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Rocket Internet, the Berlin-based technology investor, has hailed a "year of progress" in 2018 as key portfolio companies, such as the meal kits delivery company, HelloFresh, and the retailer in Global Fashion Group line, have managed to increase their income and reduce their losses.
HelloFresh saw its revenues grow by 41% to 1.28 billion euros, while GFG achieved a 6% increase in sales, to 1.16 billion euros. Adjusted losses before interest, taxes, depreciation and amortization rose from € 70 million to € 55 million for the former and from € 98 million to € 50 million for the latter, Rocket reported on Thursday in its annual income statement. Jumia, the group's African online retail business, has announced a 63% increase in its gross value of merchandise to 828 million euros.
With its large portfolio of listed and unlisted companies, Rocket is widely seen as a major player in the German start-up scene. Since its inception in 2007, the Berlin incubator has been instrumental in creating and listing the country's most successful Internet companies, including online fashion retailer Zalando.
Today, he holds stakes in four listed companies: the Delivery Hero Food Delivery Service, the HelloFresh Packed Lunchbox Platform and the Westwing and Home 24 online furniture stores. for the listing of Jumia and Global Fashion Group as of the year. The six companies are Rocket's largest portfolio of selected companies. With the exception of Westwing, all businesses experience losses on adjusted earnings before interest, taxes, depreciation and amortization.
Rocket founder and CEO Oliver Samwer said in a statement, "2018 has been a year of continuation of Rocket Internet's core strategy. We incubated new businesses and invested in new and existing network companies. Four of the selected companies are now publicly traded and have raised funds in the capital markets while continuing to grow and improve margins. "
Rocket said it had a net cash of 2 billion euros at the end of February.
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