23 C
Bucharest
September 28, 2022
BUSINESSCOMPANIESECONOMY

evoMAG attracts a 2-million-euro investment from the investment fund Catalyst Romania

  • The investment supports evoMAG expansion on the Romanian and international online markets and the acceleration of its offline development, by inaugurating two new showrooms
  • evoMAG estimates 40 million euro turnover in 2022

evoMAG attracts a 2-million-euro investment from Catalyst Romania, one of the most important venture capital funds in the region, in an effort to support the accelerated development of the company. The attracted investment is the first large-scale one for evoMAG and confirms the good course of the company in its 17 years of existence in the eCommerce market in Romania, validates and supports the long-term development strategy of the online store.

 “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 eCommerce industry to support the transformation of evoMAG and who shares our development vision”, says Mihai Pătrașcu (photo), CEO of evoMAG.

 The investment will support the expansion of evoMAG on the online markets in Romania and internationally, through the presence in as many relevant marketplace platforms as possible, the acceleration of offline development, through the inauguration of two evoMAG showrooms, in the next two years, as well as the annual doubling of the product portfolio in the next 3 years, implicitly, the development of new product categories, the expansion of storage space and the efficiency of operational processes to support the anticipated growth.

“Mihai Pătrașcu and his team managed, by their own efforts, to build a great company in the Romanian eCommerce space in the last 17 years, proving agility, continuous innovation and always putting the customer first. We are happy to join the evoMAG story and we believe that, together, we will succeed in accelerating the company’s development plans”, says Alin Stanciu, Partner at Catalyst Romania.

Last year, evoMAG registered sales of 34 million euro, up from 2020, when the company marked a 46% growth – the highest in recent years, in an atypical period and in the context of the acceleration of eCommerce in general. Analysing the evolution of evoMAG over the last 2 years, the company had an average annual growth of 25%.

The company is counting on a turnover of around 40 million euro in 2022, with sales peaks in mobile phones, TVs, PC components and electric vehicles segments. Home and garden products are a separate category, for which evoMAG predicts significant growth this year.

To support sales growth, evoMAG will invest, this year, in reducing the delivery time of the products. Currently, 90% of all orders are delivered within 24 hours; at the end of the year, evoMAG’s target is for more than 95% of all orders to be delivered within 24 hours, the rest within 48 hours.

With the objective of doubling the product portfolio and reducing the delivery time of orders, evoMAG aims to increase the team to over 100 employees. By the end of the year, evoMAG aims to recruit new colleagues in key positions and departments, such as: warehouse, customer relations, documentation, marketing, programming, showroom, product management.

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