Auk is priced at 138 million after the new issue

In 2022, Auk went on a real sales spree and the following year introduced a completely new driving plan, which has obviously yielded results.

Last year, the company increased the turnover of the automatic plant grower from NOK 18 to 41 million, and earlier this year predicted a tripling in 2024.

In 2023, Auk also raised NOK 20 million via crowdfunding, and now they are again filling up the cash reserves with a similar amount.

This time there are existing shareholders, including MP Pensjon, and several of the small investors from last year’s campaign, who are contributing in a round of NOK 20 million.

The valuation of the company is now NOK 138 million after the issue.

– Now we step on the gas even harder, says the Auk boss Didrik Dimmen to Shifter.

He says that they wanted security given increased production costs this year, and that they plan to grow the organisation.

– We didn’t lack money, but building a business at the speed we’re working at now costs money. The world is not very stable during the day either, so having a little extra this year is very good, says Dimmen.

Launched new product

Auk recently launched Auk Mini, a product in great demand from customers, according to Dimmen.

The slightly more affordable product has the same functions as the original planter, but is packaged in a more compact design.

– By launching Auk Mini, we want to make the cultivation of herbs and vegetables accessible to everyone, regardless of green fingers or bench space, says Dimmen.

On the same evening as the launch, according to the boss, they sold “many hundreds”, mainly in Norway.

But sales are not limited to the domestic market, he continues.

Auk Mini is also being launched in the US, UK and EU, on the same lines as the larger variant.

– This is an insanely exciting step forward on the journey towards becoming the world’s leading brand in home cultivation, says Dimmen.

– 50/50 Auk 1 and Auk Mini?

– We have no idea, but our internal “bet” on sales is 85 per cent Auk Mini and 15 per cent Auk 1, so the inventory will follow accordingly, he says and adds:

– It’s a bit funny, because before the customers buy they want smaller, and after buying they want bigger. That has been the feedback and our mantra with Auk 1.