rocketInternetHQOne of the investors fuelling the rapid growth of furniture ecommerce firms Westwing and Home24 is targeting a €590m (£440m) fund raise through a rights issue.

Berlin based Rocket Internet is offering 12m new shares in the group, representing close to 8 per cent of all issued stock, to existing and new institutional investors.

It hopes to raise around €590m from the share issue, with current investors Baillie Gifford and United Internet already confirming their participation for around €210m of the shares.

The share issue comes around four months after Rocket Internet’s €1.4bn IPO, of which Rocket said it had already invested around €1bn of the proceeds.

With Rocket’s and others backing, retailers Westwing and Home24 have both managed to smash through the €100m annual turnover barrier in recent months.

Rocket has interests in a number of online markets — including recent investments in the grocery sector — and it also backs the India based furniture retail business FabFurnish.com.