The founders and former CEO of Catch Group have invested $9.3 million in online value retailer MySale Group for a 10 per cent stake in the business.
What happened
Founded in 2007, MySale currently operates six retail websites in Australia (OzSale, BuyInvite, DealsDirect, OO, Top Buy and IdentityDirect), three in New Zealand (NZSale, BuyInvite and IdentityDirect) and other sites in Southeast Asia.
Why it matters
Gabby Leibovich and Hezi Leibovich created Catch.com.au, which was sold to Wesfarmers in 2018, at which time Nati Harpaz was Catch’s CEO.
With MySale running cashflow positive, the investment provides the business with about $12 million in net cash to fund growth.
CEO Carl Jackson says the investment will enable MySale to invest in technology as well as to increase and improve brand inventory and mix.
This news brief is based on reporting published by InternetRetailing Australia on 2020-10-09. The original report is linked below.
InternetRetailing Australia
https://internetretailing.com.au/catch-founders-take-cornerstone-stake-in-online-retail-group-mysale/This independent news brief is based on the public source identified above. It is an original summary or translation, not a reproduction of the source article. Rights in source text, research, trademarks and images remain with their respective owners; images are used under the licence or permission identified in the credit. Rights holders may contact rights@goodproductasia.com with evidence of ownership. Verified concerns will be corrected, replaced or removed promptly. This report is not investment, legal, medical or purchasing advice.
