Summit joins Lazada investors including Rocket Internet, Kinnevik and JP Morgan.
The company will use the funds to continue developing its growth initiatives and expand its product offering, the companies said in a statement.
Lazada last month launched its new marketplace platform in Malaysia, in a bid to capitalise on the country’s promising fashion market by offering more than one-thousand clothing and shoe products.
Regional CEO Maximilian Bittner said Lazada plans to roll-out the marketplace platform in all its markets soon and continue to add partners to complete its product offering and drive growth.
Earlier this year Summit Partners closed two equity funds with combined commitments of $3.22bn, bringing the firm’s total amount available for investment to more than $9bn.
Summit Partners Growth Equity Fund VIII is a $2.7bn fund formed to invest primarily in profitable, growing companies that will target equity commitments of more than $45m.
The second vehicle, Summit Partners Venture Capital Fund III, is a $520m fund formed to invest in private emerging growth companies, and will also target equity investments of up to $45m.
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