DoneDeal secures significant international investor
Schibsted Media takes 50% share
TechTrade | 03 Oct 2011 :
Classifieds adverts website DoneDeal
has announced an investment deal with Norway's Schibsted Media Group that will see Schibsted take a stake of just over 50% in the company. Financial details related to the nature of the investment have not been disclosed by the company.
DoneDeal had revenues of slightly more than €3 million in the fiscal year that ended 30 April, 2011 and the business has seen a growth of 124% year on year. The company employs 10 staff at its offices in Wexford. As part of the deal, Fred Karlsson, co-founder of DoneDeal will continue in the management of the company and as a major shareholder in the business.
Founded in 2005 by Fred and Geraldine Karlsson, the business claims over 2 million unique visitors to its website every month. On average, 85,000 new items are advertised each month across 119 classified sections.
The Schibsted Media Group operates a specialist classified media division, which supports its growing network of online classifed sites across over 25 countries throughout the world.
Karlsson said: "Our new partnership with Schibsted will be very much based on providing collaborative synergies to work and learn from each other in providing an even better service and experience for our customers and will provide DoneDeal with a significant business partner that can support us in taking our business to the next level of growth that we now aspire to."