eEquity, Bonnier Ventures sell Refunder to trade

According to Dagens Industri, the deal is worth around SEK 200m (€19.8m). eEquity said in a statement that it achieved a multiple of 3-5x on the transaction. 

Top Online Partners Group, which owns brands including TopCashback, initially acquired a large minority stake and will gradually take over 100% of the business within a three-year period.

eEquity exits the company three years after acquiring a stake, while Bonnier invested in the company in 2014.  

In 2016, Refunder raised SEK 37m in funding from the two investors, with Bonnier increasing its stake in the company to 49%.  

According to the GP, the company is now three times larger in terms of revenues, which had a SEK 23m turnover in 2017.

Refunder CEO and co-founder Fredrik Ohlsson said in a statement that becoming part of the TopCashback group would allow it to attract more high-end merchants to its platform and improve its product offering.

Company
Founded in 2014 and based in Stockholm, Refunder is a cashback provider with more than 600,000 members in Sweden and around 1,000 retailers as customers on its website. Since 2018, the company has also operated in Poland. The company has fewer than 50 staff. 

People
Refunder – Fredrik Ohlsson (CEO, co-founder).
eEquity – Magnus Wiberg (managing partner).
Bonnier Ventures – Ulrika Saxon (CEO).

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