ECM Straits Fund invests in Istanbul’s Annelutfen in US$4mil round
By Digital News Asia January 6, 2015
- E-commerce business focused on baby and mother products for southwest Asia
- Founded in 2011 as a way to empower women throughout Turkey
ANNELUTFEN, an Istanbul-based e-commerce business for baby and mother products, announced that last month it completed a US$4-million investment round led by Elixir Capital’s ECM Straits Fund.
Elixir Capital is a global private equity fund based in Silicon Valley, with offices in Kuala Lumpur and Jakarta.
It launched the US$50-million ECM Straits Fund last April with Malaysia Venture Capital Management Bhd (Mavcap), the Malaysian Government’s venture capital arm, as lead investor.
Annelutfen was founded in 2011 as a way to empower women throughout Turkey, Elixir Capital said in a statement.
Annelutfen currently offers baby products and delivery throughout southwest Asia and the Middle East. The investment will help it expand and accelerate its online reach using mobile, big data strategies, and original customer-centric content.
“Following examples set by Diapers.com and The Honest Company, Annelutfen’s platform brings technology-enabled solutions to an underserved market throughout Turkey and the Middle East,” said founder and chief executive officer Roys Gureli.
“There are seven million babies born in this region every year, and Internet usage among parents continues to surge,” she added.
Annelutfen also conducts a range of activities including building communities for young mothers, teaching classes in entrepreneurship and work/ life coaching, and hosting youth-oriented networking events.
“Accelerating growth in change-intensive markets continues to be a core principle underlying Elixir’s global e-commerce vision, with Annelutfen forming a cornerstone of our TransAsia e-commerce multi-market platform,” said Elixir Capital managing director Arshad Ahmed.
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