches more than 400m consumers and generated over €300m in revenues in 2010.
In conjunction with the investment, John Bernstein and Gabriel Caillaux (GA) will join Larry Handen (Insight) and Matjaz Schroll (Templeton) on Studio Moderna’ s Board.