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Berlin Brands Group raises $240 million in debt for e-commerce deals

By Reuters Staff
1 Min Read
BERLIN (Reuters) - German e-commerce company Berlin Brands Group (BBG) said on Tuesday it had raised $240 million in debt financing to support the expansion of its direct-to-consumer brand portfolio, which it markets via Amazon and other channels.
BBG will invest the funds raised in acquiring online retail brands and integrating them into its global platform, with a particular focus on U.S.-based brands that generate revenues of $1 million to $100 million a year, it said in a statement.
Unicredit, Deutsche Bank and Commerzbank were part of the banking consortium that extended the loan.
BBG, which turned over 334 million euros ($398 million) last year, runs its own logistics infrastructure and operates 1.3 million square feet (120,000 square metres) of warehouse space in Europe, Asia and the United States. ....

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Learn from Alibaba penalty, China warns internet firms

3 Min Read
BEIJING (Reuters) -China’s market regulator, fresh from fining e-commerce giant Alibaba $2.75 billion, said on Tuesday it warned nearly three dozen internet companies to stop using any banned practices such as forcing vendors to use their platform exclusively.
Logos of Alibaba Group and Ant Group are seen during the World Internet Conference (WIC) in Wuzhen, Zhejiang province, China, November 23, 2020. REUTERS/Aly Song
The State Administration for Market Regulation (SAMR) said it summoned 34 companies including Tencent, ByteDance and JD.com for a meeting, where it ordered them to conduct self-inspections within one month, warning of “severe punishment” for any that still violated the rules. ....

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Artificial intelligence firm Scale raises $325 million at $7 billion valuation

By Reuters Staff
2 Min Read
(Reuters) - Scale AI said on Tuesday it had raised $325 million in fresh funding, doubling its valuation to $7 billion in just over four months, as the artificial intelligence (AI) firm plans to increase hiring and expand its product offerings.
Investment firms Dragoneer, Greenoaks Capital and Tiger Global co-led the Series E funding round, which included new investors Wellington Management and Durable Capital. Existing shareholders Coatue, Index, Founders Fund and YC also took part.
Scale, which counts the U.S. Department of Defense and the U.S. Air Force among its customers, raised $155 million at a $3.5 billion valuation in December. ....

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Samsung SDI to supply battery cells to EV startup Rivian

Electric vehicle startup Rivian, backed by Amazon.com Inc and Ford Motor Co, said on Monday that South Korean manufacturer Samsung SDI Co Limited would supply battery cells for its vehicles. ....

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ASOS 'highly likely' to buy more brands -CEO

British online fashion retailer ASOS is "highly likely" to acquire more brands, its boss said on Thursday. ....

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