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European house removals platform Movinga raises up to another €22M

European house removals platform Movinga raises up to another €22M
From TechCrunch - October 18, 2017

Movinga, the European platform for house removals that was seemingly written off last year, continues to perform what appears to be an impressive turn around. The Berlin-headquartered startup has closed a new funding round of up to 22 million led by Santo Venture Capital, the venture arm of the Strngmann family office, with participation from existing backers Earlybird Venture Capital and Rocket Internet.

In an unusual but welcome level of transparency for a privately owned company, Movinga is breaking out the investment. Santo Venture Capitals backing is structured as two tranches and dependent on certain milestones being met: 9 million is being provided up front, with a further 9 million due in Spring 2018 if those milestones are reached, which, I understand, arent unrealistically onerous.

Earlybird and Rocket are investing 4.4 million in this round, and, once again, Movingas Series B backer Index Ventures is nowhere to be seen (and has presumably been further diluted).

Speaking earlier this week, Finn Age Hnsel, Managing Director of Movinga, told me that the new capital will be used for further growth and to achieve operational break-even. Specifically, the startup plans to invest more in its technology platform in order to automate more of the removals process, which at the moment includes things like being able to price a house move in real-time and dispatch work to its removal partners in the most efficient way.

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