GapMinder is selling its stake in Flip.ro to eMAG Ventures, a program launched by eMAG to invest in technology companies.
GapMinder has invested EUR 150,000 in Flip.ro in two rounds of funding, the first round being through Techcelerator.
Flip.ro is an online marketplace in Romania that helps customers sell their old phone and buy a verified used phone with a warranty and right of return.
The start-up was launched at the end of 2019 by George Moroianu (24), Alin Luca (27) and Alex Burghelia (23).
eMAG Ventures bought the 42.26% stake from Flip.ro’s minority shareholders and invests EUR 1.5 million in accelerating the business.
The value of the transaction is confidential.
Flip.ro’s founders are targeting EUR 14 million in business this year, up from EUR 2.5 million last year.
They also expect the business to grow to around 100 employees by summer 2022, double its current number.