property
Managing director and founder Risul Islam believes it is a big loss for customers, and the company will continue operations until further notice.
In the good times: Ola Leithe Svalheim in DNB Ventures (from left) together with founders Risul Islam and Christian Wierød in Unite Living. Photo: Stig B. Fiksdal, DNB Nyheter
– I won’t hide that there are a lot of emotions going around right now. This is one of the worst things I have experienced in my entire life. It is particularly difficult considering that the many great employees who have given EVERYTHING for our customers, writes Risul Islam in a message to Shifter.
On Wednesday, Shifter referred to the crisis letter that Unite Living had sent to investors and customers. In an article in E24 it emerged that the company had explored various possibilities for financing, but that it was now over if fresh capital did not come in.
The board had set a deadline of the next 24 hours to get the money in place, and chairman Gunnar Kapstad pointed out to Shifter that it was out of the question to continue at the creditor’s expense.
– I think our product (v2 which was launched earlier this year), from a design and architecture perspective, is the best on the market, and it will be a big loss for our customers if it is discontinued, comments Risul Islam.
Want to continue
Despite a number of capital-strong investors on the ownership side, including Pareto and DNB, the intense search for a solution has not been successful.
– A tender has now been announced in the company, to the Oslo District Court, which will appoint a trustee/new board, Kapstad informs Shifter.
Despite the company being shut down, it continues to operate.
– We have said that the operation is currently not suspended for the sake of the customers and asked the district court/executor to prioritize the case in order to improve the opportunities for the various stakeholders in the company, continues Kapstad.
Unite Living operates digital solutions such as invoicing and entering into contracts for landlords, and has, among others, Selvaag Utleie, Sem & Johnsen and Utleiehjelpen as customers. With the solution of continuing operations, there is perhaps a hope that a buyer of the estate will be able to take the company on.
Missing millions
According to the article at E24, the company needed NOK 14 million to continue. The existing investors Pareto Bolig and DNB Ventures offered financing until August 2024, but the offer contained conditions that Unite Living’s management was not willing to agree to.
– Why did you decline this investment offer?
– Unfortunately, I have no further comment at this time, replies Unite Living manager Risul Islam.
In the autumn of 2021, we wrote here in Shifter that the company should build an “international digital standard for housing rental”. This year’s NOK six million in annual subscription income, the founders expected to multiply within three years.
The investors who will lose their money, if Unite Living fails, are, in addition to DNB Ventures and Pareto Bolig, among others the skiing legend Bjørn Dæhlie through his investment company Sisa Invest.
2023-09-15 09:47:34
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