SevenVentures invests €13m in series-C expansion for Move24

The original €13m round was led by Innogy Ventures, the corporate venturing arm of RWE, and included investment from VC firms Holtzbrinck Ventures, DN Capital, Piton Capital and Cherry Ventures, as well as private investors.

The fresh capital will be used to expand the company's brand awareness and broaden the company's customer base. The company said in a statement that its core services became profitable in 2016 and it is on the way to being "fully in the black".

Move24's competitor Movinga announced a €22m funding round last week, a firm it has competed with to dominate the online move-planning market ever since its launch in 2015.

Previous funding
Holtzbrinck and Piton led a seven-digit seed round for Move24, then known as Movago, in August 2015. DN Capital led a €7m series-A for the company later that year.

A series-B round came in October 2016, with Holtzbrinck leading the €13m funding. Existing backers DN, Piton and Cherry also committed to the round. The VCs were joined by energy company Innogy, which invested for the first time.

Company
Founded in 2015 and based in Berlin, Move24 provides relocation services such as planning, invoicing and removals.

The startup claims that by bundling and combining relocation jobs, it reduces empty trips and unused transport volume, thereby saving money for both consumers and local partners. It employs 200 people and has moved around 50,000 customers since inception.

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• Topics
• Expansion
• DACH
• Consumer
• Venture
• Germany