Milan, January 31, 2014 - PrivateGriffe the Milan-based leading Italian online fashion market active in the online sale of luxury clothing, footware and accessories via exclusive private sales, both on-line and off-line, has closed a capital increase of €1,2M subscribed by VAM Investments along with a group of private investors. The fund VAM Investments has invested €700k while a group of private investors selected Banca Esperia - the private bank of Mediobanca and Mediolanum advisor of the whole operation - injected €500k in the Milan-based online e-commerce fasion website.
The startup founded in 2012 by Leonardo Cucchiarini and Maria Cecilia Andretta allows its users to buy and resell luxury goods becoming friends and part of a community where to exchange advices and opinions. The entry of the two new shareholders shows the huge confidence that the company was able to conquer among investors, thanks to the growth trend particularly positive and a business model extremely innovative and dynamic. The new shareholders go in addition to the existing one Angelab Ventures, the investment fund of Angelo Moratti, who last year became shareholder by acquiring a stake of 12%.
Ennio Valerio Boccardi, founding partner of VAM Investments, who led the investment in PrivateGriffe was appointed vice president of board of directors.
The injected resources will go to strengthen the startup from the corporate point of view with an acceleration of the technological development and marketing activities.
VAM Investments, is an investment partnership founded in late 2011 by McKinsey and Columbia Business School alumni with careers in private equity and investment banking. With an endowment of €6M of equity for ad-hoc investments, the company has currently invested in three companies - PrivateGriffe included -, the other two being YallaYalla the leading Italian online travel agency specialized in holiday packages and Dental Pro the highest growth Italian street-front and shopping-mail dentist chain.
Angelab Ventures, the investment fund founded by Angelo Moratti seeks and finances ventures in the areas of lifestyle, new media and life sciences.