– I am now moving to London to collect a large funding round. I am totally convinced that Tjommi will be Norway’s next unicorn, said Henrik Johannessen (26), founder and managing director of the price hunting app Tjommi to Finansavisen in January.
Now the chairman of Tjommi, Jesper Jarlbæk, confirms that the board decided on Saturday to declare the company bankrupt, according to Shifter.
Since its inception in 2018, the Tjommi app has trawled the web to find price changes so that the customer would get the price difference back against 25 per cent finder’s pay for Tjommi.
Finansavisen wrote in June 2022 that the founders in Tjommi obtained NOK 11 million in fresh capital from Petter Stordalen and other investors.
At the start of 2023, the plan was to raise an additional NOK 50 million at a valuation of around NOK 250 million, i.e. more than four times the previous valuation. But it must not have been as simple as first thought.
– It has been a difficult period. In our last round of capital raising, everything was difficult, but since the last time we have brought in more talented employees and put together a competent board. That’s why it’s faster now, the entrepreneur admitted to Finansavisen in April.
Owners in Tjommi ApS (Danish parent company)
Nocap Holding AS (founder, Henrik Johannessen) – 45%
Strawberry Capital AS (Petter Stordalen) – 13%
Nordic Makers ApS (Lars Fløe Nielsen, founder of Sitecore – 13%
Earlbook Holdings A/S (Jesper Jarlbæk, formerly Deloitte) – 6%
Andre – 23 %
Be the hook on the door
Now, however, it is clear that the Danish parent company has tried to find solutions to an acute lack of funding since February 2023, but that they have not succeeded, the Norwegian company’s trustee, Atle Birkeland, tells Shifter.
At the beginning of June, the company applied for reconstruction with the Danish authorities, but even this could not save the company, which, among other things, owes fees to board members and has unpaid holiday pay as part of its short-term debt of 320,000 Danish kroner.
Tjommi ApS, the Danish parent company, had DKK 422,000 in cash at the end of June, but the company also had long-term debt in the form of a convertible loan to Danmarks Eksport- og Investeringsfond (EIFO) of DKK 5.3 million, according to Shifter.
The company also had a debt to the Norwegian subsidiary of 2.6 million due in 2024. This was to cover a loan the company had to Innovation Norway.
Last year Tjommi had a turnover of NOK 800,000, with a profit before tax of NOK 6.9 million due to the financial income.
The probate meeting is scheduled for 25 July in the Danish probate court, while in Norway it is 14 September in the Hordaland district court.
2023-07-20 12:31:49
#Norways #unicorn #bankrupt
