Movago closes Series A financing round of € 7 million to continue to accelerate growth and become Europe’s leading moving operator. The funding round was led by DN Capital. Former investors Holtzbrinck Ventures and Piton Capital joined the round as well as some business angels.
This new capital is going to be used to continue investments in its technology and further support the mover business processes and hence contribute to their business economics. Additionally, it will focus on accelerating the company’s international expansion.
Movago is headquartered in Berlin and was founded in August of 2015. The young company already operates across Germany, Austria, France, the UK and Italy.
Movago envisions to make professional moving convenient and affordable based on a standardized fixed pricing and its self-learning routing algorithm. Improving the underlying economics for each job and making service quality more transparent will result in best value for price for both private and corporate customers. Movago operates moving jobs itself as well as utilizes certified professional partner companies in utilization peaks.
The young company has experienced an impressive growth trajectory, enabling close to 2,000 moves within just 3 months. The company aims to disrupt the European moving market by building trusted consumer brands in this space and introducing state-of-the-art technology and business processes for local movers to increase their efficiency.
“We have seen lots of fast-growing companies but very rarely a company with a growth trajectory similar to Movago. The company has everything that it needs to build a global category leader – a strong and highly skilled team with multiple years of experience, a unique approach to disrupt the market and the financial power and backing to fuel technological developments as well as international expansion. We are proud to back the company and support its path to establish itself as the number 1 player in Europe.” says Nenad Marovac from DN Capital who will be on the Board of the company.