European Private Buying Club BuyVIP Lands $20 Million

Authored by Mark Hefflinger on April 6, 2009 - 8:08am.

Madrid - BuyVIP, a Spain-based private online buying club, has raised about $20 million in its third round of funding, led by Kennet Partners.

Previous backers Bertelsmann Digital Media Investments, 3i group and Molins Capital inversion also participated in the round.

Founded in 2006, BuyVIP operates a private buyers' club, where shoppers joint to receive word on short-duration sales on items discounted by 30%-70% that are end-of-line or not available through retail outlets.

The company counts more than 3.5 million members, and 400 brand relationships across Europe. BuyVIP will use the funds to expand into additional countries.

http://www.buyvip.com