Online shopping club Westwing receives backing from German retailer Tengelmann with ambitions for it to lead the 'Home and Living' retail sector.
Westwing, a Germany-based e-commerce business which operates as an online shopping club selling furniture and houseware, has raised an undisclosed amount of investment from Tengelmann Ventures, the corporate venturing unit of Germany-based retail company Tengelmann, according to reports in Der Spiegel and Venture Village.
The deal is reported to be worth at least €10m ($13.5m), for which Tengelmann has received a stake of 8%.
Christian Winter, chief executive officer of Tengelmann Ventures, said: “We want Westwing to become the leading…
