Techbuddy Concert Troupe – which bought competitor Taskrunner last year – wants to raise SEK 12 million through a new issue and will make it a valuation of SEK 25 million, according to a press release.
The new valuation represents just a quarter of Techbuddy’s valuation in 2019, when Techbuddy Partners Sweden, also known as TB Partners, increased its ownership stake.
TB Partners, which owns 5.2% of Techbuddy, has the right to participate in a new issue for existing shareholders, but has chosen not to.
“TB Partners’ board of directors has acknowledged the conditions for the issuance pending in Techbuddy and has decided that TB Partners will not participate in the issuance,” writes the company, which motivates the decision as follows:
“The board’s decision is motivated by the fact that the specified schedule is too short to have time to run an issue in Partners and then enroll in the Techbuddy issue.”
Techbuddy is a company that connects freelancers with individuals and businesses in need of technical support. The company was founded by Tahero Nori and launched its service in Sweden in 2016. Last year, the company reported revenue of SEK 14.1 million, down from SEK 16.6 million a year earlier. The company’s result came in at minus 7.3 million crowns after being around minus 9 million in 2020.
