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Tech

Rocket Internet shoots for public listing

Opening sequence

Opening sequence

Tech

Rocket Internet shoots for public listing

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18:06
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COMING UP:Rocket Internet shoots for public listing

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Transcript

00:00:00
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cket Internet is on a mission to become a platform for Europe's tech start-ups. The Berlin-based investor has launched about 150 of them since it started up in 2007. An empire, sprawling across everything from food to fashion to financial services. Now, it's shooting for soaring profits, reporting on Thursday, it has cut losses at it's main start-ups.
00:00:27
Three are expected to start generating profits by the end of next year. As Reuters' Emma Thomasin reports from Berlin, it's a bit of a turnaround for the company.>> It's been a pretty rocky time for them over the last few months because some of the individual companies that they've invested in had their valuations cut quite dramatically.
00:00:49
And so the share price has been under a lot of pressure. Today though, they announced that they were going to buy back some convertible bonds that they issued last year. And so that has had an immediate positive effect on the share price.
00:01:03
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00:01:06
>> The next goal, a public listing for one of its ten main start-ups. It was forced to pull the listing of HelloFresh, a recipe ingredients firm, and its biggest investment last year. Now it's a leading candidate along with Delivery Hero and Global Fashion Group. Rocket says it has the most capital of any Internet start-up investor in Europe where it's somewhat unusual.
00:01:29
>> In Silicon Valley there are literally hundreds of sort of venture capital firms looking for new start-ups, for new ideas. In Europe, the culture is much more risk adverse and so there's less capital kid of sloshing around prepared to invest in companies with a high chance of failure.
00:01:49
>> It's been a slow start, but Rocket's clearly hoping for blast-off.