// ManoMano raises $355m in Series F fundraising and confirms the UK as its fastest growing market
// The funds raised mean the online hardware and DIY retailer is now valued $2.6bn (£1.88bn)
// ManoMano plans to expand the business and invest in technology, and double its workforce with 1000 new recruits
ManoMano has reached $2.6 billion (£1.88 billion) in valuation after it recently secured $355 million (£256.69 million) in Series F fundraising, a move that will allow it to pursue expansion across Europe and an employment drive.
The seed funding round was led by new investor, Dragoneer Investment Group, with broad participation from existing investors Temasek, General Atlantic, Eurazeo, Bpifrance, through its large venture funds Aglaé Ventures, Kismet Holdings and Armat Group.
ManoMano said it would leverage the funds to continue its European expansion, particularly in the UK and Germany, online hardware and DIY retailer’s largest potential markets in Europe.
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Funds will also be used to replicate the success of its B2B offering in Spain and Italy, to pursue tech innovations and to develop its European logistics network ManoFulfillment.
ManoMano also plans to more than double the size of its current workforce by recruiting a further 1000 people by the end of 2022.
It comes as the Covid-19 pandemic triggered an surge in demand for DIY and hardware products, with consumers investing more in their homes amid stay-at-home orders and lockdowns.
ManoMano said it enjoyed “major and sustained global digital growth” in 2020, with 31 per cent ecommerce growth in Western Europe, with sales coming in at €1.2 billion (£1 billion).
The online marketplace was founded eight years ago by Philippe de Chanville and Christian Raisson, and with $725 million raised since then, it is now valued at $2.6 billion (£1.88 billion) and has reached unicorn status.
“With this new round of funding, we wish to confirm our position as the undisputed European leader in our online vertical,” the co-founders said in a joint statement.
“Our goal is to become the first destination for all DIY, gardening and home improvement projects by offering a first-class experience and advice to our European customers.
“By giving access to a highly qualified DIY audience and a full range of category-specific services, we also aim to be the preferred partner for our European sellers who aim to grow their online business in our vertical.”
With over 50 million unique visitors per month across its platforms, ManoMano serves over 7 million customers throughout Europe.
Of that, it generated 40 per cent of its sales in Germany, the UK, Belgium, Spain and Italy.
The retailer singled out the UK as the market with the fastest growth since the beginning of 2021, having achieved a growth of 240 per cent in 2020 and with 75 per cent of the marketplace’s sellers being British.
“With a potential market of €50 billion and the highest digital penetration in Europe, the UK is ManoMano’s growth engine for the future,” co-founders Chanville and Raisson said.
“As it has become our fastest growing country in 2021, we look forward to further expansions and opportunities.
“This new funding round will allow us to accelerate our development, particularly by strengthening our media investments and footprint in the UK to become the preferred partner for our customers and UK sellers.”
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