Villoid secures NOK 12M from Varner

Villoid, an Oslo, Norway-based startup managing an ecommerce fashion operation, announced getting into a strategic investment agreement for raising the capital with NOK 12M ($1.3M).

The deal was made with the local fashion retailer from Norway, Varner, which will control 13% of Villoid's equity shares, post transaction.

Varner is a fashion retailer, privately owned family business started by Frank Varner in 1962. The company is now owned by second and third generation, and is led by Petter, Marius and Joakim Varner.

Villoid, founded in 2015 by Jeanette Dyhre Kvisvik and Jarle Snertingdalen, developed a shopping app that enables shoppers to find and buy products from a range of brands, and share and follow fashion trends.

Kvisvik started Villoid in 2014, sold the company to Telenor and Schibsted, and then bought it back from the owners in 2016. The company started out as a social account and, after management changes in Telenor, Kvisvik pivotted to an e-commerce business and bought it out.

In 2019 the company produced sales of roughly NOK 17 million ($1.8M) and expects to get to 50 by the end of 2020.

Prior to this deal, Villoid raised funding of about $2.5M.