Panprices raises nearly SEK 6 million in new financing round
The marketplace Panprices offers consumers safe and secure e-commerce from over 8,000 European retailers. The new capital injection now makes it possible for Panprices to roll out the service in more countries, where the goal is to launch the marketplace in another Nordic market by 2021.
Furthermore, the company will scale up its operations by investing in further product development and hiring more people to the team.
– Digital commerce has increased explosively during the year, which has both raised and updated our offering. In October alone, we tripled our already high sales target and we see strong continued demand for a marketplace that offers friction-free trade in Europe.Tom Dickson, CEO and one of four founders of Panprices
Panprices currently sells products for just over half a million a month and has had a three-digit growth rate since August this year. Now the goal is to increase the growth rate and turn to profitability in Sweden next year.
The marketplace provides over 10 million products and today it is mainly more expensive product categories, such as mobile phones, headphones and camera equipment that are sold via Panprices. An average purchase via the site today is over SEK 10,000 per product.
– Cross-border e-commerce in Europe is expected to increase by as much as 50 percent by 2022 and we have a unique position to facilitate increased European e-commerce. Today, our customers mainly buy products that are not available in Sweden, such as the new Google Pixel phone or products where there are thousands to save.Tom Dickson
The investment round of SEK 5.7 million was led by Johan Hernmarck via his investment company Provider Investment, former investors in Tradera, Payson, Yubico and DoubleClick, David Brudö, co-founders of Fyndiq, Fredrik Cardelius and Propel Capital. Johan Hernmark sees great potential for the company going forward.
– Panprices has been on my radar for a while thanks to their value-creating offering to both consumers and e-retailers. As we move towards an increasingly digitalized world, I see great potential in a marketplace that makes e-commerce across national borders both smooth and secure. Panprices has in a short time attracted a strong customer segment and I am very much looking forward to following the company in their next growth phase.Johan Hernmarck, founder of Provider Investment
The Panprices marketplace was founded with a vision to make it easier for people to shop smoothly and safely across national borders. Today, consumers can compare prices and shop securely from over 8,000 certified European e-retailers through the marketplace.
Panprice offers a price guarantee, a smooth shopping experience, shipping and secure payment via direct cash on its own site. Well-known retailers such as eBay, German Otto, French fnac and Amazon are all available through the service. Panprices was founded in 2018 in Sweden by Tom Dickson, Nathalie Minder, Don Truong and Magnus Agervald.
Read more at www.panprices.com (SE)