Cherry Media, an Estonian startup that auctions cheap offers online, is expanding its services to other Baltic countries, the Baltic Business News writes referring to Äripäev.
The company is currently merging with two Lithuanian firms Dealcraft (Grupinis.lt) and Beta.lt and says that its objective is to become the largest online business in the Baltics in terms of revenues.
Andres Susi, board member of Cherry Media, says that the two Lithuanian portals are the most important players on the Lithuanian market adding that there will be a share swap without any cash transaction.
The company has been growing rapidly and says it will soon exceed a million euros a month.
Estonian best-known venture capitalist Allan Martinson who has invested in Cherry Media adds that in one year’s time, Cherry could have at least 50 percent higher revenue.
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