Schibsted acquires 67% of the Norwegian startup Nettbil. The company is best described as a digital marketplace for auction-based car sales towards dealers all over Norway, and represents a new and convenient way for consumers to sell their car.
Schibsted buys shares and invests in growth capital in Nettbil, and becomes a majority owner with a 67% stake in the company. Nettbil brings together car dealers from all over the country in their digital marketplace, where they can place bids on used cars that have been put up for sale. Today, more than 1,000 dealers across the country are connected to the market platform, and the number of connected dealers is constantly increasing.
“Schibsted is devoted to investing in new concepts where we see growth potential, not least in our Nordic home market. Nettbil offers a unique concept that allows consumers to sell their used car in a new, fast and convenient way,” says Christian Printzell Halvorsen, Executive Vice President and Head of Nordic Marketplaces in Schibsted.
Printzell Halvorsen also points out how relevant the service is in relation to other areas in Schibsted, not least within marketplaces.
“Through this investment, we provide our users with a simple and safe alternative - and supplement - to the sale of used cars on, for example, FINN.no. We therefore have solutions both for those who want to carry out the sale themselves, and for those who want to leave it to a professional intermediary towards the dealer. We strongly believe that this will be perceived as valuable to our users,” he continues.
Nettbil was established in 2015 and sold 762 cars in 2018. The number of cars sold in 2019 surpassed 3,000 in December. The founders behind the company strongly believe that this growth will continue with Schibsted as an owner.
“Schibsted is at the forefront of digital business development, and knows the car market well. With Schibsted joining as an owner, we can reach more people faster and with greater marketing power. The challenger role is still very important to us, and will be further developed together with Schibsted. We will continue to look for opportunities to make the customer journey of used car sales even easier and more complete,” says General Manager Anders Espelund in Nettbil.
Schibsted's ownership interest is acquired through the purchase of existing shares from former investors Aller Media and Tjuvholmen Ventures, as well as through the investment of new growth capital in Nettbil. The remainder of Nettbil will still be owned by the founders themselves, who will fully retain their shareholdings in the company.
“We are very proud of our common journey with Nettbil. Along with Aller Media, Nettbil has grown 30 times since our investment in April 2018 and now has nation-wide coverage. This shows how valuable a media company like Aller Media can be for a company with the ambition of becoming a significant national player. It has been a very good investment for us,and we are delighted that the founders have found a new home that can further support their ambition. We believe Schibsted and Nettbil are a perfect match for building world-leading services in the car industry,” says Antoine Thebault, representative of Aller Media and former chairman of the Board of Nettbil.
