Skagerak Capital is successfully exiting portfolio company, Sharebox, after a structured exit process with a number of bidders. This exit underscores our commitment to building robust growth companies that achieve international success and deliver returns for our investors.
Skagerak Capital has been an investor in Sharebox since 2019, when the company had revenue of 2.8 MNOK. Since then, Sharebox has grown substantially, reaching over 72.5 MNOK in revenue in 2023, with continued growth into 2024.
Leif Arne Dalane, CTO and co-founder of Sharebox, highlights the advantage of having a leading investor like Skagerak Capital onboard, who has been part of many growth journeys before.
Over the years, Sharebox has achieved a leading international position in digital customer journey solutions for car handovers within automotive and mobility companies. The client list includes several global car rental brands and car manufacturers, as well as reputable car dealerships and car workshops. Skagerak Capital has been the largest investor in the company, with partner Andreas Eskeland serving as Chair of the Board.
As of July 15th 2024, Sharebox sold to Fleetback, an international company based in Luxembourg that specializes in developing digital solutions for the automotive industry. Sharebox will continue to operate as an independent brand, with ambitions to further grow and leverage synergies with Fleetback. The headquarter in Arendal, Norway, will remain, as well as and the local workplaces.
Sharebox was founded in 2016 with the initial idea of simplifying key handovers between Airbnb rental hosts and guests. The company placed key boxes at retail stores. When Skagerak Capital invested in 2019, the company's strategy shifted to the B2B market, aiming to develop comprehensive customer journey solutions. The Airbnb solution was sold to a competitor shortly thereafter.
"The growth and strategy have required funding, and it's hard to imagine that the company could have achieved such substantial value creation and growth without investor capital. I'm glad to see that our investors in Skagerak Capital and investors directly in the company have a great journey", says Andreas Eskeland. However, he refrains from commenting on the valuation of Sharebox due to confidentiality.
Sharebox's digital solution performs similar tasks to a customer service representative, including ID checks, driver's license verification, payment processing, paperwork handling, and car key handovers. The solution integrates with customer systems and communicates with car owners and car renters. Today Sharebox delivers a best-in-class customer experience into one place, by providing a complete and secure solution through self-service kiosks and a suite of innovative solutions. This strategic shift and solid growth have required significant capital, with the company raising external funds annually in recent years. Skagerak Capital has led these funding rounds.
"We have had a close and productive collaboration with Skagerak Capital and Andreas both as an investor and Chair of the Board. There have been many tough discussions late at night, during holidays, and other times when work has been quieter, allowing us to discuss the company's strategy and direction" says CEO and founder Arne Eivind Andersen. Andersen also confirms that the exit leaves him and his family with a substantial sum of money, alongside other shareholders.
Eskeland is impressed by the work and dedication by the founders and the rest of the organization. "Every growth journey is unique, and different obstacles must be overcome each time to succeed. The common denominator is that it requires hard work, extreme customer focus, scalability at all levels, and everyone pulling in the same, agreed direction," says Eskeland.
"It's very positive for the entrepreneurial ecosystem that a scaleup hits a large market, manages to finance growth, succeeds internationally, and provides a good journey for founders and investors. We must cheer for those who succeed and learn from success stories so that they can contribute to more successes," concludes Eskeland.