Sharebox secures NOK 5M, expands its key exchange services across Scandinavia.

Sharebox, an Oslo, Norway based manufacturer of a a locker service that makes key transactions safe and convenient, secured NOK 5M ($640k) in investment funding.

The money comes from new and existing investors at a NOK 27M ($3.5M) pre-money valuation, and will be used to fuel the expansion of the company, aiming to have deployed 500 cabinets by the end of 2018 and breakeven the business in 2019.

Sharebox, founded in 2016 by Arne Eivind Andersen (CEO) and Leif Arne Dalane, developed a locker room developed from the idea of ​​simplifying and automating key exchange. As such, they sell a subscription or an on-demand service that provides a simplified key handover by offering a service completely managed via the phone.

The company, which employs seven employees, has almost 100 cabinets deployed in the retail premises of Norgesgruppen and Reitan Group in Norway, Sweden and Denmark.

Sharebox expects sales of NOK 2.7M in 2018 and 10M in 2019. In 2017 it accounted for NOK 1M in turnover at 4M losses.