French start-up ManoMano has actually raised a Series F financing round of $355 million led by Dragoneer Investment Group. The business runs an e-commerce platform concentrated on DIY, house enhancement and gardening items. It is presently readily available in 6 European nations. Following today’s financing round, the business has actually reached an assessment of $2.6 billion.
In addition to Dragoneer Investment Group, Temasek, General Atlantic, Eurazeo, Bpifrance’s Large Venture fund, Aglaé Ventures, Kismet Holdings and Armat Group are likewise getting involved.
“We run in Europe and we are the market leader in online sales,” co-founder and co-CEO Philippe de Chanville informed me. In France in specific, the business has actually paid for a number of years currently. In 2020 alone, the business’s gross product volume doubled to EUR1.2 billion ($1.42 billion at today’s rate).
Why did the business raise offered that it’s currently in a strong position to reproduce the exact same design in other European markets? Due to the fact that they might and since they didn’t require to. With a high assessment, ManoMano might raise a fair bit of cash without needing to offer a substantial portion of its equity.
In addition to France, the start-up runs in Spain, Italy, Belgium, Germany and the U.K. With today’s financing round, the business wishes to establish its activities in the U.K. and Germany in specific– they are Europe’s 2 greatest markets for house enhancement and gardening.
ManoMano offers items to enthusiasts and likewise targets the B2B market with ManoManoPro. It’s currently working well in France with extremely little groups (1 to 5 workers) and the business is broadening this using to Spain and Italy.
The start-up will likewise invest more greatly in its item and develop a much better logistics facilities. “For the logistics part, we deal with third-party logistics business– we are a tech business,” co-founder and co-CEO Christian Raisson informed me.
ManoMano does not have its own storage facilities and does not own any stock. That’s why ManoMano prepares to hire 1,000 individuals over the next 18 months and the majority of them will be tech profiles.
While ManoMano has 7 million customers, sales of house enhancement and gardening products still primarily occur in brick-and-mortar shops. The start-up is aware that it’s not simply a matter of having the very best items at excellent rate points.
ManoMano deals with consultants (or Manodvisors) so that professionals can provide suggestions whenever consumers require some suggestions. In general, clients have actually started 2.3 million discussions with consultants in 2020. Suggestions and suggestions will be crucial to acquire market shares. And the business is now well capitalized to innovate on this front and separate itself from other e-commerce platforms.