January 31, 2023

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The Childhood Friends recycling app has a value of 63 million and has attracted major investors: – We don’t have particularly nice biographies

– We argue a lot and loudly. It might be a little annoying for anyone who isn’t used to it, but then we just have to remind them that Mommy and Daddy love each other.

Sondre Selbæk shows the way in Grünerløkka’s typical entrepreneurial premises. Comrade Andreas Solbakken goes up and out of the elevator, who bought an apartment with a direct elevator connection to be as close as possible to the office.

– He bought it invisible, Solbakken says.

The 31-year-olds have worked together on different projects every day since high school. Together they ran the railway company, which in recent years has mainly helped other companies start smaller digital businesses.

“Our approach has always been to go into an industry and live in it until something no one else has seen appears,” Selbeck explains.

No incentives

In 2020, the founders have been deep in the retail world. The goal was to develop a business model to make recycling profitable.

After a year and a half of research, they founded Newcycle, which will help the consumer get the most out of their stuff. The app is in the testing phase with partners such as Ikea and Anton Sport.

You put things you own into the app, and you get access to receipts, warranties, repair and maintenance services, parts, and manuals that refer to each individual item.

Third parties shall be able to earn money for the life of the product by selling related services, maintenance products and accessories through the Application.

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Nobody really has incentives to become circular, because it’s always a waste to make sustainable choices. People can talk as much as they want about green annual reports, but you have to find a way to make spinning profitable for all parties involved in the value chain, or it won’t happen, says Managing Director Selbeck.

worth 63 million

There is currently no turnover for the new cycle, but significant shareholder value has already been created.

The company recently raised just over eight million NOK with a value of NOK 63 million post issue. Solbakken and Selbæk own shares worth NOK 17 million each, while co-founders Alexander Moen and Johan Jossock have just over five million NOK each.

A number of well-known investors participated in the capital raise, including angel investors Trond Riiber Knudsen and Birger Magnus.

Marius Bledrop Roningen, who became a paper billionaire in the shipping company Easee and will now designate himself as an investor, made its first early stage investment in the company. Andreas Ness, CEO of listed Elektroimportøren, also spat out money.

“nonsense filter”

Founder, shareholder and former CEO of XXL, Robert Iversen, is also involved in the capital raising. He was the top manager of a well-known sports equipment chain in the 2000s.

Last fall, Iversen was back in the spotlight after shooting XXL management during the company’s quarterly presentation. Retail is not that hard.Iversen’s message was after a series of disappointing results.

– Robert is the opposite of a “yes guy”, and I think you need that in a startup environment, where most people scratch each other’s backs and be positive about everything. Robert is our “bullshit filter,” Solbakken says, telling things exactly as they are.

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Iversen assures DN he only got in with “little money.”

Recycling is actually very expensive, but I thought the idea was very good. The main reason behind investing is that the founders are very good people.

Former XXL President Robert Iversen.  The photo is from 2003.

Former XXL President Robert Iversen. Photo from 2003 (Photo: Gunnar Blondel (Cam2))

Iversen is also convinced that the concept is more attractive in turbulent economic times. In general, Iversen believes that 2023 will show who knows the best creams.

– I see it this way: the best ones win. When the going gets a little tough, you separate the chaff from the wheat, Iversen says.

– Sell us?

Founders Selbæk and Solbakken have no higher education. In Oslo, they both started bachelor’s degrees in BI to learn how to keep accounts, but both dropped out after just over a year.

– We don’t have particularly nice biographies, Solbakken laughs.

Most of the founders’ private fortunes lie in Newcycle’s paper values. They have no immediate plans to make a profit.

– Sell us so we can get money from the books? number. We give this company the best possible chance of success, and ensure we are in control for as long as possible. Then we struggle to pay the electric bills and the interest on the very huge loan. Tight times are still ahead in the private sector, says Selbeck.

- Sondre Selbæk says: There are many who have said that we are too perfect to become rich.

– Sondre Selbæk says: There are many who have said that we are too perfect to become rich. (Photo: Peter Berntsen)

Selbeck says the risks he takes can sometimes lead to demanding discussions with his wife, with whom he has two young children.

– But why should I save in index funds when I can keep my money in this company, which is the future anyway? It’s “all in,” that is.(Conditions)Copyright Dagens Næringsliv AS and/or our suppliers. We’d like you to share our statuses using links that lead directly to our pages. Reproduction or other use of all or part of the Content may be made only with written permission or as permitted by law. For additional terms look here.