Weekly News Roundup
1. Swedish-Norwegian car sharing company Move About set for IPO – Dagens industri
The car sharing company Move About is aiming for the stock market – and Europe. Starting February 23, the company’s shares will be traded on Nasdaq’s First North list. “We know that growth costs money and access to more money through a stock exchange is a good way to do it”, their CEO said.
“Our target group today is about 80 percent companies and municipalities, which means a fixed income per car and month. That has given us a good cost base. And we have the opportunity to offer the cars to private individuals at times when they are not in use.”
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2. Splendid Spoon scoops $12 million for subscription plant-based meal delivery expansion – Green Queen
The American plant-based meal subscription player Splendid Spoon has announced a successful Series B funding round totalling $12 million. The new funding is earmarked for wider distribution and product line evolution.
“Industry reports claim that the online meal delivery market will reach $7 billion by the close of 2022. This is before it triples in the five years up to 2027. Combined with a surge in plant-based curiosity and post-pandemic health concerns, meat-free meal delivery services are proving popular, especially for consumers looking for convenience.”
3. “Furniture-as-a-service” company Beleco receives funding and will expand in the Nordic region – Dagens industri
The furniture rental company Beleco is offering a furniture subscription in Sweden since 2018. With a fresh 20 MSEK in funding, Beleco will start a Nordic expansion later this year.
“Beleco currently has over 400 corporate customers in Sweden, including Kry, Budbee and Pleo. They are offered solutions for offices, as well as flexible and scalable home offices, through Beleco Workspace.”
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4. New York-based diet app reaches $62 million settlement over automatic subscription renewals – Reuters
Noom Inc has reached a $62 million settlement of a lawsuit accusing the weight loss app provider of tricking customers into signing up for “risk-free” trial periods only to force them into automatic, costly renewals that were difficult to cancel.
“Noon was accused of extracting up to eight months of nonrefundable payments totaling as much as $199 once its trial periods expired, saddling some customers with weight-loss services they never intended to buy. The New York-based company denied wrongdoing, and said its disclosures and cancellation process complied with the law.”
5. Subscription tech company Piano acquires SocialFlow – Axios
Piano, a subscription technology company that helps publishers monetize their websites, has acquired SocialFlow, a company that helps publishers monetize their social media content. Deal terms were not announced.
“SocialFlow has two businesses: one that focuses on organic social media marketing and the other that focuses on paid. Piano is increasingly getting into paid marketing as a subscription acquisition tool. The organic business will help Piano optimize the tools and data it offers to publishers to better engage potential subscribers on social media with free content.”
Weekly Analysis Roundup
1. New York Times is not the only publisher betting on games to solve subscription growth puzzle – Press Gazette
New York Times Wordle acquisition came shortly after The Telegraph added more puzzles to its weekend papers, while other publishers have been experimenting with brainteasers as a way to lock in paying readers or generate extra revenue. In the magazine sector in the UK there were 22 puzzle title launches last year, writes Press Gazette.
“Bauer [Media UK] said it had identified “a gap in the market for an audience who enjoy crosswords but whose needs are not currently met”. “We have seen a growth in the puzzle magazine market over the last year, especially in lockdown as consumers found comfort and engagement in print puzzles.”
2. The rise of the restaurant subscription revolution – Subscribed
Restaurant subscriptions may seem like an out-of-the-box solution, but they are proving to be an effective solution for brands of all sizes. A number of American restaurant chains such as Taco Bell, Panera and Caribou Coffee has added a subscription model in recent years, writes Subscribed.com.
“Subscriptions combine recurring income and brand involvement, as well as many loyalty methods. They, like streaming services, assist in extending the client life cycle, allowing brands the ability to charge a monthly fee that incentivizes customers to visit as frequently as possible.The best part about restaurant subscriptions is they can be relatively flexible for the brand.”
3. “Young girls are being fooled by beauty boxes” – Resumé
Unknown brands at sky-high prices. Beauty boxes are ever more popular, but the products can be fraudulent, writes Resumé in an investigative piece about Swedish beauty boxes.
“You can get better products for SEK 100 at Apoteket”. Johanna Gillbro. M.D. in dermatology, said.”
