Stack by me lost NOK 10.7 million in 2025 and halved its revenues. The company now wants to raise up to 20 million through crowdfunding on Republic Europe. The campaign has not opened, and the last completed round brought in about nine million.
Caption: Madeleine Bjørnestad Røed founded Stack by me in 2020. She is now turning to an international platform to raise capital.
Stack by me has funded its growth with small savers. The company has raised money four times since 2021, twice through crowdfunding on Folkeinvest. It is now aiming for a fifth round, this time on Republic Europe — an international crowdfunding platform that has not taken on Norwegian companies before.
The company lost NOK 10.7 million in 2025, and revenues were halved, according to Finanswatch. These are the heaviest figures the company has reported.
They contrast with the growth picture the company itself has presented to investors. In February 2026, Stack told potential subscribers that operating revenues from funds, advisory and brokerage were up more than 400 per cent from the year before, without giving the levels. The Republic page now states 170 per cent revenue growth year to date. Absolute revenue figures are given in neither place.
The first round came in the autumn of 2021, when founders Madeleine Bjørnestad Røed and Christine Kvaalen raised NOK 3.5 million at a valuation of 20 million.
In December 2022, the company raised NOK 10 million on Folkeinvest from 386 investors, with Iterate as the largest investor. The campaign hit its six million minimum within the first day and was fully subscribed in the closing stretch.
In March 2025, a further round on the same platform ended at NOK 10.6 million from 571 subscriptions. 24sevenoffice founder Stian Rustad came in with around one million kroner through the Swedish company Done AI.
In February 2026, the company announced a share issue of NOK 6 million, with 1.7 million committed through 54 subscription forms when the invitation went out. Sweden's Aggregate Media Fund was lead investor. That round ended at around nine million, Bjørnestad Røed says in an email to users. It remains the most recent completed raise.
The company is now aiming for up to 20 million. The amount has not been raised, and the campaign on Republic Europe has not opened for subscription. The company describes it as an extension of the same round that closed in the winter.
Stack came across Republic through the TNA programme it took part in during the spring of 2026. The platform runs comparable campaigns in Sweden and Denmark but has not operated in Norway.
"The problem was that Republic did not work in Norway — until now. We will be one of the first deals for Republic in Norway," Bjørnestad Røed writes.
Republic Europe is operated by Seedrs Limited, regulated by the UK Financial Conduct Authority. The Stack campaign was approved as a financial promotion on 3 September 2026. In its approval, Republic notes that factual claims are documented by the company itself and not audited by the platform, and that pricing and amounts are set by the company.
The campaign page is currently marked "Coming Soon". Those who join the priority list are notified when the campaign opens and can invest before it becomes publicly available. Republic then holds the shares on investors' behalf in its own portal.
The page also carries the mandatory risk warning for this type of investment: that you should not invest unless you are prepared to lose the entire amount, and that protection is limited if something goes wrong.
After the December 2022 round, the company was valued at NOK 60 million post-money. In March 2025, the valuation stood at NOK 72.1 million pre-money.
That is a rise of about twelve million kroner over just over two years. The valuation for the planned Republic round has not been disclosed.
Back in 2022, Bjørnestad Røed was asked whether the pricing was high, after Storebrand bought rival Kron for NOK 400 million. She replied that it was not about where the company was then, but where it was going.
When the round was fully subscribed in December 2022, the app had almost 5,500 users. The plan was to pass 40,000 during 2024.
In February 2026, the company reported over 25,000 registered users and more than 8,000 active app users in the previous 30 days. The Republic page now states over 30,000 users, more than 5,000 investing customers and over NOK 240 million under management. In the email, Bjørnestad Røed gives over 31,000 users and around NOK 245 million invested.
Fund customers are flat between the two most recent data points: over 5,000 in February 2026, over 5,000 investing customers now.
"Now we need more gunpowder to be able to invest in Sweden," Bjørnestad Røed writes of the new raise.
Sweden has been the reason before. During the Folkeinvest round in March 2025, she said the Swedish push, paused the previous autumn, would resume if the round passed ten million kroner. It did. In February 2026, the company said Sweden and crypto would launch during the second quarter. In the email now, she writes that the company is live in both Norway and Sweden.
The money is also earmarked for a better investment platform, more products, more artificial intelligence and continued growth in Europe.
Sources: Stack by me, Republic Europe, Finanswatch, Kaupr, Shifter, BankShift
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