Rocket Internet Capital Partners has reached a $420m first close, securing $50m from its parent company, with which it plans to co-invest.

Germany-based e-commerce group Rocket Internet achieved a $420m first close of a freshly raised fund yesterday which included a $50m investment of its own.

Rocket Internet incubates its own e-commerce offerings but also makes VC investments, and has built up an extensive portfolio of e-commerce companies across multiple continents, many of which share business models which are tailored for their regional markets.

Rocket Internet Capital Partners Fund will invest in the same businesses as its parent company, but will enable…