French startup ManoMano has raised a Sequence F funding spherical of $355 million led by Dragoneer Funding Group. The corporate operates an e-commerce platform targeted on DIY, house enchancment and gardening merchandise. It’s presently obtainable in six European nations. Following at present’s funding spherical, the corporate has reached a valuation of $2.6 billion.
Along with Dragoneer Funding Group, Temasek, Basic Atlantic, Eurazeo, Bpifrance’s Giant Enterprise fund, Aglaé Ventures, Kismet Holdings and Armat Group are additionally taking part.
“We function in Europe and we’re the trade chief in on-line gross sales,” co-founder and co-CEO Philippe de Chanville advised me. In France specifically, the corporate has been worthwhile for a few years already. In 2020 alone, the corporate’s gross merchandise quantity doubled to €1.2 billion ($1.42 billion at at present’s fee).
So why did the corporate elevate provided that it’s already in a robust place to duplicate the identical mannequin in different European markets? As a result of they might and since they didn’t have to. With a excessive valuation, ManoMano may elevate fairly a bit of cash with out having to promote a major chunk of its fairness.
Along with France, the startup operates in Spain, Italy, Belgium, Germany and the U.Ok. With at present’s funding spherical, the corporate desires to develop its actions within the U.Ok. and Germany specifically — they’re Europe’s two greatest markets for house enchancment and gardening.
ManoMano sells merchandise to hobbyists and in addition targets the B2B market with ManoManoPro. It’s already working effectively in France with very small groups (1 to five workers) and the corporate is increasing this providing to Spain and Italy.
The startup may also make investments extra closely in its product and construct a greater logistics infrastructure. “For the logistics half, we work with third-party logistics firms — we’re a tech firm,” co-founder and co-CEO Christian Raisson advised me.
ManoMano doesn’t have its personal warehouses and doesn’t personal any stock. That’s why ManoMano plans to recruit 1,000 individuals over the subsequent 18 months and most of them will likely be tech profiles.
Whereas ManoMano has 7 million shoppers, gross sales of house enchancment and gardening gadgets nonetheless principally occur in brick-and-mortar shops. The startup is effectively conscious that it’s not only a matter of getting the most effective merchandise at good worth factors.
ManoMano works with advisors (or Manodvisors) in order that specialists may give recommendation each time clients want some ideas. Total, clients have initiated 2.3 million conversations with advisors in 2020. Suggestions and recommendation will likely be key to achieve market shares. And the corporate is now effectively capitalized to innovate on this entrance and differentiate itself from different e-commerce platforms.