Press release -
Car subscription platform imove closes €16M Series A led by AutoScout24 to fuel the electric car revolution
Bergen, Norway, June 30th, 2021
The Norwegian mobility tech company recently closed a capital raise bringing the largest pan-European online car market AutoScout24, venture capital player Norselab, and the Norwegian state climate investment company Nysnø into imove. Existing owner Hedin Automotive also joined the capital round. imove does an equity issue of €13M combined with a €3M secondary sale of shares to further improve the company’s cap table.
“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!” Hans Kristian Aas, co-founder, and CEO
It’s not a car. It’s a lifestyle.
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. The team is led by co-founders Hans Kristian Aas (CEO) and Gunnar Birkenfeldt (CPO). Having a car may seem like an aspiring idea, but everyone that’s experienced it knows it can lead to more headaches than happiness. Enabling the Automotive industry to be more customer-oriented has been a driving motivation for the founders.
“A flexible car subscription service allows users to make smart and environmentally friendly choices without any compromises. It’s not a car. It’s a lifestyle”. Co-founder Gunnar Birkenfeldt
People won’t own, they’ll subscribe
Car subscription is expected to make a substantial impact on the Automotive industry. OEMs and industry experts estimate that 20-30% of new car sales globally will be in the form of car subscriptions already by 2025. Car subscription and bundling services are top strategic priorities for Automotive executives.
A capital raise focused on scalability
The equity issue of 13 MEUR led by AutoScout24 will be used to grow imove’s presence in the Nordics and expand the platform globally. Scaling car subscriptions requires wide distribution, sourcing of vehicle fleets, financing, ecosystem partnerships, technology and a team prepared to go the extra mile.
“Norway has been a perfect place to develop new technologies and business models around the increased demand for EV cars. The imove team has done a fantastic job proving this and now we are ready for an international launch. We have spent a lot of time finding the best investors and new owners to help the company for further growth. imove can now announce that we have finally found the perfect team of investors. This journey has just begun!” Chairman of the Board, Tore Totland
AutoScout24, being the largest pan-European online car market, has a unique position in the industry - both by being the go-to place for users looking for a car and a preferred sales channel for automotive players. The marketplace covers European markets as Germany, Belgium, Netherlands, Austria, Italy and France. AutoScout24’s marketplaces will act as a distribution channel for imove’s electric vehicle subscription service making the “Nordic EV experience” available for users in some of the largest European automotive markets. AutoScout24 and imove will together offer distribution, technology and services to any type of provider that would like to launch and scale a car subscription service – either it is an existing car subscription provider, automotive player, financial institution or a different type of fleet.
“With this investment, AutoScout24 clearly positions itself at the forefront of supporting new ownership models for consumers and customers, and makes a decisive step in supporting the EV introduction.”, says Chief Strategy Officer at AutoScout24, Borja Muller.
Norselab is a leading venture capital fund from Norway with a proven track record of finding scalable tech companies with a purpose for society. The VC fund has a team of experienced entrepreneurs that works hands-on together with the founding team igniting change in traditional industries. Teaming up with the tech founders at Norselab, we also find a former Winter Olympic champion in downhill, Aksel Lund Svindal. Having had sponsorships with Audi, Porsche, and Red Bull, he is an Automotive industry profile that can bring a magic touch to imove’s scaling.
“imove has a solid team that have created a service the customers love, and at the same time is very attractive for B2B partners. Norway has a world-leading position within e-mobility. This is reinforced by the interest global players have shown for imove. We are looking forward to joining imove - helping to scale the company both at home and abroad”, says Aksel Lund Svindal, Partner at Norselab.
Nysnø, also from Norway, is a North star among the climate-oriented funds. Backed by the Norwegian government, Nysnø has a portfolio of companies tackling the most pressing challenges our planet faces today. With 2.4 billion NOK in assets under management, Nysnø invests in clean energy, digital and enabling technologies, resource efficiency, sustainable demand, and the circular economy. imove’s clear objective to accelerate adoption of electric vehicles worldwide fits very well with Nysnø’s investment universe.
“The mobility sector is facing major and exciting changes going forward in the need of finding cleaner solutions and adapting to new business models. We invest in imove to meet these challenges, and we are confident that their competent team will deliver future-fit and profitable solutions. It is also a great opportunity to have both Norselab and Autoscout24 as strategic co-investors to help imove grow in new markets“, says John Egil Johannessen, Investment Manager, at Nysnø.
Hedin Automotive, an existing owner at imove, is a leading automotive player in the Nordics distributing over 30 different brands. They offer hands-on experience and insights that you only get by being in the industry.
“Imove is an exciting and innovative brand. 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. This is fully in line with our DNA of being Surprisingly different, noticeably better”, says Marcus Larsson, CEO of Hedin Automotive
As part of the transaction, the company also facilitates a 3 MEUR secondary sale of shares. This cap table re-allocation is set to improve the company’s scalability. The transaction has been facilitated by investment bank IEG and supported by legal company Thommessen.
Not quite done…
The capital raise gives imove a long runway for scaling existing services and expanding into new markets. In parallel, the company is working on activities that might require additional funding and investors. As they say, to be continued.
Norselab is a leading Norwegian growth fund established in 2020 that invests in industry-related, data-driven technology companies with a clear contribution to the UN's sustainability goals. The team behind Norselab are seasoned entrepreneurs themselves, with a high level of expertise in scaling and growing technology companies. Through active involvement in the portfolio companies, the fund wants to ensure that more Norwegian technology companies achieve international success.