DIY retailer ManoMano hits $2.6bn valuation

DIY retailer ManoMano is now valued at $2.6 billion after raising $355 million in a Series F funding round.

The Paris-based retailer was launched in 2013 by Philippe de Chanville and Christian Raisson, and provides an online marketplace for DIY, home improvement, and gardening products.

ManoMano currently has 800 employees and is present in six markets, including France, Belgium, Spain, Italy, Germany, and the UK.

ManoMano said they will use the money to expand further into Europe, particularly Germany and the United Kingdom, which it said are its largest and fastest growing markets.

The retailer said it also intends to double the size of its workforce by hiring an additional 1000 people by the end of 2022.

In addition, ManoMano said it will use to money to rollout its B2B offering - which was launched in Spain and Italy in 2020 - more widely, as well as to improve its technology and to develop its European logistics network ManoFulfillment.

The retailer said it experienced 31 per cent e-commerce growth in Western Europe in 2020 and achieved 140 per cent growth for its B2B offering ManoManoPro.

This latest round brings the company’s total funding raised to date to $725 million.

DIY retailers generally performed well over the pandemic; B&Q parent company Kingfisher saw its pre-tax profits jump by 44 per cent to £786 million in 2020.

“The pandemic triggered an international craze in the DIY industry, and we believe the trend is here to stay,” said Eric Jones, partner at Dragoneer Investment Group. “Consumers across the globe are investing more-and-more in their homes and are now turning to online channels for selection, price, and – importantly – advice.”

He added: “We look forward to supporting ManoMano’s growth in their existing markets and expansion in Europe.”

“With this new round of funding, we wish to confirm our position as the undisputed European leader in our online vertical,” said co-founders Philippe de Chanville and Christian Raisson 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.”

They added: “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.”

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