Portuguese retail giant Sonae has invested €5 million in Spanish online grocer Ulabox.
The investment makes Sonae one of the online supermarket's main shareholders; the Portuguese retail group employs more than 40,000 employees across 60 countries.
Established in 2011, Ulabox is now a leading online supermarket in the Spanish grocery market with 35,000 customers and 12,500 SKUs.
Founded by David Baratech, Jaume Goma and Sergi de Pablos, Ulabox promises a 24-hour delivery service to its customers across Spain.
In 2011, the start-up pure-play online retailer raised €750,000 from Cabiedes & Partners and other investors. Logistics group Miquel Alimentació then bought a 30 per cent stake in the conpany in 2013.
The etailer had a turnover of €4 million in 2014.
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