Germany-based relocation services provider Move24 Group closed a €13m ($14m) series B round on Monday led by energy company Innogy’s strategic investment unit, Innogy Corporate Ventures.
Holtzbrinck Ventures, the venture capital firm spun out by publisher Georg von Holtzbrinck, and VC firms DN Capital, Piton Capital and Cherry Ventures also participated in the round.
Founded in August 2015 as Movago, Move24 operates a relocation and removal service. It bundles and combines jobs, reducing unused transport volume and generating fewer costs.
Move24 is currently active in 10 countries – Germany, Austria, the UK, France, the Netherlands, Belgium, Italy, Sweden, Spain and Denmark – and will use the capital to strengthen its market position in Central and Western Europe.
Move24 also hopes to expand its range of supplementary services, which currently include the moving of pianos, though it has not disclosed further details. The money will further support development of the algorithm it uses to optimise routes.
DN Capital previously led a $7.4m series A round in November 2015 that included Holtzbrinck Ventures, Piton Capital and assorted angel investors, after Holtzbrinck and Piton had co-led a seven-digit seed round in September 2015 with participation from individual investors.
Ante Krsanac, co-CEO of Move24, said: “We are delighted at this show of confidence by our existing investors. Likewise, we proudly welcome Innogy, which joins our circle of investors and will become an important new partner for operational cooperation.”