Evendo Incubator enters first joint venture agreement
Evendo Incubator, growth accelerator in the Evendo group, has entered a joint venture agreement to operate Evendo in Denmark. The company expects to further accelerate international expansion through similar agreements, of which more are under negotiation.
Evendo Incubator, a 100% owned subsidiary, was founded in May 2018, with the purpose of further accelerating expansion into new territories. It utilizes a unique incubation model with benefit of scale and optimum sharing of best practices across markets. Evendo provides the necessary infrastructure, training etc. while local entrepreneurs take responsibility for building and operating the market, and local investors for funding it.
Evendo Incubator retains a non-dilutable majority stake in each market and in return provides a guarantee to acquire all shares after a minimum of 2 and maximum of 5 years. This effectively guarantees an exit for the local investors, making it an extraordinary investment case. In addition, Evendo Incubator receives royalties of sales under each agreement, wherefore the addition of Incubator markets will further add to the groups consolidated earnings.
“We see significant potential accelerating our growth beyond Metropolitan areas, by teaming up with local entrepreneurs and investors.”, says Kasper Larsen, CEO of Evendo AB. “They possess the local knowledge, drive and network, to reach profitable operation fast and efficient.”
Evendo’s incubation programme runs in parallel with the general roll-out plan, focusing on larger metropolitan areas – such as London, United Kingdom. As an added acceleration to the already planned expansion, Evendo expect to enter a handful similar incubation agreements during the next 12 months, significantly contributing to the company’s overall market position.
The agreement for Denmark has been made with Torben Aagaard – an experienced entrepreneur, with more than 30 years of experience in the IT and event industry. Joining him is a group of local investors, and a dedicated operations team.
“The successful test launch in Denmark shows Evendo’s huge potential. “, says Torben Aagaard, and continues “We have initially secured funding for first 12 months of operation – but, despite the relatively small market, expect to see positive earnings much faster than that.”
As part of the agreement, which have effective date today, August 15, 2018, Evendo Danmark takes over the more than 350 active suppliers and 1.500 products from the Danish test launch.
“The response has been entirely positive from all sides. I cannot wait to get started!”, ends Torben Aagaard.
Contact
For information about Evendo Danmark, please contact Torben Aagaard, taa@evendo.com, phone +45 2710777
For information about Evendo Incubator and Evendo in general, please contact CEO Kasper Larsen, kkl@evendo.com, phone +45 28839201
Visit http://www.evendo.com to see the inventory, and http://about.evendo.com to learn more about Evendo.
About Torben Aagaard
Experienced entrepreneur with more than 30 years of experience in the IT and event industry. From top management positions in a number of tech companies to consulting start-ups with strategy, funding and execution. Torben is a true entrepreneur with a strong focus on results and momentum – and with a strong network especially in the Scandinavian region.
About Evendo
Evendo redefines the way we plan and do events. Think “Booking.com for events” with a built-in planning tool on top, and an app-based assistant guiding participants through the actual events. With Evendo, customers will find anything they need for their event – from venues to a wide variety of activities - all of which can be booked directly across a large base of suppliers.
Evendo has been testing the Danish market since August 2016. During this period, Evendo has easily become the largest and fastest-growing event portal in Denmark with an impressive customer-base and a rapid increase in market positioning. During the first year of operations, more than 50,000 event experiences were booked through Evendo.
Evendo is the world’s first end-to-end event platform, facilitating effortless planning, streamlined booking, and the seamless execution of events, through its innovative and intuitive design. There is currently no identifiable match or competition to Evendo worldwide.
Evendo was founded in 2015 by experienced entrepreneurs with several international success stories – including the Sitecore growth phenomenon, recently acquired by EQT for more than €1 billion.
For more information, please visit http://about.evendo.com