Groupalia, a Spain-based online collective buying website, has raised €5m ($7m) from a consortium including local bank La Caixa.

Caixa Capital Risc, La Caixa’s venture capital division, joined venture capital firm Nauta Capital and angel investors Lucas Carné and José Manuel Villanueva, the founding partners of Groupalia peer Privalia.

The company raised €2.5m in May and offers its services in Spain, Italy, Brazil, Mexico and Argentina. 

Joaquín Engel, chief executive of Groupalia, said: "In just six months of operating we have obtained such encouraging results that we have had to rethink the initial strategy and opt for an even more ambitious one, which enables us to continue expanding our business. One of our goals for 2010 is consolidating a user base up to two million and reaching a turnover of €5m."

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