Santo Venture Capital to increase its stake in Movinga

Deutsche Startups reported in 2019 that the company's investors include Seven Ventures (the venture capital arm of ProSieben Sat, and owns a 4.8% stake), Earlybird (23.1%), ETF Partners (11.3%), Rocket Internet (10.6%) and STS Ventures (4.8%).

Santo previously owned a 33.2% stake in the business and is to own a 50% stake.

Earlybird invested in the company via its Digital West strategy. The latest vehicle in the strategy held a final close in July 2018 on €175m. It deploys equity tickets of €500,000-15m.

Previous funding
In August 2015, Movinga raised a €1-9m funding round backed by Earlybird and a number of business angels. In October of the same year, new investor Rocket Internet backed a €6m round along with existing investors.

Index Ventures led a $25m series-B for Movinga in January 2016 for a 10% stake in the business, with participation from existing investors.

In August 2016, Earlybird and Rocket Internet led a €5m funding round for the company. Global Founders Capital also participated. However, the round saw Index reinvest, but for a diluted share, according to Unquote Data. The company's founders also exited the company and Finn Age Hänsel was appointed as CEO, following issues within the company including an investigation for document fraud and its withdrawal from markets in the UK and Italy.

Santo first backed Movinga in a €22m funding round in October 2017, investing €18m in two €9m tranches. Also participating were Rocket Internet and Earlybird.

New investor ETF led a €15m funding round in November 2018, also backed by Santo, Earlybird and Rocket Internet.

In August 2019, Santo, Earlybird, Global Founders Capital, STS and ETF backed another funding round for Movinga. Seven Ventures joined the round as a new investor.

Following this round, Seven Ventures held at least 3.1% in Movinga, while Santo owned a 33.5% stake, Earlybird 23.3%, ETF 11.3%, Global Founders 10.7%, and STS 5.2%, according to press reports at the time.

Company
Founded in 2015, Movinga provides a website through which users can arrange removals and home moves. Removal companies can partner with the company to have their services listed on the site. The company is based in Berlin and operates in Germany, Austria, France and Sweden. Movinga has 144 employees, according to LinkedIn.

The company was loss-making as of 2018, according to NorthData. However, a loss of almost €8.5m was the lowest number seen in the two preceding years. It reported revenues of €28m in 2018.

People
Movinga – Finn Age Hänsel (CEO); Florian Blaschke (CFO).
Santo Venture Capital – Andreas Strüngmann, Thomas Strüngmann (founders).
Earlybird Venture Capital – Hendrik Brandis (managing director).
ETF Partners – Arne Morteani (partner).

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• Topics
• Expansion
• DACH
• Consumer
• Germany
• Earlybird
• Rocket Internet