evoMAG, one of the earliest and most important e-commerce players in Romania, has raised the first large-scale investment in its 17 years long existence, with legal assistance from a DLA Piper team of lawyers.
The EUR 2 million round from Catalyst Romania venture capital fund will open new opportunities for evoMAG, allowing the company to implement an accelerated development plan through the expansion on the local and international online markets, inauguration of two evoMAG showrooms and annual doubling of the product portfolio in the next 3 years.
Drawing on the firm’s extended experience in the venture capital market, DLA Piper assembled a senior cross-practice team, led by Country Managing Partner, Marian Dinu. Assisting evoMAG in all stages of the transaction, the legal team included Bogdan Buta (Senior Associate) and Noemi Popa (Associate), from the Corporate M&A department, as well as competition lawyers Răzvan Pele (Counsel) and Andrei Gongea (Associate). DLA Piper’s team legal assistance included the structuring of the investment round, negotiation of the financing documentation and various operational aspects.
Commenting on this investment round, Marian Dinu said: “We remain a firm that provides support to the fast-growing sectors of the Romanian economy, including e-commerce and technology. We are excited to have assisted one of the most relevant e-commerce companies in our country in raising growth capital and we hope this round will accelerate the development of evoMAG and become a resounding success story. I would like to thank Mihai Pătraşcu and his team for their trust in working with us on this transaction and to congratulate them for their resourcefulness and resilience demonstrated in the process.”
Mihai Pătraşcu, evoMAG CEO, added: “The capital infusion will allow us to take evoMAG to a new level of development, both on the Romanian market, online and offline, but also outside the country. We are happy to have attracted a strong partner with experience in the e-commerce industry to support the transformation of evoMAG and who shares our development vision. Having the DLA Piper team by our side gave us the confidence we needed to successfully complete this transaction.”
A company with 100% Romanian capital, founded by Mihai Pătrașcu, evoMAG is an online store that sells products in the fields of IT&C, household appliances, sport & fitness (including scooters and accessories for scooters) and for the home and garden. Last year, evoMAG opened the first service for electric scooters, becoming the first online store in Romania that provides such a service.
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