Consortium in €21m round for Magazino

The new investors were joined by existing corporate investors in the company.

Jungheinrich has acquired a stake in the business and has established a corporate partnership with Magazino, according to a statement.

EIB provided financing of up to €12m as part of the round, secured by the European Fund for Strategic Investments, which focuses on projects that it views as strengthening the competitiveness and sustainability of the European economy.

Previous funding
High-Tech Gründerfonds backed a seed round for Magazino in May 2014, subsequently selling its stake to Siemens' Next47 in July 2015.

In February 2018, Magazino raised a €20.1m funding round backed by machine-automation-focused group Körber, alongside Cellcom, Zalando, Fiege Logistik and Hong Kong-based Henderson.

Company
Magazino was founded in 2014 and is based in Munich. The company develops robotics-based logistics technology for the sorting and moving of individual items. Applications for its software include e-commerce order picking, and line feeding for industrial production. The software can also be used on third-party hardware. It employs 100 people.

People
Magazino – Frederik Brantner, Lukas Zanger, Nikolas Engelhard (partners).
Jungenheinrich – Lars Brzoska (chairman of the board of management).
European Investment Bank – Ambroise Fayolle (vice-president responsible for Germany).

Advisers
Equity – EY (legal).

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