Today Spintop Ventures announces that we’ve led an investment round in the circular app Tings, alongside Schibsted Ventures, FJ labs, Arkwright X, and TSIC. Tings bridges the physical and digital realms by establishing connections among consumers, brands, retailers, and third parties within a circular ecosystem.
As a consumer app designed for organizing receipts and product information, Tings facilitates the seamless integration of physical possessions into the digital landscape. Through the meticulous collection and cataloging of receipts, Tings leverages artificial intelligence to construct a comprehensive digital repository of users’ belongings. This, in turn, provides users with direct access to spare parts, repair services, and avenues for second-hand sales.
“The Tings app empowers users to become part of a circular ecosystem, aligning seamlessly with Spintop’s commitment to supporting entrepreneurs dedicated to building a long-term sustainable society,” says Peter Carlsson, partner at Spintop Ventures.
A collaboration with, among others, Fjällräven, IKEA, Eplehuset, and Anton Sport is already in place, and more players are on the way. According to founder Sondre Selbæk, the money from this round will go towards further development of existing services and the offer for customers.
“Our aim is to change the trade. It may sound ambitious, but with EU regulations in place, stores and brands are obliged to think more circularly, and more about repairs and second-hand sales than they do today. Tings makes it easier to meet the requirements we know are on their way,” says Sondre Selbæk, co-founder and CEO at Tings.
Spintop Ventures led the NOK 15 million investment round. The other investors are Schibsted Ventures, FJ Labs, Norwegian investor Arkwright X and TSIC.
Being a user of the Tings app is free and it currently has over 17,000 unique users. The company has 10 employees based in Oslo.