News Burst: LetsBuyIt secures funding, shares double

LetsBuyIt.com announced Wednesday it has avoided bankruptcy and secured 50m euros (around £31.6m) in funding, and has since seen its share price double.

In talks late Wednesday night, LetBuyIt managed to raise the 4m euros needed to avoid bankruptcy from existing investors including Kimvestor, a German venture capital company. Kimvestor has also committed to invest 50m euros in the company by the end of February.

LetsBuyIt's shares, which are listed on the Frankfurt Neuer Merkt, rose from 0.24 euros to 0.50 euros on the news.

The company also announced that its sales doubled in the last quarter of 2000 to 18m euros.

Full story to follow.

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