BaltCap Growth Fund (BGF) continues investing in leading specialty retail verticals by providing growth capital to Weekend, a highly successful and fast-growing omnichannel platform for apparel and footwear. The co-founder of the company, Taavi Laeks, continues as majority shareholder and CEO. Weekend marks the 7th investment for BGF.
Founded in 2007 in Estonia by Taavi and Merlin Laeks as a single shop shoe retailer, Weekend has grown into a leading omnichannel footwear and apparel business in the Baltics with an ‘online first’ mindset. It currently operates 13 large-format physical stores in Estonia and Latvia and has a rapidly growing online channel across the Baltics.
Weekend’s strategy is based on its strong omnichannel presence and scalability of the business model. In 2021 the company’s total revenue will reach €26 million with a year-on-year growth rate of over 50%.
“Weekend has witnessed outstanding growth in recent years driven by seamless customer experience in both online and offline, and we continue to see huge market opportunity going forward,” the co-founder Taavi Laeks says. “BaltCap is a perfect partner. In addition to growth capital, BaltCap’s expertise in e-commerce, digitisation and building international businesses, as well as its extensive network of advisors, is crucial for us,” Laeks added.
Sten Sonts, Investment Director at BaltCap, says the Laeks family has built Weekend into an impressive retail business. “Taavi and Merlin have built a winning format in apparel and footwear retail, where an omnichannel approach will continue to result in lower customer acquisition cost and higher brand loyalty. Additionally, by backing Weekend, BGF continues thematic investing in highly successful specialty retail verticals such as Tradehouse, Verkter, and LIVIN,” Sonts comments.
Sten Sonts and Oliver Kullman will be joining Weekend’s board on behalf of BaltCap.
BaltCap’s financial advisor was Opinio Finance and legal advisor COBALT. The transaction value has not been disclosed.
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