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Moonpig Group

The deal

Investing in a market leading e-commerce platform selling greeting cards and gifts


Deal size, January 2016

Fund III

Current investment

The teams

Management Team

Chair: Kate Swann

CEO: Nickyl Raithatha

The story

Moonpig Group is a fast growing online greeting card and gifting business, comprising the Moonpig brand in the UK and the Greetz brand in the Netherlands. In both geographies, the Group holds a leading market share in the online greeting cards category.

Exponent acquired the business in 2016 from a wide ownership base, including six VC investors and a range of individual small shareholders. We backed Doug McCallum as Operating Chair who we previously appointed as Operating Chair of Trainline. We have since appointed Kate Swann, former WH Smith CEO, as Operating Chair of Moonpig Group.

The Group is a clear market leader in the UK and Netherlands and as the transition on online continues, we expect the market to grow and will capitalise on this. We were attracted to the business due to the strong brand and the number of sources of scale advantage versus smaller players, such as insight into customer behaviour, lower customer acquisition costs, and leverage from investment in technology and infrastructure.

Details of Moonpig’s commitment to sustainability can be accessed here:

In February 2021, Moonpig was formally admitted to the London Stock Exchange, with Exponent retaining a significant shareholding in the business.