Madrid-based online retailer BuyVIP has announced the completion of a €14.9 million financing round led by Kennet Partners.

Madrid-based online retailer BuyVIP has announced the completion of a €14.9 million financing round led by Kennet Partners.

Kennet will invest up to €11.1 million in the financing and joins existing investors Bertelsmann Digital Media Investments 3i Group and Molins Capital inversion.

BuyVIP is a private member’s online marketplace offering discounts on branded goods that are either end of line or not available through retail outlets.

Gustavo Garcia Brusilovsky, chief executive of BuyVIP, says: ‘Kennet is the ideal investor for BuyVIP because of its expertise in developing international businesses.’

Kennet recently announced a €6.5 million investment in Copenhagen-based video advertising company GoViral.