Munich, 22 January 2019 – The Munich-based startup Banovo, Germany’s leading bathroom renovator, has successfully closed its latest financing round and raised a further EUR 1.3 million for its rapidly expanding business. Existing investors HW Capital, WenVest, DQuadrat Equity Partner, Felix Jahn (founder of Home24 and McMakler) and Apollocapital of Check24-Founder Henrich Blase, raised the total investment in Banovo to EUR 6 million through the latest financing round. HW Capital, the Venture-Capital firm of Interhyp-founders Robert Haselsteiner and Marcus Wolsdorf again acted as lead investor for the latest round.
Banovo was founded in 2015 by former Bain consultants Mareike Wächter and Michael Dreimann and currently renovates 120 bathrooms per quarter across Germany. In 2018 its revenues amounted to EUR 6 million. The company currently demonstrates a growth rate of approximately 100% per annum and has expanded to 75 employees for its Germany-wide operations. Cooperations such as that with Hamburg-based Tchibo further accelerate its growth in Germany’s multi-billion bathroom renovation market. Approximately 600.000 bathrooms are renovated annually in Germany, generating a revenue of c. EUR 10 billion.
Banovo is an industry pioneer in digitizing the bathroom renovation market and has created an entirely new “bathroom renovation experience” by offering free 3D-planning that customers can enjoy from their homes, an all-in offering including all involved craftsmen for a fixed and transparent price. “Through our business model we are demonstrating that bathroom renovation can be done differently. This saves customers time, stress and also money” says founder Mareike Wächter. “We believe in an innovative design and planning process and digital support along the entire value chain, from customer acquisition to bathroom hand-over. Through continual improvements of our software, we can optimize the quality of our design, preparation and construction processes, as well as ensure we offer a consistently high quality across Germany.
Entrepreneur and investor Robert Haselsteiner is convinced of the success of his investment: “The complexity of the business model, through the interaction between technology and highly qualified employees immediately reminded us of Interhyp. The Banovo team responds well to the many challenges and will rapidly increase its market share in this enormous market.”
Here you can find an interview with the founders Mareike Wächter and Michael Dreimann covering the development of their start-up.
About Banovo (www.banovo.de)
Banovo is the leading bathroom renovation provider for end customers and offers a one-stop solution for professional bathroom renovation services across Germany. From an expert-led design to professional installation, customers enjoy a turn-key solution to bathroom renovation. By employing an innovative business model that combines an online design process that customers enjoy from their homes with personal on-location service during the construction phase, Banovo can ensure delivery of the highest quality bathrooms as well as customer service. A cost-effective fixed price for the entire renovation completes the package and provides its customers with the highest level of planning certainty from the start.
Balanstr. 73 - Haus 11
GF: Michael Dreimann und Mareike Wächter