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Monday, May 29, 2023

Swedish online auction platform raises €10.6M to help bring heavy machinery into the circular economy

Växjö-based startup Blinto, an online auction platform for used heavy machinery, has secured €10.6 million in funding from Verdane. The platform has been experiencing significant growth, offering a simple and efficient way to resell used machinery while also promoting sustainability by extending the life cycle of these products. With this recent investment, Blinto aims to enhance its technology and expand across various European markets. By doing so, the platform hopes to continue its mission of providing an easy and effective solution for reselling used machinery while contributing to a more sustainable future.

Producing heavy machinery requires a lot of raw materials and energy-intensive manufacturing processes. Underpinned by a full end-to-end customer support function, Blinto’s platform encourages buyers and sellers to avoid these processes and ultimately bring heavy machinery, which is challenging to electrify, into the circular economy. Thanks to its diligent documentation of each item for auction and brokered end-to-end customer support, Blinto has gained the trust of bidders and expanded beyond borders quickly. Comprehensive technical specifications, detailed images, and video footage accurately depict the object’s condition, empowering buyers to make informed decisions confidently.

Blinto brings together buyers and sellers through its online auction platform to sell used heavy machinery, trucks and light commercial vehicles (LCVs). Blinto earns a commission for each sale that is made on its platform, a key profitability driver for the company. The company has grown at an impressive +40% CAGR in the last two years and has huge earnings potential; right now, the underlying market for heavy machinery is worth approximately €15 billion in Sweden alone. The platform handles the necessary negotiations and has a fast and frictionless sales process that has created a loyal customer base. In fact, 67% of sellers stated that they are likely or very likely to sell additional items on Blinto in the future. This unique broker capability is a key competitive advantage and market differentiator.

Verdane will support Blinto on its next stage of growth by leveraging its deep expertise in scaling online auction platforms and developing their digital offering, as well as expanding its European network. With the support of Elevate, its specialised team of in-house operational experts, Verdane will help Blinto enhance its unique proposition, reinforce its product and data resources, bolster its broker salesforce, and expand across Europe. The investment in Blinto is being financed by funds advised by Verdane.

Max Carlsen, Principal at Verdane commented: “Blinto provides a sustainable solution which extends the lifetime of construction machines, utility vehicles and tools that would otherwise go to landfill. The company’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 talented team to capitalise on Blinto’s strong position to become a true European market leader.”

Richard Nilsson, CEO of Blinto, commented, “There is a great need for buyers and sellers of heavy machinery to connect easily and efficiently, and we are proud of our ability to deliver just that. 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.”

Click to read more funding news.

Nurcin Metingil
Nurcin Metingil
A permanent student, a passionate first reader and nowadays doing master’s degree in Publishing Management. Beside these, I am up for games! I have been playing games since I was 6. Now, I am whispering "Business. Business. Numbers. Is this working?"

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