Radinn, the electric surfboard startup based in Malmo, has filed for bankruptcy. Despite attracting significant venture capital over its ten-year existence and making bold claims about its future, Radinn’s losses have continued to grow each year.
This move has resulted in notable investors such as Dan Olofsson losing their stakes in the company.
Radinn was founded in 2013 by Philip Werner, a sports enthusiast and economics student at Lund University, who had the idea to equip a wakeboard with an electric motor. The company began selling the boards in 2016, but Werner left the company that same year due to a dispute with the then-CEO Alexander Lind and started a competing firm called Awake, which sells a more expensive electric surfboard. Radinn’s current leadership, with CEO Mathias Bergman and Vice CEO Calle Håkansson, took over in 2018. They had a past experience from bello.se and hittahem.se.
“It is unfortunate that Radinn couldn’t boost its sales. The owners have financed negative cash flows for several years, but there comes a point when these opportunities are no longer available.”Dan Olfosson told Rapidus
Rapidus reports that Radinn generated over €11 million in revenue 2022, but still had losses, which in 2022 where also around €11 million.
It is reported that Radinn’s management hopes that a new owner will see value in the company, particularly in its significant inventory and proprietary technology.