The Stuffle GmbH, provider of an online flea market with a mobile app for smartphones and tablets, has successfully completed another round of financing. Only two and a half years after the launch of the app, Immobilienscout24.de, the real estate site of the Scout24 Group, acquired a majority stake in Stuffle. The investment of the leading European provider of online marketplaces surprised the industry, and reflects the international appreciation of Hamburg’s innovative start-up scene.
The former shareholders Tivola Ventures, TS Ventures, UP Technologies, the GS Ventures founder and managing director of Morten Hartmann, and the business angels Mehrdad Piroozram and Jeremy Abbett with remain with the company, Stuffle GmbH said on Tuesday.
Capital for further expansion
Immobilien Scout GmbH’s investment provides Stuffle GmbH with funds for expansion, with a seven-digit sum available for further development and marketing of the product in the strategic expansion into new markets.
The marketplace for collectors’ items grown platform addresses a young and affluent target group with high affinity for digital services. In addition to the financial strengthening of Stuffle, the acquisition by Immobilien Scout GmbH also means a know-how transfer for both companies.
Space for new ideas
Morten Hartman, founder and CEO of Stuffle GmbH, explains: “Immobilien Scout GmbH is the expert in classified ads on the Internet. They believe in our product and our vision and support us sustainably to implement these ads in the coming months in order to take Stuffle to the next level. The new round of funding gives us the necessary flexibility to implement new ideas and to implement growth strategies quickly and effectively. “
“Stuffle is a fast-growing player in the mobile classifieds business with a great expertise in mobile. As a strategic investor, we provide them with our extensive experience from the classified section and thus allow to better exploit and promote the company’s the great potential of the company”, states Christoph Monnet, Head of Business Development Immobilien Scout GmbH.
Digital flea market
Stuffle, the digital market for collector’s items, is botha mobile app and an an online market place. With just a few clicks, offers can be placed and called up, observed, items bought and sold. Selling and Buying is resolved entirely within the app, with the integrated payment function providing the highest level of security. When bought items can not be picked up, a delivery can be easily organised with the help of the app.
More than 250,000 users
Stuffle’s innovative business idea has already been honoured by several prizes, such as the Lead Award 2012 in bronze, the golden LovieAward 2012 in the“Mobile Innovation” category. More recently, Stuffle was named winner of the “Best of Mobile Award” in 2013. Meanwhile, 16 employees are active in the advanced development of the app. Downloaded more than 800,000 times, more than 250,000 users offer 600,000 items for sale. Thus, goods in with a total value of five million euro have already found new owners by Stuffle.
Good conditions for start-ups
Hamburg offers ideal conditions for start-ups. Each year, some 1,000 new IT businesses are recorded. According to a recent analysis by the Hamburg Chamber of Commerce, the city-state is the number one of the IT start-up scene in national comparison. At the same time, these IT companies are staying longer in their markets in cross-industry comparison.
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Source and further details:
“www.stuffle.it”: http: //www.stuffle.it
There is an interview with founder and CEO Morten Hartmann conducted by Sina Gitzuhn of Hamburg Start-Ups: http://bit.ly/1oHTxJx