Sweden-based Blinto, an online platform that auctions used heavy machinery, tools, and vehicles, announced on Thursday, March 16, that it has secured €10.6M in a new round of funding.
The investment came from Verdane, a Norway-based specialist growth equity investment firm.
Verdane engages as a partial or dominant shareholder in single businesses or groups of companies, and seeks to employ inside two key development themes: digitalisation and decarbonisation.
Verdane has made over 150 investments in fast-growing companies since 2003 and has over €4.5B in total commitments.
Giving used vehicles an extended life
Founded in 2018 and led by CEO Richard Nilsson, Blinto is an online auction platform that connects customers and vendors to trade used construction machines, light commercial vehicles and tools.
It gets a commission on each transaction made on its website, which is a major profit driver for the business.
Blinto’s platform also offers technical specs, detailed images, and video recordings that correctly portray the object’s condition, allowing buyers to make confident choices.
The platform manages the required negotiations and has a quick and easy sales process, which has resulted in a loyal customer base.
It claims, 67 per cent of sellers said they are likely or extremely likely to offer more things on Blinto in the future. This one-of-a-kind broker capacity is a significant competitive edge and market differentiator, says Blinto.
In the last two years, the company says it has expanded at +40 per cent CAGR and reports to have enormous profit potential.
The underlying market for heavy equipment is currently worth nearly €15B in Sweden alone.
How will Verdane support Blinto?
Verdane says it will assist Blinto in its next step of development by leveraging its extensive experience in scaling tech-enabled companies, cementing market supremacy, and extending its European footprint.
CEO Richard Nilsson says, “Verdane’s track record in e-commerce and scaling digital businesses and its in-house expertise will be invaluable as we embark on the next stage of our growth journey.”
The Norwegian investor will help Blinto in strengthening its proposition, reinforcing its product and data resources, bolstering its broker salesforce, and expanding across Europe with the assistance of Elevate, its specialised team of in-house organisational experts.
Max Carlsen, Principal at Verdane, adds, “Blinto’s impressive growth and customer retention rate are a testament to its high-quality offering, and we look forward to partnering with Richard and his team to capitalise on Blinto’s strong position to become a truly European market leader.”
