CatchOfTheDay inks overseas capital investment deal
- 23 May, 2011 09:38
Online retailer, CatchOfTheDay has landed a capital investment deal with a consortium comprised of New York-based Tiger Global Management and Australian businessmen.
Along with Tiger Global Investment, the investment consortium includes James Packer’s Consolidated Press Holdings, Seek CEO and co-founder, Andrew Bassat as well as Gannet Capital founder, Glenn Poswell. The investment group will retain a minority stake in the company.
CatchOfTheDay founder, Gabby and Hezi Leibovich will maintain a controlling stake in the business. Tiger Global managing director, Lee Fixel and Seek’s Jason Lenga, will join the company’s board.
Funding from the investment group will go towards the company’s expansion into new locations, focusing on more local deals, the introduction of specialised offerings and continued investment in technology such as mobile applications.
In a statement, James Packer, said the teams experience in building a profitable e-commerce business meant they had the skills, supplier networks and economies of scale to keep growing and leading the market.
In a statement, CatchOfTheDay’s Gabby Leibovich said it was open to overseas investors to help achieve the next phase of growth for the company.
“It is still early days in Australia when it comes to online retail and to support our next phase of growth we were open to overseas investors who could share a different perspective into the online retail market, as well as bring new skills, advice and contacts to further our growth and expansion,” Leibovich said.
CatchOfTheDay.com.au was launched in 2006 and expanded its business to include group buying site, Scoopon.com.au last year.