Used machinery auction platform Blinto receives €10.6m funding from Verdane
Växjö-based online auction platform for used heavy machinery Blinto has acquired €10.6 million in funding from equity investment firm Verdane to enhance its online auction platforms, grow its digital product, and strengthen its European network.
Blinto’s platform allows users to resell used machinery, trucks and light commercial vehicles (LCVs). The firm’s significant source of revenue comes from a commission on every transaction performed on its website. Through its business scheme, the company hopes to create a circular economy for major machinery items.
CEO Richard Nilsson voiced his enthusiasm for a breakthrough into the market, highlighting how Blinto’s platform can connect buyers and sellers.
“There is a great need for buyers and sellers of heavy machinery to connect easily and efficiently, and we are proud of our ability to deliver just that,” he said.
“Verdane’s track record in e-commerce and scaling digital businesses and its in-house expertise will be invaluable as we embark on the next stage of our growth journey.”
Verdane is also bringing its specialized team of in-house operational specialists, Elevate, to advise Blinto in achieving its goals.
The team will assist Binto in improving its competitive edge, strengthening its product portfolio, bolstering its broker salesforce, and expanding across Europe.
The startup has flourished at an impressive +40 percent compound annual growth rate (CAGR) over the last two years and offers enormous earning potential. The primary market for heavy machinery in Sweden is currently worth around €15 billion.
Blinto’s site also provides technical information, detailed visuals, and video footage that reﬂect an object’s quality, helping buyers make informed decisions.
In addition to providing a quick and simple sales cycle, Blinto handles the required negotiations. This strategy has led the firm to establish strong customer relationships.
Through this investment from Verdane, Blinto plans to continue its goal of delivering an accessible and effective option for reselling used machinery — all while promoting sustainability.
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