Malmö, Sweden-based PropTech startup Norban has secured €1.7 M in a fresh funding round held in September 2020, led by investors Johan Tjärnberg (founder of Bambora) and David Hedman (Sneakers & Stuff, WESC).
The latest round brings the startup’s valuation to almost €4.8 M.
Proceeds from the funding round will be used by Norban to expand its reach to Gothenburg and Copenhagen and also in increasing its marketing budget and further development.
Adrian Miller and Per Hedenmark founded Norban in 2019 with the aim of challenging the outdated real estate market by merging its exclusive ‘Pre-Market’ marketplace with a tech-driven brokerage.
How Norban works?
Houseowners are allowed to list their home on the Norban app. Upon doing so, they get instant access to suitable users who might be interested in buying their property. Additionally, the startup also owns brokers and the photographers working with them develop the listing at no cost. The brokers take care of every single facet of the transaction process. One can easily sell their home on the Pre-Market™ where 0 commission is paid by the seller. If a house is sold using the Norban app, then the buyer pays a commission of €2900, instead of the seller. Norban states that it has reached €0.29 M in commissions this year so far.
Norban has no exclusivity or obligatory time, thus users are free to leave whenever they want to.
The startup already has tons of active buyer profiles, and has published more than 1200 homes to date. Another noteworthy fact is that more than 300 homes were published in Malmö, keeping in mind that Norban was launched in Malmö in April 2020 itself. This demonstrates the startup’s strength during the pandemic. Norban also claims that 40% of the people living in Sweden intend to move, and views it as a golden opportunity to sell 150 homes in 2020 and 600 homes in 2021.
Presently, Norban is based in Malmö, Lund, Helsingborg and Stockholm. It had started its business initially in Helsingborg which is one of Sweden’s hottest real estate markets.
About the investors
He is the Chairman of Trustly’s Board of Directors. Johan founded Bambora in 2014, a global payments processor for in-store and online vendors. After Ingenico’s acquisition of Bambora in July 2017, Johan served as Ingenico’s EVP Small & Medium Business and, until most recently, as EVP of Retail Business. Before founding Bambora, Johan served as CFO and later CEO of Point, a popular European payment services provider.
He is a Swedish entrepreneur and ex-snowboard professional. He was one of the founders of the clothing brand WESC. Hedman has graduated from the Stockholm School of Economics. He worked under Greger Hegelin with the skate and snowboard fashion company G-Spot and co-founded WESC in the year 2000. He was the company’s vice president until he left WESC in 2009.
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