DN Capital leads €7M Series A funding round in Movago, Europe-based moving services operator
Movago has announced the closing of its Series A financing round led by DN Capital. Former investors Holtzbrinck Ventures and Piton Capital also co-invested in this financing round. Aside from the venture capital firms who invested, notable entrepreneurs Philipp Magin and Ronny Lange (both CityDeal/Groupon and Quandoo) as well as Christian Bertermann, Hakan Koc (both Auto1 Group) and Christopher Muhr (CityDeal/Groupon and Auto1 Group) also backed the company.
Movago, founded in August 2015, operates across Germany, Austria, France, the UK and Italy. The company has experienced an impressive growth trajectory, enabling close to 2,000 moves within just 3 months. Movago aims to disrupt the European moving market by building trusted consumer brands in this space and introducing state-of-the-art technology and business processes for local movers to increase their efficiency.
Movago will use this new capital to continue to invest in its technology and to further support the mover business processes and hence contribute to their business economics.
Additionally, it will focus on accelerating the Company’s international expansion.
“We have seen lots of fast-growing companies but very rarely a company with a growth trajectory similar to Movago. The company has everything that it needs to build a global category leader – a strong and highly skilled team with multiple years of experience, a unique approach to disrupt the market and the financial power and backing to fuel technological developments as well as international expansion. We are proud to back the Company and support its path to establish itself as the number 1 player in Europe.” says Nenad Marovac from DN Capital who will be on the Board of the company.
Founded in August 2015, Movago is a pan-European operator for professional moving services with presence in Germany, Austria, UK, France and Italy.
Based on a standardized fixed pricing and its self-learning routing algorithm, the company envisions to make professional moving convenient and affordable. Improving the underlying economics for each job and making service quality more transparent will result in best value for price for both private and corporate customers.
Movago operates moving jobs itself as well as utilizes certified professional partner companies in utilization peaks.
Movago was founded by Carsten Bild and Maximilian Lanig and employs more than 100 people.
For more information visit www.movago.com
About DN Capital:
DN Capital is a global early stage and growth capital investor in software, mobile applications, digital media, marketplace and e-commerce companies. The firm has operations in London, Berlin and Menlo Park and its objectives is to identify, invest in and actively support its portfolio companies to become global leaders.
Portfolio companies include Shazam Entertainment, Auto1 Group, Apsmart (sold to Thomson Reuters), Book A Tiger, Datanomic (sold to Oracle), Endeca Technologies (sold to Oracle), Happn, JacobsRimell (sold to Amdocs), Mister Spex, OLX (sold to Naspers), Performance Horizon Group, PurpleBricks, Quandoo (sold to Recruit Holdings), Tbricks (sold to Orc Holdings), Videdressing and Windeln.de (IPO on Frankfurt Exchange).
The professionals at DN Capital bring over 60 years of private equity experience to their investments, and actively work with portfolio companies to steward their growth through the various stages of development. Additional information about the firm and its portfolio companies can be found at http://www.dncapital.com.
About Holtzbrinck Ventures:
Holtzbrinck Ventures is one of the leading independent European Internet investors. The team has backed more than 150 companies in very early stages for 15 years and deploys significant follow-on investments in later stages. With successful exits such as Groupon, AdScale, Quandoo and brands4friends, current portfolio companies include Zalando, Flixbus MeinFernbus, Wooga, Auctionata, Lendico, Paymill, Dreamlines and many others.
About Piton Capital:
Piton Capital is a venture capital and growth equity firm based in London. It focuses on investments in online companies with network effects, such as marketplaces and exchanges. Its founding partners have deep entrepreneurial and investment experience, and have been instrumental investors in Betfair and QXL Ricardo, amongst others. Piton’s portfolio consists of companies like Fanduel, AUTO1 Group, DaWanda, Quandoo (recently sold to Recruit), docplanner, dutycalculator (recently sold to Borderfree), watchfinder, treatwell (recently sold to Wahanda) and videdressing. For more information, please visit http://pitoncap.com
Source: Holtzbrinck Ventures