Rocket Internet slashes Home24 valuation in funding round

German e-commerce investor Rocket Internet cut the valuation of its Home24 online furniture business by more than a half on Wednesday in a financing round that raised 20 million euros ($22.5 million) of new capital. Rocket Internet said in a statement that Home24's valuation had been cut to 420 million euros in the funding round in which other investors including Baillie Gifford and Kinnevik also participated, down from a previous 981 million. Founded in Berlin in 2007 by brothers Oliver, Alexander and Marc Samwer, Rocket Internet has set up 150 start-ups in 110 countries, aiming to replicate the success of Amazon, China's Alibaba and ride service Uber in new markets.

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