August 21, 2024
Prague-based Knihobot Secures €4 million Series A to Expand in DACH Market
Prague, Czech Republic —
Knihobot, a second-hand book startup, has raised €4 million in Series A funding led by Genesis Growth Equity, with participation from MITON. The new funding will accelerate its efforts to dominate the DACH market, where it expects 50% of its revenue by 2025.
About the company
Knihobot, founded in 2019 has become the leading seller of used books in Czechia. The company has sold over 5 million books to date. In 2023, the startup launched in Austria and Germany, where its innovative logistics partnerships have streamlined the book-selling process. The re-commerce industry’s popularity is surging, driven by a focus on sustainability and value. Knihobot is set to double its revenue to $26.8M by the end of 2024.
Purpose of financing
The funding will fuel the company’s expansion into the DACH market (Germany, Austria, and Switzerland), aiming to capture 50% of its revenue from this region by 2025. The funding will also support the enhancement of customer-centric services, particularly in these new markets, as the company continues to innovate and grow its presence in the European second-hand book market.
What the company’s official has to add
Dominik Gazdoš, CEO of Bookbot, emphasized the importance of being customer-focused to become the top choice for second-hand goods. He highlighted their commitment to innovating solutions that enhance customer experience, aiming to grow in the DACH market and beyond with the support of Genesis and Miton.
What the investors have to comment
Ondřej Pernica, Investment Manager at Genesis, stated: “Re-commerce represents one of the most straightforward and effective methods for fostering sustainable and responsible consumer behavior. We were also struck by the founders' strength and unwavering determination to enhance their business, tackle challenging problems, and pursue their clear vision of capturing significant European markets. With these qualities, we believe Bookbot is well-positioned to continue its growth and replicate its success from Czechia and Slovakia.”
Conclusion
Knihobot’s rapid growth reflects the increasing demand for sustainable and affordable goods. Investors are optimistic about its potential, citing the founders' vision and the startup's strategic partnerships as key growth drivers.
For more information, visit their official website at
http://knihobot.cz/