Sweden-based Blinto, an online platform that auctions used heavy machinery, tools, and vehicles, announced 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: digitalization and decarbonization.
Verdane has made over 150 investments in fast-growing companies since 2003 and has over €4.5B in total commitments.
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 percent 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.
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