The media group increases its investment in the technology company from 25 to 90 percent. – The fact that we’ve gone on sale now has partly to do with a tired capital market, says founder Marie Mustad.
Schibsted has been co-owner of influencer startup Inzpire.me since 2019.
The startup, which started in 2016 and is still led by founders Mads Lyngstad and Mari Mustad, has grown strongly since its inception, with revenue nearly doubling every year.
On the other hand, the past year was more difficult. Turnover increased from NOK 44.4 million to NOK 46.1 million, while operating profit bore the mark of huge investments, and decreased from a deficit of NOK 5.2 million to NOK 23.7 million.
Last year, the founders told Shifter that they originally intended to raise capital, but postponed the plan due to the turbulent capital market. At the same time, they made personnel cuts.
– The result in itself did not play a role, but the fact that we have now gone to sell has partly to do with the tired capital market. But we’ve been at it for seven years, and when we found a good partner like Schibsted, we think the timing was good, Mostad tells Shifter.
The parties did not say what price Schibsted would pay to buy the company. Prior to the deal, Lyngstad and Mustad owned about 35 percent, and sold some of the shares — but are keeping the remaining 10 percent.
– It’s great fun, because we’re looking forward to what’s to come in the next chapter. This is not the end for us, more than that we are entering a new phase, says Mustad.
“Our priority going forward will be to deliver a higher quality product to our customers, as well as develop the platform further and eventually expand into new markets,” Lyngstad says in a press release.
Investors such as Snö Ventures and Altitude Capital sold off their shares.
Schibsted will retain Inzpire.me as a standalone unit, and the company will be part of the portfolio under Schibsted Marketing Services, led by Per Håkon Fasting. Cecilie Eriksrud has joined the company as Chair of the Board.
– We see significant growth potential in this category, and with the combination of Schibsted’s expertise in advertising and marketing and Inzpire.me’s expertise in infrastructure, we are well equipped to participate in further development, says Per Håkon Fasting, Executive Vice President of Advertising at Schibsted, in a press release. .
For the record: Schibsted is also the primary owner of Shifter.
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