Evoco leads €21m round for ReBuy

Headway Capital Partners and Keyhaven Capital Partners also took part in the financing.

Evoco acquired a stake in ReBuy through its acquisition of DuMont Venture's portfolio in May 2017.

The GP is currently investing from Evoco TSE II LP, which held a final close in September 2016. The vehicle targets portfolio acquisitions and then takes a lead operational role in the portfolio companies, and provides additional financing directly.

Evoco was founded by former 3i executives Felix Ackermann and Michel Galeazzi in 2012, and currently has approximately €120m under management across its LP fund and separately managed accounts and co-investment vehicles.

Unquote recently examined the attraction of online marketplace business models to PE investors following the acceleration of deals in German online marketplaces in 2018.

Michel Galeazzi told Unquote that the investment rationale for ReBuy was twofold: a strong management team and the sustainability angle of the business. The ESG element of the business was particularly important to Evoco and its investors, according to Galeazzi. He added that the business model is based on circular economy theory, which gives it an element of sustainability.

ReBuy CEO Torsten Schero was media director for books, movies, music and video games at Amazon Germany prior to joining ReBuy, and previously held the post of finance director at Amazon.de.

Previous funding
DuMont Venture acquired a 16% stake in ReBuy in April 2008; Hasso Plattner Ventures and KfW also took part in the round.

Hasso Plattner provided additional equity funding in November 2011, as well as underwriting a €10m loan to the company.

French VC Iris Capital joined the list of shareholders in March 2013, leading a €5m funding round alongside Hasso Plattner and Jadeberg.

German Startups Group began building up a stake in the company in December 2013 and increased its shareholding further in March 2016.

Evoco acquired DuMont's stake in a direct secondary transaction in May 2017.

Company
ReBuy was founded in 2004 and is headquartered in Berlin. The company runs an online platform that enables customers to trade used consumer goods such as tablets, video game consoles, books, CDs and DVDs. The company employs 450 people and generates a turnover of approximately €100m.

People
Evoco – Michel Galeazzi (partner & co-founder).
ReBuy – Torsten Schero (CEO).

Advisers
Equity – PwC (legal); MJ Hudson (legal).

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• Topics
• Expansion
• DACH
• Consumer
• Technology
• Germany
• Venture
• PwC