Spreadshirt Swaps CFO; Makes 21 Million Euro Revenue
Aug 19th, 2009 by admin
Without being 2 years in office, Spreadshirt has swapped its up till now CFO Andreas Schroeteler and replaced him with Tobias Schaugg from DocMorris. At the same time, Spreadshirt has brought in 2 further managers.
Picture of Spreadshirt Swaps CFO; Makes 21 Million Euro Revenue [source:excitingcommerce.com]
You dont need to be a fortune teller to assume that old as well as new investors are turning up the pressure on the company. In loss ridden 2007, investor Accel had to pump in an extra 2 million euro - to this day not publicly announced.
At about the same time, founder Lukasz Gadowski withdrew from active management and took the role of board chairman. An good read are the exciting details from the 2007 annual report, which can be found in the German language in the electronic Bundesanzeiger (search: Sprd).
At the beginning of 2009, Spreadshirt topped up with 10 million euro capital from Accel Partners and Kennet Partners, adding to the already collected 8 million euro (6 million + 2 million) from Accel.
Revenues raised at Spreadshirt from 12.2 million euro in 2006 up to 15.3 million (+25.7%) in 2007. The German business (Germany-Austria-Switzerland) grew to 6.4 million euro in 2007, representing a minimal +1.4%.
Source: Spreadshirt Annual Report 2007 (via ebundesanzeiger)
With a communicated growth of about 40% in the year 2008, the total revenues for 2008 could easily lie at 21 million euro, in other words, far below our expectations from beginning of year which were between 25 to 30 million euro.
One thing can be said for sure: Spreadshirt had perfect timing to bring investors on board in 2006, when they were enjoying growth of almost 80%. Now they are falling far behind their rosy expectations from that time. After the recent changes in the board, one can only speculate when the grace period for CEO Jana Eggers will expire.
Originally posted in German by Jochen Krisch, adapted for excitingcommerce.com by Jason Soo.[source:excitingcommerce.com]
Related posts: