New backers Santo Venture Capital, of the Strüngmann family office, will invest €9 million and previous investors Earlybird Venture Capital and Rocket Internet will provide €4.4 million. The remaining funds will be released in spring 2018 upon reaching agreed milestones.
The new funds will be invested in further development of the platform, namely its automation features, as well as expanding into more countries in Europe.
“In terms of revenue and other key figures, Movinga is better off than ever before,” said Finn Age Hänsel, managing director of the German company. “We are confident that this large round of financing will lead to an operational break-even and will also enable further growth and exciting innovations in the field of technology.”
The moving and relocation sector has not been touched by digitalisation yet, said Helmut Jeggle of new lead investor Santo Venture Capital.
“We have already seen substantial achievements through their clear and positive new positioning. And finally, it was the acting individuals and the entire Movinga team that convinced us to invest,” he added.
This latest round follows the company’s €17 million investment that it received late last year.