Gire, a startup that organises and automates car relocations, has secured NOK 20 million in fresh equity at a valuation of just over NOK 200 million before the new capital. The company says it has turned a monthly profit for the first time in all four markets where it operates: Norway, Sweden, Denmark and the Netherlands. The improved monthly results were a factor when the company recently raised fresh equity from a group of Nordic investors.
Gire plans to use the new funding to push ahead with expansion across Europe. CEO Petter Hodne Steensland said the company must increase its growth rate if it is to continue growing and become a large player within a reasonable timeframe, underlining a sense of urgency about scaling the business.