ProfumeriaWeb, a Milan, Italy-based ecommerce platform for beauty products, raised equity funding from venture incubator Digital Magics (AIM Italia: DM).
The amount of the deal was not disclosed. Digital Magics acquired a 5% stake in the company with the possibility to augment it to 13%, based on some milestones.
The company will use the funds to consolidate its leadership in Italy and expand into other European countries.
Led by founder and CEO Vincenzo Cioffi, ProfumeriaWeb offers over 5.000 products including parfums, hair, beauty and make-up products and the site has more than 1m page views a month.
The company had a turnover of €1.3m in 2014 with strong growth forecasts in 2015.
FinSMEs
06/11/2015