Verdane becomes majority owner in re-commerce market leader momox
Berlin – Verdane Capital X (“Verdane”) has entered into an agreement to increase its investment to become the new majority owner of momox, Europe’s largest re-commerce company for books, CDs, DVDs, computer/video games and clothing. Verdane originally invested in momox in September 2018.
Since launch in 2004, the Berlin-based re-commerce company has developed into one of Germany’s top-selling digital companies with almost 20 million customers and more than 200 million articles purchased and sold over the course of its history. momox purchases used books, media and clothing via momox.de and its app, and distributes the purchased articles in Germany through its own online shops medimops.de (books & media), ubup.com (clothing) and various online marketplaces. momox reported a turnover of EUR 200m for 2018 and employs over 1,700 people at six locations in Germany and Poland. It operates local websites in Austria, France and the United Kingdom in addition to its German operations.
ubup.com, the company’s fashion unit, grew by close to 50% in 2018. The book and media unit, which remains momox’s core business, grew by 30% in the same period. momox-shop.fr, momox’ online shop in France, grew by 60% in 2018, providing a healthy indication of the company’s international market potential. Apart from its rapidly growing own online shops, momox is a leading partner to the world’s biggest marketplaces, such as being Amazon’s largest reseller of second-hand goods worldwide.
“momox has built a strong brand with an attractive position to develop into a substantially larger European market leader with an expanded product assortment and geographic presence. The re-commerce sector will continue to grow, driven by sustainability, the sharing economy and upcycling trends as consumers look for businesses with sustainable business models. It’s an investment in a more resource-efficient future for the European consumer”, says Staffan Mörndal, Partner and Head of Consumer Internet at Verdane.
“Since Verdane came on board as an investor last autumn, the team has worked with us as an experienced partner in the consumer and fashion sector with a strong focus on e-commerce. We look forward to deepening this partnership even further in the future and jointly strengthening momox in its position as the leading re-commerce company in Europe”, says Heiner Kroke, CEO of momox.
15 years after pioneering the re-commerce segment and advancing momox into the European category champion, Christian Wegner has decided to leave momox’ board at the end of 2019 and sell his shares to Verdane. The parties have agreed not to disclose the terms of the transaction.
momox has built a strong brand with an attractive position to develop into a substantially larger European market leader with an expanded product assortment and geographic presence. The re-commerce sector will continue to grow, driven by sustainability, the sharing economy and upcycling trends as consumers look for businesses with sustainable business models. It’s an investment in a more resource-efficient future for the European consumer.
Verdane has helped growth-stage companies accelerate and scale their businesses internationally since 2003, with funds close to EUR 1.8 billion in total committed capital. Fast-growing software, consumer internet, energy or high-technology industry businesses benefit from Verdane’s active ownership in both majority and minority investments through individual companies and portfolios. With 50 employees and offices in Berlin, Copenhagen, Helsinki, London, Oslo, and Stockholm, Verdane aims to be the preferred growth partner to tech-enabled businesses in Northern Europe. www.verdane.com
momox is Germany’s leading online re-commerce company 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 re-commerce company for pre-owned items, the company has grown to more than 1,700 employees at six sites. momox also offers its service in the United Kingdom, France and Austria. Since the launch momox has purchased more than 200 million items. Today momox is the biggest vendor for used goods on amazon worldwide and number three on eBay.