Snabb management makes buyout offer, closing startup chapter
Founded as startup, operating as a parking operator
TALLINN — The leadership of Snabb, a Baltic parking services provider, has proposed a full management buyout (MBO) to its shareholders, signalling a definitive departure from its startup origins toward a stable, cash-flow-positive operating model.
The proposal, announced by CEO Kustas Kõiv, aims to acquire 100% of the company’s shares. This move would allow long-time investors — including those from the Funderbeam crowdfunding platform — to exit their positions as the company pivots away from the aggressive scaling typical of the venture-backed world.
A Pivot to Pragmatism
Founded with the ambition to build a scalable software and payment platform for vehicle-related services, Snabb raised capital across five funding rounds. However, the anticipated expansion did not materialise as planned.
In 2022, the leadership made a strategic decision to restructure. “Snabb has reached a stage of development where the business model and growth profile have significantly changed compared to the earlier startup phase,” Kõiv said in a statement.
“In 2022, we made the decision with management to rebuild the company into a parking operator.”
The shift stabilised the firm’s balance sheet. In 2025, Snabb OÜ reported revenues of around 10 million euros and operating profit (EBITDA) of 480,000 euros. This compares to more profitable larger rival Europark, whose annual revenues are at around 20 million.
Bridging the Valuation Gap
The buyout offer highlights a common friction point in the “new economy”: the disparity between peak startup valuations and the multiples used in traditional industries.
Kõiv noted that while a valuation of approximately 6x EBITDA is standard in the parking industry, it remains “significantly below” the valuation set at the company’s final funding round. Despite this, management decided to act in response to requests from shareholders seeking liquidity.
“Even taking into account optimistic growth assumptions for the coming years, reaching the price level of the last financing round would require years of successful operation,” Kõiv explained.
Terms of the Exit
Under the proposed terms, capital will be returned to investors in accordance with existing shareholder agreements. Specifically, the company intends to return the capital raised via Funderbeam in full.
If approved, Snabb will transition to full ownership by its founders and management. While it will cease to function as a venture-backed startup seeking hyper-growth, it remains the fastest-growing parking operator in the Baltics, maintaining its mobile application for parking, car washes, and EV charging.