With this latest funding round Tjommi has raised more than 10 MNOK in total from investors like Petter Stordalen, Tinius Trust and Vækstfonden Venture, and is now set to speed up their growth strategy.
Tjommi set for growth after raising 5,6 MNOK in smart funding
Henrik founded Tjommi in 2018 while studying at BI Norwegian Business School. While still finishing his degree, he joined the NCE Finance Innovation incubator and built a solution that automatically gives users a refund if something you've bought gets a price reduction (prisgaranti). From the get-go, Tjommi has grown from 1 to 8 employees, and attracted a lot of attention - and funding.
Petter Stordalens VC fund Strawberry was amongst the first investors to buy in on the idea, investing 1,5 MNOK to develop the company further after meeting heavy push-back from retailers. After a challenging year in 2020, Tjommi has now succeeded in raising another 5,6 MNOK with a post money valuation of 25 MNOK.
We had a chat with Henrik and asked him about his future plans for Tjommi:
Can you tell us what 2020 was like for Tjommi?
We moved to Copenhagen in the start of February, and then Covid-19 hit us just the month after. Needless to say, the combination of being new to a country with everything shutting down was anything but ideal. Luckily the pandemic has reinforced everyones focus on e-commerce, which is exactly the market we're aiming for. The fundraising process has also been challenging, as everything had to be done digitally. Looking back on it all I would say it has been a difficult, but also very much a great experience.
What are your plans going forward, and how will you use the funding?
The money will be spent to grow in both the Norwegian and Danish Market. Throughout 2020 we've worked hard to develop our product before entering a growth phase. This strategy has resulted in a rework of the whole app, and in doing so we've made every process automatic.
Will the investors contribute with more than "just" funding?
Every investor contributes with more than just money. This is something we've been actively focusing on, and we now have both the funding and the right competences on board to succeed with Tjommi.
List of the most recent investors:
- Terje Seljeseth from Tinius Trust joins the Board. He is also known as the founder of Finn.no
- Sean Percival from Spring Capital joins as a marketing advisor. Han was earlier the CMO of Myspace
- VF Venture has entered Jesper Hart Hansen og Mathias Kaasgaard as Observers of the Board.
- Mathias Mønested who is the former Co-founder of Too Good To Go becomes part of Tjommi's Advisory Board
- Lars Jepsen becomes Head of the Board