Dutch-based marketplace Catawiki reported a loss of $13.7 million U.S. in 2018 on a turnover of $50 million U.S. This comes on the tail of several years of losses, which has significantly reduced the company’s capital.
Catawiki raised $96 million U.S. in funding from NOM, Accel and Lead Edge Capital in 2014 and 2015, which it used to expand further into Europe. While these injections led the company to post equity of $69 million U.S. in 2015, it had dwindled to $12.2 million U.S. by 2018.
In response, the company shook up its leadership last year, bringing on Ravi Vora, formerly of Flipkart, as chief marketing officer. And, in May, the company’s supervisory board saw the departure of its founder, Marco Jansen, along with managers from NOM and Lead Edge, though the latter maintained a spot on the board.
NOM, a major shareholder in Catawiki, acknowledged that the company has gone through a difficult period, but said that the problems have since been resolved by the change in course. For its part, Catawiki asserts that it is approaching sustainable profitability.
“The last four months of this year we have achieved a growth of 25 to 30%. Catawiki is a strong, healthy and fast-growing company in a market with a lot of potential,” the company said in its 2018 annual report, pointing to a planned $56 million U.S. investment next year.