Re-commerce platform momox raises growth capital from Acton Capital
Berlin/Munich, December 2, 2010. – momox GmbH, the leading online buyback service for media products, announced today that it has secured growth financing from Acton Capital. The Munich based VC firm will invest several million EUR for a minority stake in the Berlin-based startup company. Momox marks the fourth investment of Acton’s Heureka growth fund (Acton Fund III). The terms of the deal were not disclosed.
momox was founded in 2006 by Christian Wegner, who has been trading in second-hand media products over the internet since 2003. At that time the selfmade entrepreneur operated the business from his apartment. Today the company has grown to approximately 150 employees and is turning over more than EUR 20 million annually with the trading of second-hand books, CDs, DVDs, computer and console games. In November 2010, momox commenced operations in its new 8,000 square metre logistics centre. For the customer the sales process is very straightforward: enter the barcode number of the book, CD, DVD or game online and receive an immediate purchase offer from momox. The seller then sends the items to momox without any delivery charges. momox will pay the consumer once the items are received. Because the momox platform is so simple and easy to use, more and more private sellers are switching from eBay and other sites to clean out their attics.
“In Acton we have found a partner who has extensive e-commerce experience,“ explains Christian Wegner, founder and CEO of momox.
“The fresh capital along with Acton’s experience and network will allow us to ramp up momox even more quickly.“
– Christian Wegner, momox founder and CEO
“We are very pleased with momox’ development, which we have been able to see at first hand since our initial entry at the start of 2009. With the commitment of a renowned growth investor such as Acton Capital Partners,” say business angels Christoph Janz and Mark Gazecki.
“momox is optimally positioned to further expand its market leadership.”
– Christoph Janz and Mark Gazecki, momox’ business angels
”momox is not only a pioneer, but also the clear leader in its segment,“ according to Christoph Braun, Managing Partner of Acton. „Christian Wegner has established an impressive company, and we are excited that we can now jointly support momox in becoming a European success story.“
momox is the leading online buy-back platform for books, CDs, DVDs, computer and console games in Germany. Since 2006 a total of more than 8 million secondhand media products have been purchased. Via the German platform www.momox.de books, CD, DVD and game collections can be turned into money with little effort.