Helpling, the Rocket Internet-founded company that lets you book a range of home services online, is disclosing €10 million in new funding. The round was led by Asia Pacific Internet Group (APACIG), the joint venture between Rocket Internet and Ooredoo, and also includes a number of other existing investors.
According to sources, however, the new funding gives Helpling a significantly lower valuation than it attained during its previously disclosed $45 million (~€42m) Series B in March 2015.
I also understand not all of the company’s VC shareholders participated. Accel, for example, which became an investor in Helpling when it merged with the U.K.’s Hassle, is notably missing in action.
In other words, chalk this up as a ‘down round,’ and a possible reflection of how much the on-demand services space has cooled in the eyes of investors.
One source tells me it’s a tough climate to raise for any on-demand services company right now, not least in Europe where Amazon is rumoured to be launching its own home services business, following an earlier U.S. roll out.
In fact, I already know of one ex-Amazon Home Services manager who has moved from Seattle to London to take up the position of General Manager for an ‘undisclosed’ soon to launch pan-European Amazon business. Make of that what you will.
In a call, Helpling co-founder Benedikt Franke declined to comment on the…