CEE Attorneys/Boanta Gidei si Asociatii has advised Romanian start-up Flip.ro on a EUR 1.5 million financing from eMAG Ventures. Filip & Company advised eMAG on that investment and on its acquisition of a stake in Flip.ro from minority shareholders.
According to CEE Attorneys, the funding will allow Flip.ro to accelerate the development of the platform in the coming years to achieve three goals: team growth, product development, and the company’s international expansion.
Flip.ro operates a marketplace for refurbished phones. Launched in 2019, the company has a team of 50 employees and a portfolio of over 50,000 customers.
"Flip.ro has enormous growth potential in CEE and I believe that if it continues to expand, it could become, in a few years, a major player in the regional start-up ecosystem," said CEE Attorneys Partner Sergiu Gidei.
"Romania is among the EU countries with the highest annual growth of the online trade, which shows there is significant development potential for the future on a market that hasn’t yet reached its maturity," Filip & Company Partner Alexandru Birsan said. "eMAG continues to develop and always finds new growth and consolidation directions. Flip is one of the most promising start-ups on the Romanian market, with an enthusiastic team of founding members and holding an excellent position that will allow it to pass to the next level after this investment."
The CEE Attorneys team consisted of Gidei and Senior Associate Elena Sopotean.
The Filip & Company team was led by Birsan and included Partner Catalin Suliman and Associate Andreea Banica.