GreenHanger GmbH (Germany) - Nov 2007

unquote
01 November 2007

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bmp Media Investors AG & Co. KGaA, a 100% venture capital evergreen fund managed by bmp, and the b-to-v Investorenkreis side fund of BrainsToVentures AG have provided an undisclosed amount to Berlin-based start-up GreenHanger GmbH. The management and founders invested as well. bmp invited b-to-v to co-invest and b-to-v saw this an exciting market and product. The investors were also attracted by an excellent management team. Another factor was that there is rarely a comparable targeting tool in the offline advertisement market that compares with GreenHanger’s advertising channel. This was the first round of funding for GreenHanger, with no further funding rounds planned at present. bmp Media Investors AG & Co. holds 15.2% of GreenHanger, and b-to-v holds 10%. The current long-term funding enables GreenHanger to enter the market immediately. The financial plan of the investors forecasts a turnover of €10m in 2008. No new board members were appointed.

Company

GreenHanger offers eco-friendly hangers made of corrugated cardboard for use by cleaners and laundries. Cleaners and laundries usually use wire hangers made from zinc that are not recycled. The cardboard hangers are to be provided free to laundries and cleaners and are paid for by advertising messages that can be printed on both sides of the hangers. The company offers targeting based on genders and postal codes. It plans to distribute three million hangers in Germany via drapery cleaners by spring 2008. GreenHanger was founded in 2007 and employs 10 people, as well as a number of sales personnel.

People

Oliver Borrmann handled the deal for bmp, Jan Bomholt represented the BrainsToVentures AG. Matthias Bauer is the CEO of GreenHanger.

Advisers

Company - Rechtsanwaltskanzlei Spiess & Schumacher, Andreas Spiess (Legal)Equity - Hilgers & Partner, Michael Schudnagies (Legal)Equity - Wirtschaftsprüfung BDO, Silvia Sartori (Financial Due Diligence)

Sourced from: Deutsche unquote" 94 (Jan 2008)