CDON
CDON AB is a publicly listed Nordic e-commerce marketplace headquartered in Stockholm, Sweden, aggregating thousands of third-party merchants and first-party inventory across electronics, gaming, mobile, beauty, home, and sports categories. It serves Nordic consumers via cdon.se, complemented by CDON+ membership, Retail Media, and an affiliate program.
- Company typePublic
- Founded1999
- HeadquartersMalmö, Sweden
- Headcount101–250
- GTM typeB2C
- OfferingDigital Commerce or Content
What CDON does
CDON AB is a publicly listed Nordic e-commerce marketplace (OTC: CDOAF; STO: CDON), headquartered in Stockholm with operational presence in the Helsingborg region of Sweden, the country's largest e-commerce cluster. The platform aggregates third-party merchants (Samarbetspartners) alongside first-party inventory across a broad assortment spanning electronics, gaming, mobile, beauty, home, garden, sports, toys, and media — distinguishing it from category-vertical pure-plays by offering breadth across dozens of categories on a single storefront at cdon.se and CDON.COM. The combined entity was formed through the 2023 acquisition of Fyndiq AB for approximately SEK 740 million, creating what the company describes as the leading Nordic e-commerce marketplace.
The underlying platform combines marketplace product ranking algorithms, personalized recommendations ("Personal Products"), customer-club and email personalization, secure-payment infrastructure (SSL, one-way card-data encryption, pseudonymization), and ongoing investment in AI-powered technology using Agentic coding. Revenue mechanics include marketplace commissions on third-party sales, first-party product margin, CDON+ paid membership subscriptions (free shipping plus exclusive offers), an affiliate referral program, and a Retail Media advertising initiative for brand-promoted placement. Distribution is exclusively direct-to-consumer via CDON's owned e-commerce storefronts, with consumer-facing free shipping over SEK 299 and promotional multi-buy pricing.
The company serves Nordic consumers as its primary end market and global brand partners as its supply-side customers. Q1 2026 reported GMV of just below SEK 400 million (14% YoY growth), GPAM of SEK 42 million (9% YoY growth, fourth consecutive quarter of growth), rolling 12-month EBITDA of SEK 27 million (3x improvement YoY), and SEK 96 million of cash. The company employs 51–100 staff and is led by CEO Kristoffer Väliharju, with Josephine Salenstedt as Chairman and David Kelly as a non-executive director. Its most recent capital event was a September 2025 directed share issue of approximately SEK 45 million to institutional investors including board members, intended to fund growth in Retail Media, Nordic expansion, brand marketing, and AI-powered technology.
CDON firmographics
Firmographics- Name
- CDON
- Legal name
- CDON AB
- Website
- https://cdon.se
- Company type
- Public
- Founded year
- 1999
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- CDON AB is a publicly listed Nordic e-commerce marketplace headquartered in Stockholm, Sweden, aggregating thousands of third-party merchants and first-party inventory across electronics, gaming, mobile, beauty, home, and sports categories. It serves Nordic consumers via cdon.se, complemented by CDON+ membership, Retail Media, and an affiliate program.
- Ownership category
- akta.pro rank
CDON industry classification
Industry- Product category
- Online Marketplace
- NAICS
- Sporting Goods, Hobby, Musical Instrument, Book, and Miscellaneous Retailers (459)
- akta.pro primary industry
- Subscription Box & Membership-first DTC (CRAFACAN)
Keywords
Where CDON is headquartered
LocationHeadquarters
- HQ city
- Malmö
- HQ country
- Sweden
- HQ region
- Europe
Offices2 records
Markets served
CDON business model
Business model- GTM type
- B2C
- Offering type
- Digital Commerce or Content
- Cost components
- Technology or R&D, Marketing or Sales, Operations, Personnel, Infrastructure
Revenue model
- Marketplace commissions: CDON earns commissions/fees from third-party merchants (Samarbetspartners) who list and sell products through the CDON marketplace. Merchants fulfill customer orders; CDON provides the platform, traffic, and transaction infrastructure.
- First-party product sales: CDON also sells products directly (in addition to marketplace sales), generating revenue from product margin on first-party inventory transactions.
- CDON+ subscription membership: Recurring membership fee for CDON+ members who receive benefits such as free shipping and exclusive offers/rabatkoder. The membership is structured as a subscription with associated recurring revenue.
- Retail Media (advertising): Retail Media is highlighted as a growth initiative, enabling brands/merchants to pay for promoted placement and advertising on the CDON marketplace.
- Affiliate referral program: Operates an affiliate program ("Bli affiliate") where partners refer traffic to CDON and earn referral commissions, generating affiliate-based revenue streams.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Pay-as-you-go | Free shipping over 299 kr threshold |
| Subscription | Annual | CDON+ paid membership (subscription) |
| Unit Pricing | Pay-as-you-go | Transactional product pricing (per-unit) |
| Transaction based/ take rate | Pay-as-you-go | Merchant marketplace commission (not publicly disclosed) |
Go-to-market motion4 records
Distribution channels2 records
Marketing channels7 records
CDON product offering
Product offeringCore offering
CDON operates a Nordic online department-store marketplace that aggregates products from third-party merchants (Samarbetspartners) alongside its own first-party inventory, offering millions of products across categories such as electronics, gaming, mobile phones, beauty, home, garden, sports, toys, film, music, books, and clothing. The platform serves Nordic consumers with secure payment, free shipping over 299 kr, personalized recommendations, and a CDON+ paid loyalty membership; it monetizes via marketplace commissions, first-party product sales, subscription fees, and Retail Media advertising for brands.
Differentiator
Problem solved
Functional benefit
Brands
- CDON+: Paid membership program offering benefits such as free shipping on orders and exclusive member offers and discount codes.
- CDON Kundklubb (CDON Customer Club)
- Fyndiq
Products and services
- CDON Marketplace Nordic online department-store marketplace aggregating products from third-party merchants (Samarbetspartners) and first-party inventory across dozens of categories including electronics, gaming, mobile, beauty, home, garden, sports, toys, film, music, books, and clothing; serves Nordic consumers with secure payment, free shipping over 299 kr, customer reviews, and AI-driven personalization.
- CDON+ Membership Paid annual subscription membership program offering Nordic consumers free shipping on orders, member-exclusive discount codes (rabatkoder), personalized offers, and tailored communications; structured as a recurring subscription with associated recurring revenue.
- Retail Media Advertising service enabling brands and merchants to pay for promoted placement and on-site advertising on the CDON marketplace; highlighted as a growth initiative for monetizing brand visibility alongside marketplace sales.
Quantifiable outcome
- 14% GMV growth in Q1 2026 (to just below SEK 400 million)
- +4 more outcomes
Companies that use CDON
Customer profileNamed customers1 record
Segments4 records
Ideal customer profiles2 records
CDON technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration1 record
AI capability2 records
Feature4 records
CDON partnerships and signals
Strategic signalPartnerships
Eleven partnerships are on record, tiered flagship and major.
- FyndiqflagshipCDON AB and Fyndiq AB merged in a €65 million deal (approximately SEK 740 million) in 2023, with Fyndiq becoming a subsidiary of CDON following a stock-and-cash transaction. The combined entity operates under both CDON and Fyndiq brands, creating the leading Nordic e-commerce marketplace. The merger was subject to shareholder approval at an EGM scheduled for 28 March 2023. The deal aimed to combine their consumer offerings to enhance efficiency and scale.
- ApplemajorApple is listed as a 'Populära varumärken' (popular brand) on CDON's homepage, with Apple products (AirPods, iPhone 17, iPhone 17 Pro, etc.) sold through the CDON marketplace. Apple is one of the headline brand partners on the platform.
- SamsungmajorSamsung is a popular brand on CDON, with Samsung Galaxy S25, S26, Galaxy Buds, soundbars, and other products sold through the CDON marketplace.
- SonymajorSony is listed as a popular brand on CDON, with Sony PlayStation 5 consoles, WH-1000XM5 headphones, and other products sold through the CDON marketplace.
- NintendomajorNintendo is a popular brand on CDON with Nintendo Switch 2 consoles, Nintendo Switch games, and accessories sold through the marketplace.
- PhilipsmajorPhilips is a popular brand on CDON, with Philips airfryers, coffee makers, OneBlade replacement parts, and other products sold through the marketplace.
- AdidasmajorAdidas is a popular brand on CDON, listed in the brand directory.
- ElectroluxmajorElectrolux is a popular brand on CDON, listed in the brand directory.
- JBLmajorJBL is a popular brand on CDON, listed in the brand directory.
- L'Oréal ParismajorL'Oréal Paris is a popular brand on CDON, listed in the brand directory.
- ShimanomajorShimano is a popular brand on CDON, listed in the brand directory.
Scale indicators11 records
Recent moves6 records
Expansion highlights6 records
CDON competitors and assessment
Company assessmentBroad incumbents
- AliExpress: AliExpress is the international marketplace arm of Alibaba, offering broad, low-cost multi-category assortment to European consumers. Comparable to CDON as a global multi-category marketplace competing for price-sensitive Nordic shoppers, but at significantly larger scale.
- Amazon: Amazon operates the dominant global online marketplace and is expanding aggressively across the Nordics. Comparable to CDON as a multi-category marketplace operator, but at vastly greater scale with proprietary logistics and an established Retail Media business (Amazon Ads).
Direct peers
- Wish: Wish is a discount-oriented online marketplace with broad, low-cost assortment serving European consumers. Comparable to CDON in marketplace structure and value-pricing positioning, though Wish competes more aggressively on price across cross-border supply.
- Zalando: Zalando is a leading European online marketplace for fashion and lifestyle, operating a marketplace-plus-platform model similar to CDON. Comparable in marketplace mechanics (third-party sellers, multi-brand assortment, take-rate model) though Zalando specializes in fashion rather than general merchandise.
- eBay: eBay is a global online marketplace with multi-category breadth analogous to CDON's department-store positioning. Both platforms monetize through marketplace commissions and seller services, with eBay being the established reference point for the marketplace-first model.
- Wayfair: Wayfair operates a broad-assortment online marketplace across home goods and general categories, with a similar mix of first-party and third-party (marketplace) supply. Comparable to CDON in breadth of assortment and reliance on algorithmic ranking and personalization to drive conversion.
- Fyndiq: Fyndiq is a wholly owned subsidiary of CDON following the 2023 acquisition for ~SEK 740M. It is a Swedish bargain/discount e-commerce marketplace operating under the same parent, with overlapping target market and merchant-supply dynamics, making it the closest peer of all.
Regional players
- Power: Power is a Nordic electronics and home appliance retailer operating in Sweden and Norway. Comparable to CDON's electronics and home appliance categories, but operates physical stores as part of its model and is not a marketplace.
- Elkjøp: Elkjøp is a leading Nordic consumer electronics retailer with a strong online presence across Sweden and Norway. Comparable to CDON in the electronics category and as a Nordic omni-channel retailer, but operates primarily as a first-party specialist rather than a third-party marketplace.
- Komplett: Komplett is a Nordic online electronics and computer retailer headquartered in Norway/Sweden, overlapping significantly with CDON's electronics, computer, and gaming categories. Comparable as a Nordic-region online consumer-electronics retailer, though with a narrower category focus than CDON.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks7 records
Key highlights7 records
Customer concentration
CDON social profiles
Digital presenceCDON financial estimates
Financial estimateRevenue estimate
Valuation estimate
CDON leadership team
Management profileNumber of profiles
Profiles3 records
CDON subsidiaries and ownership
Company hierarchySubsidiaries1 record
CDON funding detail
Funding detailFunding overview
Funding rounds1 record
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
CDON M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about CDON
What does CDON do?
CDON operates a Nordic online department-store marketplace that aggregates products from third-party merchants (Samarbetspartners) alongside its own first-party inventory, offering millions of products across categories such as electronics, gaming, mobile phones, beauty, home, garden, sports, toys, film, music, books, and clothing. The platform serves Nordic consumers with secure payment, free shipping over 299 kr, personalized recommendations, and a CDON+ paid loyalty membership; it monetizes via marketplace commissions, first-party product sales, subscription fees, and Retail Media advertising for brands.
Is CDON a public or private company?
CDON is a public company. It is classified as public and is currently operating.
When was CDON founded?
CDON was founded in 1999. It employs 101 to 250 people.
Where is CDON based?
CDON is headquartered in Malmö, Sweden, in the Europe region.
How does CDON make money?
Five revenue lines are on record. Marketplace commissions are the primary driver. The others are first-party product sales, CDON+ subscription membership, retail Media (advertising) and affiliate referral program.
Who are CDON's main competitors?
Broad incumbents on record are AliExpress and Amazon. Direct peers are Wish, Zalando, eBay, Wayfair and Fyndiq. Regional players are Power, Elkjøp and Komplett.
Does CDON have an API?
No public API is recorded for CDON.
What industry is CDON in?
CDON's product category is Online Marketplace. Its primary akta.pro industry code is CRAFACAN, Subscription Box & Membership-first DTC. Its NAICS code is 459.