The Munich-based startup Banovo has completed a €1.3 million financing round. The company now has a total of €6 million in funding. The round was led by HW Capital.
Banovo was founded in 2015 by former Bain consultants Mareike Wächter and Michael Dreimann. According to the startup, it handles 120 bathroom renovations per quarter. In 2018, revenue amounted to €6 million. The young company is currently growing at around 100 percent per year and has 75 employees. With the Hamburg-based Tchibo Group The Munich-based company maintains a distribution partnership.
“Bathroom renovation can be done differently”
Customers can plan their bathroom renovations with Banovo from home in 3D. The work is carried out from a single source and at a fixed price.
"With our business model, we prove that bathroom renovation can be done differently. This saves our customers time, stress, and money,"
says company founder Mareike Wächter.
“We rely on an innovative approach to planning and digital support along the entire process chain, from customer acquisition to acceptance.”
Through the continuous development of the software, the startup can not only optimize the quality of the planning, construction preparation, and execution processes, but also increase efficiency and deliver the same high quality throughout Germany, says Wächter. The investor Robert Haselsteiner says:
“The team is solving the challenges very well and will gain significant market share in this huge market.”
