Stockholm, 2nd November 2021
eEquity AB, a Stockholm-based growth investor focusing on investments in digitally enabled businesses, announces the sale of price comparison website PriceRunner to Klarna, a leading retail global retail bank founded in Sweden. PriceRunner will bring new features in the form of product reviews, rich product discovery and price comparisons to the Klarna app to enhance the shopping, payments and banking experience for consumers globally.
eEquity invested in PriceRunner in early 2020 and Klarna will acquire PriceRunner at a valuation over SEK 9 billion, bringing eEquity’s total return on investment to over 15 times. Klarna will pay 40% of the price in cash and the rest with Klarna shares.
The acquisition is a strategic move by Klarna who in various ways wants to reshape itself from a bank to a broader shopping engine, with live shopping, inspiration and comparisons.
Magnus Wiberg, eEquity Managing Partner, comments: “It has been fantastic to have been involved with PriceRunner from inception as a Founder and now as an investor, and to be part of the tremendous growth of its product offering and customer base throughout this period. We believe Klarna to be a very well-matched partner for PriceRunner and look forward to seeing how the business will develop further over time under their ownership.”
David Fock, Klarna’s Chief Product Officer comments: “At Klarna we constantly strive to make the banking and payments experience the best it can be, empowering consumers from product discovery to paying in a way that suits them. The acquisition will serve to strengthen our bank, card and payment services and support a competitive global landscape. It also further cements that Klarna will not be a marketplace but a viable and competitive alternative for retail partners vs Amazon, Google and Facebook. The PriceRunner team is a talented, passionate group, which will be a perfect fit and we are excited about what we can achieve together.”
Mikael Lindahl, PriceRunner’s Chief Executive Officer
commented: “We have spent the last five years
rebuilding PriceRunner from scratch to create a best-in-class comparison
shopping service while helping retail partners improve their business. We see
Klarna as the ideal partner to accelerate growth and achieve our long-term
vision to become the most loved comparison shopping service in the world.”
For further information, please contact:
Magnus Wiberg, Managing Partner, eEquity – email@example.com
Aida Jammal, Investment Manager, eEquity – firstname.lastname@example.org
PriceRunner is the leading comparison shopping service in the Nordic region. It has businesses in Sweden, Denmark, Norway and the United Kingdom and compares 3.4 million products from 22,500 retailers in 25 countries. PriceRunner employs more than 170 people in Sweden, Denmark and Norway. Every month, PriceRunner is used by millions of consumers to compare products, offers, attributes and to take part in professional product tests and user reviews of products and retailers.
eEquity is a leading private equity firm
specialising in digitally enabled businesses, with
significant focus on global e-commerce across Northern Europe. Since 2010,
eEquity has led investments of over SEK 3 billion in over 30 companies across
four funds. eEquity typically enters partnerships with entrepreneur-led growth
businesses with potential to become global market leaders. The investors behind
eEquity are European Investment Fund (EIF), leading European family offices and
financial institutions. eEquity is led by Patrik Hedelin and Magnus Wiberg,
both experienced internet entrepreneurs.
With Klarna consumers can buy now and pay later, so they can get what they love today. Klarna’s offering to consumers and retailers include payments, social shopping, and personal finances. Over 250,000 retail partners, including H&M, IKEA, Expedia Group, Samsung, ASOS, Peloton, Abercrombie & Fitch, Nike and AliExpress have enabled Klarna’s innovative shopping experience online and in-store. Klarna is one of the most highly valued private fintechs globally with a valuation of $45.6 billion. Klarna was founded in 2005, has over 4,000 employees and is active in 17 countries. For more information, visit klarna.com.