"Rocket" is written on the glass door in the entrance area of a building in which the Internet company has its headquarters. (picture alliance / dpa)
The global economic turbulence is also likely to affect the investment network of the Berlin start-up investor Rocket Internet this year. A higher insolvency rate than in previous years is expected, CEO Oliver Samwer told shareholders on Thursday. In his view, revenues will rise more slowly or even fall for many of start-ups. "However, we have capital available to continue to support attractive companies and outstanding teams," Samwer emphasized. Many successful companies were founded in times of recession, he added.
Rocket Internet founds and invests in internet and technology companies. Last year, the company also started buying real estate. According to Samwer, Rocket has 2.1 billion euros in available cash for investments.
Several major investments turned positive in the final quarter of 2019 in the operating business, Rocket announced, including the fashion retailer group Global Fashion Group and the furniture retailer Home24. Rocket itself increased its profits last year from 196 to 280 million euros. Revenues grew from 44.5 to 67.3 million euros.
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