The Covid-19 lockdown has spurred a growth in sales at Dutch auction site Catawiki.com. As a result, an executive at the company announced that Catawiki expects to achieve profitability this year.
In the last five months, the company’s EBITDA margin was recorded at 13%, the result of a 34% increase in gross merchandise value. Much of Catawiki’s growth came from a surge in commissions on sales of watches, collectibles, art and design products.
This upward trend comes on the heels of strong performance in 2019. Last year, Catawiki’s net losses fell 63% to €4.6 million ($5.2 million U.S.), compared to €12.5 million ($14 million U.S.) in 2018. Net turnover increased 24% to €56.4 million.
In an interview with De Telegraaf, Catawiki’s chief commercial officer, Frederik de Beer, predicted that the company would turn a profit this year.
Founded in 2008, Catawiki operates auction sites across the globe. Its primary markets include Italy, France and the Netherlands, according to Emerce.
Catawiki has raised around $95 million U.S. in funding over four rounds. The marketplace’s primary competitor is EBay.