James Packer has bought a 40% stake into group buying website CatchOfTheDay.
Brothers Gabby and Hezi Leibovich, founders of CatchOfTheDay, will retain a controlling interest in the company, which now has a valuation of $200 million based on the investment.
“Unlike many other players in the market, the team’s proven experience in building profitable e-commerce businesses means they have the skills, supplier networks and economies of scale to keep growing and leading the market,” said Packer in a statement.
Packer’s media investment firm, Consolidated Press Holdings, teamed up with Andrew Bassat, CEO of Seek, and Glenn Poswell, founder of Gannet Capital, along with Tiger Global Management to acquire the $80 million stake.
“It is still early days in Australia when it comes to online retail and to support our next phase of growth we were open to overseas investors who could share a different perspective into the online retail market, as well as bring new skills, advice and contacts to further our growth and expansion,” said Gabby Leibovich in an interview with Australian media.
Keep an eye out for these dynamic brothers, they are another excellent example of Aussie entrepreneurship.