Offerum, a Spanish group buying site launched exactly a year ago by Jesus Monleon and Vicente Arias, also founders of Seedrocket, has closed a second round of funding totaling a hefty €2 million. It follows an initial €500,000 investment. The new round was led by Cabiedes & Partners and includes Bonsai Venture Capital (who have invested in well-known Spanish companies such as Idealista, TopRural, Softonic, Emagister) and a private family fund.
Offerum boasts 1.1 million users in just a year of operation and expects 20 million euros in revenues in 2011. For now, with a hefty team of 70, the company has offers available in Spain and France (currently limited to Paris) and is planning on expanding into two other EU countries this year.
Local competition in Spain is quite obvious. We have Citydeal, acquired by Groupon, Letsbonus, acquired by LivingSocial and Groupalia. Unlike Groupalia and Letsbonus, Offerum plans to focus solely on Europe.
Two million is a hefty sum. But let’s compare this to the rest. Citydeal received 4 million in a first round and 5 million in a second round. Groupalia received 2.5 million, followed by 5 million. Seems that Offerum is going in a very similar direction. For local expansion and revenues they’ve partnered with SegundaMano, BuyVIP, Lanetro and 5 others as a white-label service. Otherwise there seems very little that differentiates these group buying sites from one and another.
