BaltCap Growth Fund (BGF) invests in Verkter, Lithuanian e-commerce group selling do-it-yourself and gardening tools, accessories, and aftermarket parts, operating in 11 languages. The investment aims to bolster Verkter‘s development and further international expansion from current key markets in the Baltics and Scandinavia. Founder Kęstutis Daukševičius remains the majority shareholder and CEO of the company.
Verkter has been recording fast organic growth in its key markets in the Baltics and Scandinavia since its inception in Lithuania in 2010 (operating under the name irankiai.lt). The company’s business model has benefited from structural retail market shift to online, and it leveraged growing customer need for easy access to wide specialized assortment and great customer service. Now, Verkter aims to accelerate further growth.
„The investment of BaltCap comes at an exciting time for Verkter we are recording our yet biggest growth year in 2020. We are ready to take our business to the next level and welcome BaltCap as a strategic partner and shareholder,” says Kęstutis Daukševičius, founder and CEO of Verkter. „Beyond international expansion, the investment allows us to continue investing in the development of IT and customer support systems to provide seamless customer experience, which Verkter‘s reputation is built on,“ Daukševicius added.
Marius Miškinis, Associate Director at BaltCap Growth Fund, comments: “As a long-term investor, we are determined to support ambitious entrepreneurs and leaders, experts with deep knowledge in their field, on their endeavor to build bigger and increasingly sustainable businesses. Verkter is well positioned in the current market and the team has proven they can scale fast and remain agile. We have strong confidence in the shared vision going forward and we are happy to support the ambition of Verkter with financial resources and strategic advice.“
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