Swedish Portal Boneo Sees Revenue Increase 10% But Still A Long Way Off Rival Hemnet

According to a press release from Boneo, the Swedish real estate portal saw a 10% increase in revenue to SEK30 million ($2.9 million U.S.) in 2022. However, the company also noted that the market conditions were challenging due to a sharp rise in interest rates.

While the company did not disclose its losses for 2022, it did report a loss of SEK1.6 million in 2021.

Despite the difficulties faced in 2022, Boneo's CEO, Fredrik Engdahl, has set a 30% revenue growth target for 2023. The growth is expected to be driven by the increasing number of real estate brokers using the service.

Engdahl added that Boneo is planning to raise new capital to accelerate its growth and is also expected to become profitable this year as it plans to introduce a new feature called "Sell Temp" to help sellers determine the level of interest in their property.

Boneo was launched in 2020 by several large brokerage firms to take on the dominant Swedish portal Hemnet.