Recommerce market leader momox attracts experienced e-commerce investor Verdane
Berlin, 5th September 2018. The recommerce market leader momox has attracted a considerable investment from private equity fund Verdane Capital IX (Verdane). Verdane joins momox as a new shareholder by way of capital increase and acquisition of shares from momox founder Christian Wegner. All previous shareholders including momox founder Christian Wegner and Acton Capital will continue as shareholders. ACXIT Capital Partners acted as exclusive financial advisor.
The online platform, which began in 2004, purchases used books, media and clothing via momox.de and apps, quality controls the acquired items and then sells them via its online shops medimops.de, momox-shop.fr (media) and ubup.com (fashion) as well as via various online marketplaces. Since starting with books and media, momox added second-hand fashion as a core category in 2014. In 2017, the fashion segment sales exceeded 25 million Euro. This year, the annual growth rate in the fashion segment has already surpassed 70 percent. This makes momox the largest and most profitable recommerce company globally. In 2018 momox expects a turnover of 200 million Euro.
Heiner Kroke, CEO of momox, said, “With Verdane as an investor, we have gained a leading and experienced partner in the consumer and fashion sector with a deep focus on e-commerce, as well as a new shareholder with broad governance experience. We are very excited about working together with Verdane.”
Verdane invests in fast-growing consumer internet, software, energy or high-technology industry companies in Northern Europe. Since 2003, Verdane funds have invested in over 300 companies, helping companies accelerate and sustain growth by leveraging Verdane’s unrivalled technology capabilities and proven track record in driving business value.
Staffan Mörndal, Partner at Verdane, said, “We are very pleased to be able to support momox on its continued growth journey with our expertise in fashion e-commerce. Sustainability and environmental awareness are rapidly growing trends of our time and have led to a boom in online trading in used articles. The strategy and vision of momox have convinced us that the company is able to meet the specific logistics challenges that a business of its kind faces.”
The investment is conditional upon approval from antitrust authorities.
momox is Germany’s leading online recommerce platform for books, CDs, DVDs, computer/video games and clothing, providing a fast and easy way to sell and purchase pre-owned consumer goods. The Berlin-based startup has launched its online trade-in service www.momox.de and its app where consumers can sell their products at fixed prices and free of shipping costs. The company resells purchased goods on www.medimops.de (books, CDs, DVDs, computer/video games) and www.ubup.com (clothing), where consumers can save up to 70% compared to retail prices.
Founded in 2004 as Germany’s first recommerce platform for pre-owned items, the company has grown to more than 1,300 employees at three sites. momox also offers its service in the United Kingdom, France and Austria. Since May 2006 momox has purchased more than 165 Million items. Today momox is the biggest vendor for used goods on amazon and eBay in Germany, and the biggest vendor on amazon worldwide. (www.momox.de)
Verdane funds provide flexible growth capital to fast-growing software, consumer internet, energy or high-technology industry businesses, through both minority and majority investments in individual companies and portfolios. Verdane funds act as ambitious, active, and long-term owners, helping management teams and companies accelerate and sustain growth by leveraging the Verdane advisory team’s unrivalled technology capabilities and proven track record in driving business value. Verdane’s current portfolio of 40 core companies includes Smava, Boozt, Royal Design, BabyShop, EasyPark and Searchmetrics. Funds managed or advised by the Verdane Capital Advisory Group have over 1.2 billion Euro in commitments. Verdane Advisory Group has 35 employees working out of offices in Stockholm, Oslo, Helsinki, Copenhagen and London. (www.verdane.com)
Acton Capital Partners is a Munich-based growth venture fund for internet companies. It focuses on startups in the fields of marketplaces, e-commerce, e-services, digital media and SaaS. Acton invests in Europe and North America. The team has been working together successfully for many years and has invested in more than 70 companies since 1999. The most renowned investments include AbeBooks, Alando, AlphaSights, Ciao, Eloquii, Elitepartner, Etsy, HolidayCheck, HomeToGo, iwoca, Linas Matkasse, Lumas, mytheresa.com, OnVista, Finanzcheck and zooplus. (www.actoncapital.com)
ACXIT Capital Partners is a leading independent corporate finance and investment advisory firm for mid-market clients and entrepreneurs in Europe and beyond. Since 1998, ACXIT offers its clients comprehensive corporate finance advisory services including M&A and capital markets advisory as well as restructuring, equity/debt and strategic advisory. As an independent, privately owned firm we maintain offices and representations in Frankfurt, Berlin, Munich, Leipzig, Zurich, Hong Kong and New York, as well as strong alliances in France, China and India. (www.acxit.com)
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