Turnpike, the Swedish developer of a wearable technology-based social network platform, announces its closing of an oversubscribed capital round. The Stockholm-based startup was hoping to raise €1.19 million (MSEK 12.5) but the investors including Shervin Razani, Tomas Franzén, and Johan Dennelind contributed to the round with €2.6M (MSEK 28) funding in total. To date, the startup managed to raise over 12 million euros (MSEK 130). After this oversubscribed round, the Turnpike team will be able to scale up the business and go for an international expansion.
New investors are welcomed in a heavily oversubscribed new share issue
Turnpike raises SEK 28 million in a new capital round that closes on Tuesday. The interest has been very great and the round is more than 100% oversubscribed. The initial plan was to bring in SEK 12.5 million, but when the right investors stood in line to join, the board decided to extend the round.
“In light of a protracted pandemic, wars in Europe and shaky financial markets, I am humbly proud of the great interest and see it as a clear proof that we are the future on the track. The new money gives us muscle to scale up the business and expand internationally in accordance with our desired plan ” says Carl Norberg, founder of Turnpike.
To date, the company has raised approximately SEK 130 million and a number of well-known people are on the owner list, including Peter Carlsson, Jan Carlzon, Michael Wolf, Svante Elfving. Several new investors have now been added, such as Shervin Razani, Tomas Franzén, Johan Dennelind.
Shervin Razani, with many strings on his lyre; Owner / CEO of Jurek, Diversity Manager of the Year, Hotellmagnat, Affärsängel and Drake in SVT’s Draknästet, says, “I look at 100 interesting companies per quarter and choose one that I invest in. A lot must be true for me to choose to go in. The most important thing is the team, the product, the financial potential in the market and the timing. Everything must be 100% and Turnpike tick all the important boxes for me “.
With Turnpike’s system, you can easily connect the staff with smart watches to optimize the workflows and service in retail and hospitality. With a connected schedule and messages sent in real time to the right person’s wrist, everyone always knows what to do and how to prioritize. Efficiency and customer focus increase rapidly, thus also profitability.
“Staff is often the store’s largest asset and cost item and therefore even small efficiencies and improvements can make a big difference . The staff who meet the customer can contribute to an improved experience, additional sales and in the long run stronger loyalty. It is their eyes and ears that we want to strengthen with our tech. Good for the staff, good for the customers, good for the last line ” , says Jonas Borglin, CEO of Turnpike.
Turnpike is now growing with several new connected stores a week, both in Sweden and abroad and is now available in four markets including Germany and the UK. The company has gained a strong foothold in the grocery trade as a boom during the pandemic.
“I like when I see digital innovation and transformation that makes people better at their jobs combined with clear and fast ROI for the company. Turnpike’s solution helps service staff to enhance the meeting and customer experience, without being intrusive or disruptive. The solution creates great values quickly,” says Shervin Razani.
Turnpike was started just over 5 years ago in the UK by Carl Norberg, Björn Ögren and Peter Carlsson.