Citymart.com, the world’s leading marketplace for cities today announces an investment deal with Norwegian investor Tharald Nustad through his investment company Plastillin. The deal, which values the company upwards of $3M, is designed to secure the next phase of growth and development as well as the long-term independence of the marketplace by a deal equally emphasizing governance, social impact as well as solid opportunities for return.
Citymart.com follows the vision of helping 557,000 global city and local governments to use their spending and regulatory powers to greater effect for the good of citizens around the world. This is achieved by building a fair and open marketplace connecting cities, vendors, organizations and citizens. Citymart.com counts 50+ global cities as its customers, such as San Francisco, London, Lagos, Barcelona, Fukuoka and Moscow.
Citymart.com founders Jakob H Rasmussen and Sascha Haselmayer welcomed the deal which concluded a fundraising process which exceeds the general pattern of startup-to-venture investment seen in most markets. Through a rigorous process of identifying an investor who, in addition to interests to invest in a venture, is also committed to helping secure the venture’s social impact, the independence of the marketplace and scalable growth are secured. As an Ashoka Support Network member, Tharald Nustad was drawn to the investment opportunity because the partnership with Citymart.com represented a commitment to social impact, company viability and venture growth which is being fostered by leading social entrepreneurs that are alleviating a major challenge effecting cities, governments and citizens worldwide.
Ashoka, the world’s largest organization of leading social entrepreneurs and changemakers, played a key role in matching the investment needs of Citymart.com with a social impact-oriented investor and member of Ashoka Support Network – a global network of successful business leaders focused on changing the world with changemakers.
The investment of $1M will give Tharald Nustad an equal share to Citymart.com’s founders, who are committed to a common social impact purpose. It will also enable the creation of an independent conflict-resolution organization that will protect the marketplace from conflicts of interest and manipulation, as well as help Citymart.com to further develop its online tools (e.g. localization functions, project validation systems), which have been adopted by 25 global cities to date and are revolutionizing the accessibility of public contracts for SMEs and start-ups.
Citymart.com will use the investment to further develop its online tools such as localization functions, the validation system for project references, today adopted by 25 global cities that revolutionizes access to public contracts for SMEs and start-ups. Further, Citymart.com will extend its program of strategic partnerships such as the 2-year partnership with Moscow announced in November that will help reform the $25 billion annual procurement process in the city.
Citymart.com helps cities collaborate and share in new and highly scalable ways providing technology platforms, methods and policies that to-date have helped create the world’s largest catalogue of high-impact urban and social innovations; the adoption of common reporting standards on sustainability.
Citymart.com has shown that local government procurement and regulation could be made at least 10% more effective by adopting more open opportunity or problem based approaches and providing fairer access to opportunities to new ideas, approaches and businesses.
Founded in 2011, Citymart.com is based in Barcelona and Copenhagen and counts more than 50 global cities among its clients, discovering more than 10,000 solutions to city challenges in the past 3 years. With more than 1,200 social and urban innovations published by providers around the world in the Citymart Showcase, the platform constitutes the most complete global catalogue of solutions for cities today. 39 urban deployments initiated by Citymart.com reach more than 33.5 million citizens in global cities such as Lagos, Barcelona, San Francisco or Boston today, notably improving access to open data, tourist experiences, road quality or urban energy and lighting systems.
About Plastilin A/S
Plastilin AS is a private investment firm working with startups in the fields of digital technology and communications. Our philosophy is that a great idea needs to be supported by good values, positive organizational culture and capable management to achieve success in business. It is essential that we understand the technology, concept, organization and industry for us to add value to the venture we invest in. We engage in strategic development of the portfolio companies in addition to capital.
Tharald Nustad is a Norwegian private investor and main owner of the investment firm Plastilin A/S. He has been an entrepreneur in several tech startups and is actively engaged in all the portfolio companies of Plastilin. Tharald is also a member of The Ashoka Support Network Scandinavia.