Munich-based Global Savings Group (GSG) has received USD 23 million (EUR 19 million) in a Series C financing round. The financing consists of a USD 10.2 million (EUR 9 million) loan and USD 12.2 million (EUR 10.2 million) equity financing.
The equity comes from Holtzbrinck Ventures, Rocket Internet, Deutsche Telekom Venture Funds, ru-Net and the debt capital from Deutsche Bank.
The company intends to use the capital to further expand its offerings outside of the voucher business. The managing directors had Andreas Fruth and Gerhard Trautmann already announced in summerThe aim is to strengthen the already growing travel and lifestyle deal business. The new funds will also be used to expand the portfolio of solutions for media companies and publishers.
Vote of trust for the GSG
Adrian Renner, Managing Director and co-founder of GSG, says:
"This investment will help us further expand our existing business, pursue our strategic M&A activities, and offer new services to our partners and customers. (...) The new financing round is also a testament to our confidence in successfully building the leading digital platform for advertisers, consumers, and publishers."
“Best conditions to continue the steep growth curve”
David Kuczek, partner at Holtzbrinck Ventures, explains:
"GSG is one of the fastest-growing companies in Europe. In recent years, the company has proven that it can become the market leader in many countries around the world and achieve outstanding results in its segment. Nevertheless, GSG is not standing still; instead, it is demonstrating the courage to take the next strategic steps, including strengthening its offerings outside of the voucher business. With its vision, the team is ideally positioned to continue GSG's steep growth curve. For this reason, we continue to invest in this promising business model."
And also Thomas Pemsel, Head of Market Area Deutsche Bank Munich, confirms:
"We are always looking for high-growth companies with solid financial structures that are leveraging new digital business models that will enable them to become market leaders on a global scale. In GSG, we have found a company that, like us, has a strong position and presence in Europe, Asia-Pacific, and North and South America. We are pleased to contribute to GSG's rapid development and accompany them on their future path to global market leadership."
