Germany-based relocation services provider Movinga has raised €22.4m ($26.4m) in a funding round featuring e-commerce group Rocket Internet, TechCrunch reported yesterday.
The round was led by Santo Venture Capital, the VC branch of family office Athos Service. It is providing €9m upfront, with a further €9m dependent on certain milestones being met. Rocket Internet and VC firm Earlybird Venture Capital will invest the other €4.4m.
Founded in 2015, Movinga runs a home removals marketplace that uses technology to simplify the booking process for both consumers and removal companies.
The platform helps companies aggregate jobs to make use of spare capacity and uses algorithms to provide users with instant quotes.
Finn Age Hänsel, Movinga’s managing director, told TechCrunch the funding will be used to expand into new European markets and strengthen its technology so more of the process is automated. Movinga is examining additional services it could offer, such as changing utility providers.
The company secured an undisclosed amount from Earlybird Venture Capital and a range of angel investors in an August 2015 seed round, and brought in $6.6m in series A round from Global Founders Capital (GFC), the investment vehicle for the founders of Rocket Internet, the following month.
Movinga closed a $25m series B round in January 2016 that included Index Ventures, Earlybird, Heilemann Ventures and GFC, adding $18m from Earlybird, GFC, STS Ventures and individual investors Carlo Kölzer and Gert Purkert in December.