European Investment Bank (EIB) lends EUR 80m to Veepee for sustainable digital transformation

JULY 2021

Source: European Investment Bank (EIB) Press Release

• Veepee has secured its first financing agreement with the European Investment Bank (EIB) worth €80 million.
• The funding is allocated for Veepee’s digital transformation investments aimed at enhancing its sustainable strategy.
• It will support the implementation of innovative digital outlet solutions, providing consumers with a wide range of discounted products and services across various categories.
• The investment facilitates the convergence of processes and platforms to serve brands across Europe, alongside developing a lean pan-European logistic footprint strategy.
• This marks the first collaboration between the EIB and Veepee, reflecting the EU bank's support for a major European flash-sales player amidst competitive dynamics.
• The financing underscores confidence in Veepee's business model developed over 20 years and aligns with the EIB's commitment to fostering innovation and digital development in the face of global competition.
• The operation is expected to benefit small brands within the Veepee ecosystem across Europe, fostering a circular economy through IT and logistics infrastructure consolidation and second-hand sales channels.
• EIB Vice-president Ambroise Fayolle highlights the support for a French and European e-commerce leader amid the rapid growth accelerated by the Covid-19 pandemic.
• Veepee Deputy CEO Jean Baptiste Hoyaux emphasizes the financing's role in enhancing brand partnerships and strengthening the company's financial structure for the future.
• Founded as vente-privee.com in 2001, Veepee has evolved into a global brand operating in 10 European countries, offering a diverse range of discounted products from various sectors to its 66 million members worldwide, generating a consumer turnover of €3.8 billion.

(M.M.)