momox Holding, that owns 100% of the European re-commerce company momox GmbH, has issued a senior secured CICERO-certified green bond of EUR 100 million to institutional investors. By removing common barriers to selling second-hand products through user-friendly technology, momox has unlocked consistent profitable growth; the company increased its annual turnover by 25 percent in 2019 to EUR 250 million and has continued to see strong demand during 2020 for its second-hand media and fashion offering.
As part of the transaction, Verdane has acquired fellow momox investor Acton Capital’s shares, raising its stake to 85 percent. Verdane originally invested in momox in 2018 and has since worked with momox’s management team to support and accelerate the company’s international expansion. Verdane has also supported the development of the company’s fashion business unit, which saw a 61 percent sales increase in 2019.
“momox’s circular business model liberates customers from the conventional struggles of selling used products, with significant capacity for further growth while maintaining a climate positive CO2 footprint. We at Verdane are proud to reinforce our commitment to sustainable growth through this increased ownership”, comments Staffan Mörndal, Berlin-based Partner at Verdane.
Founded in 2004, momox is a pioneer and market leading re-commerce company in Europe that contributes to decoupling growth from the consumption of finite resources. To date, momox has bought and sold more than 200 million used articles in the books, media and fashion categories, with more than 30 million used articles sold in 2019 alone.
momox has a negative annual net carbon footprint of 65,000 tonnes on the back of the significant conservation of resources and pollution mitigation attributable to selling second-hand products. This equates to total annual emissions of more than 10,000 Europeans. The company’s sustainability goals are shaped around three main pillars closely linked to the United Nation’s Sustainable Development Goals, focusing on Responsible Consumption and Production, Life on Land as well as Climate Action. Souce: World Bank