Published 2022-04-06

Schibsted increases investment in Tørn

The Norwegian marketplace for surplus construction material Tørn, has since its launch in March 2020 grown rapidly, with a revenue increase of 300% in 2021.

Anjali Bhatnagar, founder of Tørn, Kristin Skogen Lund, Schibsted CEO and Mats Staugaard, Investment Manager, Schibsted.

The successful startup has now closed a new financing round of 40 MNOK, in which Schibsted continues to back with an additional 25 MNOK.

“It means a great deal that Schibsted continues to invest in us. Since they joined in as owners in 2021, we have benefited greatly from their expertise in marketplaces and brand building. With the new capital, we can continue the growth and reach more consumers with an affordable offer of surplus construction material, and we are now ready to expand further in Europe,” says Anjali Bhatnagar, founder of Tørn.

“In the Nordic region alone, where Schibsted’s services reach millions of people every day, the market for building materials is worth more than 250 billion. At the same time, we know that there is unsold material worth over 2 billion at retail chains, distributors and manufacturers around Norway. And the equivalent huge amount is found all over Western Europe. This really is a big economic and environmental problem, and Tørn tackles both. We look forward to supporting Anjali and her team in this and are happy that they are a part of Schibsted,” says Kristin Skogen Lund, CEO Schibsted.

Tørn is already well established in Norway and was recently launched in Sweden together with one of the leading construction product chains. More partnerships will be launching soon. In total, 170 partners within the building materials industry have joined the challenging startup, and in Norway most retail chains now sell their surplus goods on their platform.

“This customer-friendly and attractive marketplace makes a difference for the environment and for people’s private economy. Tørn has a clear sustainability profile and growth potential, and such great services are always interesting for us to invest in,” says Mats Staugaard, Investment Manager, Schibsted.

Orkla Ventures and Trond Bentestuen also participated in the round and are new owners in Tørn.