Norban, the Malmö based digital brokerage for home owners, is reported to have raised € 1.7 million (SEK 17.5 million) at a € 4.8 million (SEK 50 million) valuation. The investors include Johan Tjärnberg (founder of fintech startup Bambora) and David Hedman (from Sneakers & Stuff, WESC)
Norban, founded by Adrian Miller and Per Hedenmark, is challenging the traditional real estate market by combining its own “pre-market” marketplace with a tech-enabled brokerage. The startup enables homeowners to list their home via the Norban app and immediately gain interest and followers. On top of that Norbans own brokers and photographers develop the listing at no cost
The startup has gotten some traction. It launched in Helsingborg first, one of Swedens hottest real estate markets, and has since then expanded. During 2020 home prices have continued to rise in Sweden, and Norban launched in Malmö right during the Corona cirsis in April. There is has already onboarded 300 homes (of it’s 1200 total), during these 6 month. The startup is currently active in besides in Helsingborg and Malmö also in Stockholm and Lund.
The startups business modell is a fixed commision of SEK 30 000 for each sold house. If it is sold on their own app, then the buyer pays the commission, instead of the seller. Norban says it has reached SEK 3 million (€ 290 000 ) in commisions this year so far.
You can read more over at DIgital.