New investment for e-tailer

CatchOfTheDay, which operates e-commerce sites and, has closed an investment for a minority stake in the company.

New York-based Tiger Global Management and a group of Australian businessmen including James Packer’s Consolidated Press Holdings (CPH), Andrew Bassat, co-founder and CEO of Seek and Glenn Poswell founder of Gannet Capital are now part owners of the company.

Founders of CatchOfTheDay, Gabby and Hezi Leibovich, will retain a controlling stake in the group businesses, with Lee Fixel from Tiger Global and Jason Lenga from Seek joining the board.

The funds will fuel the e-commerce group’s growth in the popular daily deals sector, and support the group’s expansion into new locations with a focus on more localised deals, the introduction of specialised offerings and continued investment in technology – including mobile applications.

Lee Fixel, managing director of Tiger Global said, “What was immediately apparent when we started discussions with the Leibovich brothers was their deep understanding of the space and what was required to build a globally competitive e-commerce group – particularly the importance of building strong supplier and procurement networks and investment in technology to remain innovative and agile.” was launched in 2006, with added last year.

KPMG Corporate Finance and Arnold Bloch Leibler acted as advisers to the owners of CatchOfTheDay and Scoopon.

You have 7 articles remaining. Unlock 15 free articles a month, it’s free.