German Modomoto buys The Cloakroom

German Modomoto buys The Cloakroom

Dutch-Danish personal shopping service The Cloakroom is now the property of German competitor Modomoto. The company, based in Amsterdam, will continue to exist as a separate brand for the time being.

European expansion

Modomoto, founded in 2011, is not only active in Germany, but also has a presence in Austria and Switzerland. The sum it paid to acquire The Cloakroom has not been divulged, but according to Tech Crunch, it received part of the funds from investor Kees Koolen, the former Booking.com CEO who also invested in Uber.

 

Both companies combined will employ some 250 people and will operate in 7 different markets, as The Cloakroom is active in Belgium, the Netherlands, Luxembourg and Denmark. Together, they will service some 300,000 customers. 

  

This acquisition fits Modomoto's strategy to expand in Europe, for which it founded the Curated Shopping Group, an organization to incorporate both companies. Its CEO will be Andreas Fischer, who had been Modomoto's CEO. The Cloakroom's founders, Asbjorn Jorgensen and Kasper Brandi Petersen, will join the new group's board.