The TealTech Capital venture fund, co-founded by VkusVilla founder Andrey Krivenko, acquired a 25% stake in the management company of the Poison Drop jewelry store chain. Forbes writes about this with reference to Poison Drop CEO Andrey Migunov and TealTech Capital investment manager Stanislav Novikov.
The fact of the transaction has not yet been recorded in the Unified State Register of Legal Entities. The transaction amount is not officially disclosed. According to Forbes sources, it could be about 300 million rubles. The seller of the share was the co-founder of Poison Drop, Irina Kuznetsova; she declined to comment.
In a commentary to Forbes, Novikov said that TealTech Capital has long been interested in the market of costume jewelry and jewelry products, but began to carefully study it in 2022, when international brands left Russia. He recalled that TealTech Capital has already invested in projects such as the Noun clothing brand, the Dr. Fomin clinic chain, the Blue Sleep brand of sleep products, the operator of recycled materials Ubirator, etc. Over the course of three to five years, the fund plans to increase the value Poison Drop tenfold, Novikov added.
Poison Drop was created in 2013 by Migunov, Ruslan Trubchik, as well as Irina Kuznetsova and Irina Mysina. Initially, the service dealt only with online jewelry sales, but now its portfolio also includes eight offline stores in Moscow, St. Petersburg, Krasnodar and Kazan. The revenue of Poison Drop LLC in 2022, according to SPARK-Interfax, amounted to 352 million rubles. (compared to RUB 217.7 million a year earlier), and net profit – RUB 1.8 million. (in 2021 – 30.2 million rubles). In October 2022, 25% of the retailer’s shares were bought by former top manager of Invest AG and Renaissance Group Maxim Penkin, the seller was then Ruslan Trubchik.