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EBRD supports leading pan-Baltic e-commerce platform

By Nigina Mirbabaeva

  • EBRD extends €15 million to pan-Baltic e-commerce platform operator PHH Group as part of an overall €20 million investment provided together with existing shareholders
  • Investment to support expansion of PHH Group’s operations and growth of e-commerce in the region
  • SMEs to benefit from growing e-commerce penetration

The EBRD is investing €15 million in PHH Group, a company that operates the leading generalist e-commerce platform in the Baltic states. The EBRD’s investment will finance PHH Group’s operational needs, including to increase its logistical capacity and cross-border fulfilment services.

The Bank is investing alongside majority shareholder MidEuropa – a long-standing private equity partner of the EBRD – as well as MCI Capital and selected minority shareholders to support PHH Group’s expansion and the growth of e-commerce in the region.

E-commerce remains underdeveloped in the Baltic states, despite the shift to online retail during the Covid-19 pandemic. As the market is not served by large international e-commerce players, there is a long-term opportunity to support the expansion of local e-commerce firms to increase the presence of online retail. The EBRD’s investment will not only support the growth of an important domestic player in the online retail segment, but also narrow the gap in e-commerce penetration in the Baltic states and foster digital transition in the region.

As PHH Group’s e-marketplace provides a sales and distribution platform to third-party merchants, most of which are pan-Baltic small and medium-sized enterprises (SMEs), the expansion of its logistical capacity and services will enable more SMEs to sell online and access international markets.  

Tamas Nagy, EBRD Co-Head, Private Equity, said: “We are delighted to support PHH Group with this investment and work together to strengthen its position as the leading pan-Baltic e-commerce player. The e-commerce segment in the region has immense opportunity for further growth and, together with our co-investors and partners, we look forward to providing the funding and expertise needed to take PHH Group to the next level.”

"We aim to establish ourselves as the flagship e-commerce destination in the Baltics and Finland and not only become the best place to shop for more than 10 million shoppers across the region, but also the best place to trade for tens of thousands of sellers. In this journey, the EBRD will be a valuable partner that will further reinforce our shared belief in e-commerce innovation and underline our long-standing commitment to creating a more vibrant, efficient and high-value ecosystem not only for our customers, but also for our sellers, partners and the communities where we operate in," commented Florin Filote, CEO of PHH Group.

PHH Group is the leading generalist e-commerce platform across the Baltic states and also has a presence in Finland. It operates five brands –,,, and – and enjoys strong brand awareness locally. Founded in Lithuania in 2007 as UAB Pigu, the company expanded into Latvia and Estonia and was acquired by MidEuropa Partners in 2021, merging with Finnish e-commerce player OU Hobby Hall Group to form PHH Group. Currently, the platform has more than 4,000 sellers, over 3 million products and approximately 150 million visits per year.

The EBRD is a leading institutional investor in the Baltic states. To date, the Bank has invested more than €3.3 billion in the region, the majority of which has been in the private sector. 


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