Hedin Automotive Increases Stake in the Innovative Car Subscription Platform, imove

Hedin Automotive is increasing its stake in imove making and additional investment in the innovative car subscription platform. The goal is to play an active role in shaping the mobility of the future where e-mobility is expanding, and traditional ownership of cars is challenged.

Founded in 2018, imove enables players across industries like automotive, finance, insurance but also electricity and telecom, to use their white-label technology to offer car subscriptions as an alternative to car ownership or leasing. Enabling the Automotive industry to be more customer-oriented has been a driving force behind the Norwegian mobility tech company.

Hedin Automotive joined the capital A round alongside the largest pan-European online car market AutoScout24, venture capital player Norselab, and the Norwegian state climate investment company Nysnø. As part of the transaction, imove also facilitates a 3 MEUR secondary sale of shares. The equity will be used to grow imove’s presence in the Nordics and expand the platform globally.

- Imove represents something new and exciting in an industry with significant potential for digitisation and innovation. Their rethinking car ownership resonates well with how we do things in Hedin Automotive. The world is fast changing, and so is traditional ownership of cars. We want to play an active role in shaping the mobility of the future with innovative approaches and partners such as imove. To grow and thrive, we know that we must put the customer at the centre of everything that we do and pursue new ways to operate. The investment fully in line with our DNA of being surprisingly different, noticeably better, says Marcus Larsson, CEO of Hedin Automotive

Full throttle

With a monthly growth rate of 20%, imove has been moving at supersonic speed.

- Amazing customer feedback, strong unit economics, and an industry ripe for change told us that the timing was right for pushing the ‘Scale button’. We are extremely excited to bring on investors that bring the right type of strategic capabilities, know-how, and global reach. As the imove name inclines, we need to move. Therefore, we have spent a lot of time finding the right chemistry between the new investors and the company. We can’t wait to unleash the power of the new team, says Hans Kristian Aas, co-founder, and CEO of imove.

Imove co-founders Gunnar Birkenfeldt and Hans Kristian Aas

Scaling car subscriptions requires wide distribution, sourcing of vehicle fleets, financing, ecosystem partnerships and technology. For Hedin Autmotive it is another step forward in the company’s mission to deliver unique customer experiences.

- For Hedin Automotive, the investment ticks all the right boxes. The innovative platform allows us to test new ownership models. It gives our customers the opportunity to make smart and environmentally friendly choices without any compromises. It makes the transition to EV cars easier for those still on the fence. Finally, it allows us to distribute our EV cars in a new and exciting marketplace. With our Hedin ownership, we have 30+ car brands to offer imove, closes Larsson.

Contacts: 

Marcus Larsson, marcus.larsson@hedingroup.com, +41 76 464 75 81
Hans Kristian Aas, hans@imove.no, +47 920 56 108