RealTime IT News

Ex-hacker Schmitz: We Poured 1.2 million Euro into Letsbuyit.com

[Berlin, GERMANY] In addition to the venture capital firm Kimvestor AG, there were other investors who helped the struggling Dutch online merchant Letsbuyit.com out of their financial crisis.

Kim Schmitz, the head of Kimvestor, told the "EURO am Sonntag", an investor newspaper, that the television station Pro 7, the Dutch venture capital fund Nesbic, and the British investment company Henderson also took part in the rescue attempt. These companies, all part of the group of existing shareholders, have together "invested several million."

According to Schmitz, his own company poured 1.2 million euro (US $ 48.12 million) into Letsbuyit.com. On February 7, the platform operators announced a successful round of financing amounting to over 52 million euro.

John Palmer, the CEO of Letsbuyit, said however that Kimvestor AG, which had already invested money, did not take part in this particular round. He did not want to name the companies that are behind this cash injection.

Britta Schanze, a speaker for Letsbuyit.com Deutschland GmbH, told de.internet.com that no further information could be given at the moment. "Additional facts and details will follow as soon as possible," said Schanze. "It includes new and old investors who believe in our business philosophy." Details on the number of company shares that had to be parted with in order to raise the money are also to be announced as soon as possible.