Yaytrade merges operations with Used By in a SEK 27 million deal.
Yaytrade, a Stockholm, Sweden-based operator of a digital marketplace, announced getting into an agreement for merging its business with Used By, another online markeplace operator for second hand goods also based in Stockholm.
The deal totals roughly SEK 27 million ($3M) and involves Ytrade AB (the company operating Yaytrade) buying all shares of Used By for stock. Used By's owner, Odd Molly will also contribute SEK 1 million to the new share issue and has committed to invest another SEK 2 million next year.
Post transaction, Odd Molly will own 39.1% of Yaytrade after the merger with Used By.
Yaytrade, founded in 2015 by David Knape (CEO), Janni Delér, Jon Berglund and Jon Olsson, developed a marketplace for buying, selling, swapping, and renting products and services. The company was backed by early investors and angels from Sweden, including Carl Palmstierna, Janni Deler, Jon Olsson, Oscar Salén, William Rosén and Provider Investment.
Used By, founded in 2003 by CEO Elin Ryer, developed an online marketplace for the sale of vintage and second-hand branded products in the verticals like fashion, home or kids. The company was acquired by Odd Moly for $1.2M in 2019.