Large retailer Megamark has acquired a 42% stake in Bauzaar, a Milan, Italy-based e-commerce platform for pet products.
The amount of the deal was not disclosed.
With the deal, which will allow Megamark to add the online sale of pet products to its offerings, P101, Club Italia Investimenti 2, Club Digitale, Boox and H Farm exited the company.
Co-founders Domenico Gimeli and Matteo Valente will mantain their stakes in and will continue to led Bauzaar. The company, which has raised €600k in total funding, has a team of 8 and an estimated turnover of €1.4m in 2016, will have now the opportunity to grow in the large offline retail sector, adopt online/offline integration strategies, and launch the 24h delivery service.
Led by Giovanni Pomarico, President, Megamark operates over 500 direct and affiliated supermarkets including the brands Iperfamila, Famila, Dok and A&O brands in the center and south of Italy.
It ha over €1 billion in sales and over 3,000 employees.