Lifestyle media company Decovry has paid an undisclosed amount to acquire Germany-based e-commerce platform Monoqi, which had previously counted media group Advance Publications as an investor.
Monoqi had built an e-commerce platform that offered curated furniture and homeware products sourced from designers around the world.
The company filed for insolvency in late 2018, after which e-commerce firm Lumaland bought a 49% stake while entrepreneur Alexander Sailer acquired the rest, in a deal that valued it at an undisclosed seven-figure amount.
The deal came after $16.8m in funding from family office Decisive Wealth in 2017, four years after Advanced subsidiary Condé Nast Germany paid an undisclosed amount for a 26% stake. Its earlier investors included Hasso Plattner Ventures, RI Digital Ventures, Christophe Maire, Dario Suter and Jochen Gutbrod.
Decovry founder Carole Meert said: “This acquisition allows us to build an even better discovery experience for our fans and design lovers. Monoqi had an outstanding scouting team and established working partnerships with over 5,000 designers.
“We are thrilled to work with those designers and to feature their new products on our site. We share the same passion for new products and hand-picked design and are happy to bring the original experience back to the Monoqi community.”
