ManoMano raises $ 355 million to expand in Europe
Mano Mano, a French DIY start-up that sells everything from paintings to plants online, has received 355 million investors to accelerate its expansion in Europe, riding the wave of home renovations caused by the pandemic. Dollars raised.
The financing means a valuation of $ 2.4 billion for the company and was led by US tech growth fund Dragoneer, as well as existing investors General Atlantic, Eurazeo and French state investment bank BPI.
According to PitchBook, that’s a big step up from startups’ valuation of $ 637 million in their last funding round in January 2020. Upgrading their homes and apartments Blocking.
By the end of next year, ManoMano will hire an additional 1,000 people, more than double its workforce, and will use this money to develop products for construction and renovation professionals.
“The digitization of DIY lags behind other pre-pandemic sectors, but the acceleration we saw last year remains there,” said one of the co-founders, Philippe de Chanville, in a statement. interview.
“We want to become a European leader in the online DIY market.
ManoMano estimates that the entire DIY market in the region is worth 400 billion euros and is split equally between consumers and professional builders.
The group achieved around 60% of its turnover in France last year, but the fastest growing market is the UK, where online sales already account for around 20% of the total DIY market. and in other parts of Europe. It’s about twice as much.
“This is a great opportunity for us because the British love their garden,” said co-founder Christian Rayson. “Our aim is to focus on growth, particularly in the UK and Germany. “
E-commerce sites also operate in Belgium, Germany, Italy and Spain. It competes with traditional DIY brands such as Leroy Merlin and Castorama in France and B&Q and Kingfisher in the United Kingdom.
The company was founded in Paris in 2013 by two DIY enthusiasts. They were frustrated with the difficulty of purchasing supplies online when renovating their property.
Like many fast growing e-commerce businesses, Mano Mano operates on a market model. That is, you don’t have the inventory to sell. Instead, it connects sellers and buyers and charges a commission for each transaction. Today, the website has around 3,500 sellers and can offer a much broader product line than regular home improvement stores.
As the business grew, the logistics services offered to sellers grew, such as stock storage in the ManoMano warehouse, packing and delivery. Known as ManoMano Fulfillment, this service is another source of income for the business, in addition to sales commissions.
ManoMano raises $ 355 million to expand in Europe Source link ManoMano raises $ 355 million to expand in Europe