Kinnevik invests EUR 25 million in Wimdu.com

Wed Jun 15, 2011 4:00am EDT

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Investment AB Kinnevik publ. ("Kinnevik") today announced that it has invested EUR 25 million in the travel marketplace company Wimdu.

Wimdu is a consumer-to-consumer travel market place where the core of the business is to enable private individuals to rent out their rooms, apartments or houses to other people needing temporary housing for work or leisure. Wimdu has a global presence with 400 employees in 50 countries and offices in 15 countries covering all continents. It also owns and operates Airizu.com which is a Chinese sister site.

The company was founded in 2010 and was seed-funded by Rocket Internet. Kinnevik is now participating in a new issue in order to finance Wimdu's international expansion. In addition to the EUR 25 million now invested, Kinnevik has warrants to double its investment in Wimdu to a total of EUR 50 million.

 

For further information, visit www.kinnevik.se or contact:

Torun Litzén, Director Investor Relations +46 (0)8 562 000 83
  +46 (0)70 762 00 83

 

Kinnevik was founded in 1936 and thus embodies more than seventy years of entrepreneurship under the same group of principal owners. Kinnevik's objective is to increase shareholder value, primarily through net asset value growth. The company's holdings of growth companies are focused around seven comprehensive business sectors; Paper & Packaging, Telecom & Services, Media, Online, Microfinancing and Renewable energy. Kinnevik has a long history of investing in emerging markets which has resulted in a considerable exposure to consumer sectors in these markets. Kinnevik plays an active role on the Boards of its holdings.

The Kinnevik's class A and class B shares are listed on the NASDAQ OMX Stockholm's list for large cap companies, within the financial and real estate sector. The ticker codes are KINV A and KINV B.




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Source: Kinnevik via Thomson Reuters ONE

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