Germany-based relocation services provider Move24 has raised €13m ($14.2m) in series C funding led by Innogy Ventures, a corporate venturing vehicle for energy utility RWE.
Holtzbrinck Ventures, DN Capital, Piton Capital and Cherry Ventures also contributed capital. Move24 hopes to reach a final close of the round within two months after adding a “substantial” sum.
Established in 2015 as Movago, Move24 operates a relocation and removal service which bundles and combines jobs in order to reduce unused transport volume and drive down costs.
Move24 will put the money towards boosting its business in Germany, France, the UK and Sweden. The company has entered a partnership agreement with Innogy, the RWE subsidiary that oversees Innogy Ventures, to enable customers to easily set up the electricity supply at their new home.
The round follows Move24’s decision early this year to halt operations in Italy and Spain, resulting in layoffs that reached the executive level.
Move24 used the series C announcement to deny reports it was seeking a merger with its competitor Movinga, which is backed by e-commerce group Rocket Internet.
Innogy Ventures previously led a €13m series B round for Move24 in October 2016 that included Holtzbrinck Ventures, DN Capital, Piton and Cherry. In November 2015, DN led a $7.4m series A round that included Holtzbrinck Ventures, Piton Capital and assorted angel investors.
Holtzbrinck and Piton had earlier co-led the company’s seven-digit seed round in September 2015 with additional commitments from individual investors.