Nettbil raises $1.1M in strategic investment from Aller Media, which becomes major shareholder in the company.
Nettbil, an Oslo (Fornebu), Norway-based company managing an online marketplace for used cars, announced securing NOK 8.8M ($1.1M) in a capital investment round.
The money comes through a combination of capital and marketing and is provided by from Aller Media, a Nordic media group which becomes the major owner of the company with 34%.
Nettbil, founded as Carvy in 2015 and led by CEO Anders Espelund, developed an online marketplace connecting sellers of used cars, either private sellers to professional dealers, and purchasers from Norway. The company has been testing the concept for almost 9 months and has sold over 150 cars, currently only in the Oslo area.
Prior to this transaction, Netbill was owned by its three founders Anders Espelund, Eirik Thorsen and Thomas Hag, and by Tjuvholmen Ventures AS, which previously had added capital in the company for a 25% stake.