ManoMano, which operates an e-commerce site for DIY, home improvement, and gardening products, raises $355M Series F led by Dragoneer at a $2.6B valuation
Romain Dillet / TechCrunch :
Context & Ripple Effects
ManoMano has been on a steady fundraising ladder: a €110M round in 2019 when it reported €400M in gross merchandise value, followed by a $139M round led by Temasek in early 2020. Today's $355M Series F at $2.6B marks the step up from national-scale player to one of the most heavily capitalized DIY marketplaces in Europe.
The new money comes from Dragoneer, a crossover investor with over $30 billion under management and prior stakes in Alibaba, Datadog, Uber and Slack — the same fund class that has been writing ever-larger checks into European marketplaces like Faire's $416M Series G extension.
First-order effects
- Dragoneer brings public-market-style capital into a French vertical e-commerce company for the first time in its cap table history, giving ManoMano an unusually large war chest relative to its €110M/$139M predecessors.
Second-order effects
- Other European wholesale and retail marketplaces such as Faire and Ankorstore are competing in the same late-stage funding pool, so US crossover money flowing into ManoMano tightens the race for growth-stage dollars across the continent's marketplace sector.
Third-order effects
- If crossover funds keep leading European marketplace rounds, the gap between venture-scale and buyout-scale valuations narrows, pushing smaller DIY and home-improvement e-commerce players toward consolidation under the few best-capitalized platforms.
The trend: US crossover funds are increasingly setting the price of Europe's largest vertical marketplaces, converting regional e-commerce leaders into globally capitalized platforms during the late-cycle funding boom.