Holtzbrinck Ventures gives up stakes in 7 Rocket-incubated startups, becomes a shareholder in the company itself

holtzbrinck-screenHoltzbrinck Ventures, a long-term, early-stage investor in Rocket Internet‘s companies, has decided to trade off its shares in 7 of Rocket-incubated companies for a 2.5% stake in the company itself.

There will be no cash involved in the transaction which is “valued on the basis of the last external funding round of the respective companies”, according to the press announcement.

The trade-off includes Holtzbrinck’s stakes in fashion e-commerce businesses Lamoda, Dafiti, Jabong and Namshi, held through the subsidiaries BigFoot and BigCommerce, and the direct stakes in home and living businesses Home24 and Westwing, as well as in HelloFresh, a leading home food delivery company.

The deal comes just a few weeks after Rocket Internet’s selling of 10.7% share to United Internet and a previous sale of 10% to PLDT, which has gradually increased the market value of the Rocket to around €4.3 billion. Based on this valuation, Holtzbrinck’s 2.5% is worth around €110 million.

Following the closure of transaction, Kinnevik will be holding 18.1% of Rocket Internet. “Following the recent investments by PLDT and United Internet, we are delighted to welcome Holtzbrinck Ventures, one of Europe’s most successful venture capital firms, as a new shareholder in Rocket Internet. This acquisition allows Rocket to progress on its strategic objective of owning larger stakes in the most established companies it has founded over the last five years” says Lorenzo Grabau, CEO of Kinnevik.

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