3 Million Euros Seed Round for Interior Start-up COCOLI
Berlin, May 23, 2023 – COCOLI is a young Berlin-based online platform for buying and selling preloved quality design furniture. The financial injection of over 3 million Euros enables the online platform for preloved design furniture to further increase the triple-digit growth of the founding year. In the coming months the team will focus on optimizing unit economics, measuring and improving the climate footprint of its activities, automating back-end technologies and advancing on its long-term goals in the fast-growing segment of the circular economy.
"Furniture companies and individuals who want to furnish their homes alike, are affected by high inflation and supply-chain crisis. COCOLI offers three opportunities: private sellers find an additional source of income with us; good quality design furniture becomes accessible to more people thanks to reduced prices AND we establish circular economy as a real option when buying furniture.”
Gemma Comabella, CEO COCOLI
The current financing round is led by impact-focused fund Ship2B Ventures, followed by Adevinta Ventures and IBB Ventures. In addition, the renowned business angel Justus Janauskas (Co-Founder, Vinted), alongside Fanny Moizant (Co-Founder, Vestiaire Collective) and Helen Zeitoun (CEO & Founder, IPSOS, GfK), are investing for the second time in COCOLI's vision of a sustainable furniture market.
“Gemma and the whole COCOLI team are purpose-driven entrepreneurs with a proven grasp on the business delivering consistent growth month over month. We are excited to partner in their mission to provide a second life to used quality furniture across Europe which would otherwise end up in landfills or incinerated.”
Marc Sabas, Investment Director at Ship2B Ventures
"COCOLI has created an innovative digital platform that not only revisits the way buyers shop for high-quality second-hand furniture, but also supports sellers with a unique full-service logistics solution. The strong customer traction that COCOLI has witnessed over the last 12 months has made us eager to be part of their exciting journey as they continue to build a European leader for pre-loved furniture.”
Stefan Grabmann, Principal at Adevinta Ventures
"Within a short period of time, the COCOLI team has successfully established promising partnerships with established brands and retailers. Additionally, the company has demonstrated strong growth rates while maintaining healthy unit economics. We are convinced that COCOLI will play a significant role in the sustainable furniture market, and we are delighted to be part of this important mission."
Anvita Mudkani, Senior Investment Manager at IBB Ventures
COCOLI stands for Community for Conscious Living, and aimes to give vintage furniture and designer b-ware a second life. COCOLI trades in quality-checked second-hand furniture from private sellers, as well as showroom pieces, certified vintage products, b-goods and end of stock collections. As early as 2022, COCOLI successfully partnered with internationally popular interior brands, including Sofacompany, MYCS and Blomus. In 2023, names such as Kave Home and the world's largest online-only furniture seller Wayfair join the list. COCOLI acts as a sustainability partner to the furniture brands, reducing the number of pieces of furniture that are disposed of. Customers can buy furniture treasures that have been checked for their condition for up to 70% less than their original price. Thanks to its innovative acquisition strategy, COCOLI has expanded its range of products from an initial 200 to more than 350,000 - and counting. For more information, please visit: www.cocoli.com.
About IBB Ventures
IBB Ventures (www.ibbventures.de) has been providing venture capital to innovative Berlin-based companies since 1997 and has established itself as the market leader in early stage financing. The funds are primarily used for development and market launch of innovative products or services as well as for business concepts from creative industries. In addition to the two VC funds for technology and creative companies with a volume of EUR 90 million, an impact VC fund with a volume of EUR 30 million has been in the investment phase since 2022. All VC funds are financed by the Investitionsbank Berlin (IBB) and the European Regional Development Fund (ERDF), managed by the State of Berlin. IBB Ventures has already invested in more than 260 creative and technology companies in Berlin; in syndicates with partners, the start-ups received approx. EUR 1.8 billion, of which IBB Ventures has invested EUR 275 million as lead, co-lead or co-investor.
Contact IBB Ventures:
Phone: +49 (0)30 2125 3201