Smarthome retailer Tink raises 40 million euros in Series-D
The start-up now has 700,000 customers. Rocket Internet and ProSiebenSat1, among others, have now joined the company.
Sales platform Tink has received €40 million in growth funding in its Series D funding round. The investment is led by Cadence Growth Capital. It also includes Rocket Internet and SevenVentures, the investment arm of media company ProSiebenSat1.
Tink sells smart home products, advises customers and offers smart home services. The Berlin-based startup says it serves more than 700,000 customers and has growth rates of more than 100 percent annually.
Tink plans growth in three areas: By 2023, Tink wants to be active in all European core markets and establish itself as a retailer across Europe. It also plans to expand its service business, including offering energy contracts, insurance solutions and assistance services in the future. Thirdly, the start-up wants to offer more smart home products for new fields of activity. The company cites the kitchen, decentralized energy generation and e-mobility solutions as examples.
"With a turnover of 66 million euros in 2020, we have reached our
growth targets faster than planned," says Julian Hueck, COO and co-founder of Tink. "With the size of the company, we can now finance ourselves from our operating business. With this risk profile and our current size, we have outgrown traditional venture capital financing."
In addition, Tink has built a B2B2C business, providing the Tink platform as a white-label solution for third-party companies. In this segment, the startup is working with energy provider Vattenfall and Generali Insurance Group, for example. These industry partnerships are to be expanded. "We highly value Tink's second leg and will use our network of over 100 industry experts to help bring the B2B2C business to new industries and countries," says Sebastian Eiseler, Co-Founder and Managing Partner at Cadence Growth Capital.
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