Ukrainian cashback service LetyShops received $ 3 million in investments
LetyShops cashback service founded by Ukrainians has raised $ 3 million from German investor AB Capital Group. AIN.UA was informed about this in the press service of the company. The funds are planned to be spent on scaling the product in new markets.
LetyShops plans to receive another round of investments in the first half of 2021 – also for promotion in new markets.
What is LetyShops
LetyShops – the largest cashback service in Ukraine and the CIS countries. Since 2019, the service began international expansion, entering the markets of Spain, Germany, Poland, India and Latin America.
The company hopes that the investment will help increase LetyShops’ profits by a third through more aggressive scaling.
“For 2 years of work in new markets, LetyShops has not only become a new player, but also a leader in Spain, Poland and Latin America. In June 2020, the company’s profit from “new markets” has already reached more than 30%, – comments Igor Gnatovsky, CEO of LetyShops
We are now focused on further growth. We aim to consolidate our positions in Spain, Poland, Latin America, overtake competitors in Germany and India, as well as enter new markets”.
Currently, the service is available in seven languages (Ukrainian, Russian, Spanish, English, Polish, German, Portuguese), cooperates with 2,400 online stores in almost all e-commerce categories, and cashback returns more than 12 million users.
According to SimilarWeb, LetyShops was visited by 4 million people in May 2020.
Who is the investor
AB Capital Group – owns a cluster of IT companies centered around the global partner network Admitad, which generated over $ 5 billion in ad revenue last year.
“We first invested in LetyShops in 2016 after the rapid growth of the service, both in terms of the number of active users and the number of sales. We see great potential in the cashback market in new regions and are confident that LetyShops will fully reveal it”, – commented Olexandr Bachmann, founder of AB Capital Group and CEO of Admitad.
Source: ain.ua
