Nelly-gründer på Norge-jakt

Jarno Vanhatapio, a Swedish entrepreneur, is back in Norway after stepping away from the business world a few years ago. He recently visited Oslo to scout potential investments in the Norwegian e-commerce sector. Vanhatapio is known for founding Nelly in 2003 and Na-kd in 2015, two clothing e-commerce stores that generate billions of kroner in revenue each.

Vanhatapio believes Norwegian e-commerce is entering a new era of optimism and opportunity, similar to the Klondike gold rush of the late 1800s. He points out two Norwegian e-commerce companies, Villoid and Db, which have grown to generate 500 and 400 million kroner in revenue. Vanhatapio is optimistic about the potential for Norwegian e-commerce to create success, unlike in the past when many businesses struggled to reach even 50 million in revenue.

The entrepreneur's return to Norway is fueled by his interest in the technology advancements, particularly artificial intelligence (AI), which can boost revenue while reducing costs. Vanhatapio is using Vetted Assets, a company he co-founded and now serves as a general partner, to acquire smaller e-commerce businesses, help them grow, and then sell them off.

Currently, Vanhatapio is looking for his third, fourth, and fifth investments, targeting companies with revenues between 30 and 100 million kroner. These companies should ideally have their own brand and be able to ship globally.

Vanhatapio appreciates Norwegian founders and their mentalities, but he notes that capital access can be more challenging in the early stages for Norwegian businesses compared to Sweden. This is due to factors like income tax and other regulations. He believes there are many more angel investors - individuals who invest their own money in early-stage businesses - in Norway.

Business expert Thomas Moen agrees with Vanhatapio's assessment. He points out that while there have been many successful success stories in Norwegian e-commerce, many investors are still hesitant to pour money into early-stage businesses due to the lack of capital. Moen is positive about the development of the Norwegian e-commerce sector and believes there are many more founders willing to start businesses but are hindered by a lack of capital.