It’s been a busy time for Amsterdam-based TBAuctions as of late. Announced today, the online auction platform now has a new shareholder in Summa Equity as well as not one, but three new companies under the umbrella.
If you’ve been paying attention for the past few weeks now, Summa is clearly setting a pace. After dropping jaws with the announcement of a €2.3 billion fund in January, the 1st of March saw the company’s investment in financial crime fighter Intix, nine days later, smart energy provider Tibber, and now pan-European second-hand and second chance goods auction platform TBAuctions.
Counting over 13,000 auctions/2.75 million lots per year and over 10 million website visits per month, TBAuction’s offer directly addresses SDG #12 by facilitating the reuse and re-commerce of goods thus extending their lifetime. Likewise, with less “new” produced, fewer resources are depleted and less energy is used in the consumption cycle.
Addressing SDG #16, and further adding to Summa’s Intix investment value, TBAuctions is combating illegal money flows, specifically sub-targets #16.4 and #16.5, and last, but certainly not least, SDG #13, climate action, is indirectly addressed via the circular economy approach.
Announced in tandem with Summa’s investment, TBAuctions is carrying on with the acquisition spree, and as of today now counts Swedish auction platform PS Auction and the Norwegian auction platform Auksjonen.no, and appraiser Bjarøy AS, both part of Bjarøy Gruppen, as family members.
Since November of 2021, TBAuctions has launched an ambitious growth plan to establish a physical presence in no less than 10 European markets. In November of 2021, the company purchased Belgium’s Vavato, and in January British Medical Auctions was added to the group.
Summa Equity now joins Luxembourg-based Castik Capital as a co-investor in TBAuctions. The exact amount of the investment was not disclosed.
“Summa is excited to partner with the TBAuction team together with Castik to accelerate the reused goods market through online auctions. We are impressed by the team’s journey and their purpose “nothing of value should be lost” – leveraging technology to provide a sustainable alternative to purchase new goods,” commented Summa Equity’s Michael Vollset.