Ulaola, a Milan, Italy-based marketplace that promotes Italian style products abroad, raised an equity funding.
Digital Magics, the venture incubator that focuses on digital internet startups, made the investment.
Veronica d’Albora, Communication Manager of Ulaola, could not reveal the amount of the deal but told us that the company is using the funds as follows:
– 40% for IT and R&D;
– 30% for sales and marketing;
– 30% for working capital needs.
Led by Pietro Masi, CEO, Ulaola operates a marketplace that promotes Italian style products abroad, as well as a community bringing together fans of design, art, fashion and vintage.
The platform allows self-producers and small businesses to open a virtual shop and sell their products worldwide.
Launched in February 2012, it features accessories, jewels, furniture & design, vintage, beauty and fashion products, food, etc.