Nordic Healthtech Naava Crowdfunds on Invesdor in Advance of Expected IPO

Nordic healthtech company Naava is looking to raise up to €2.5 million on Finland based Invesdor crowdfunding platform. The company recently said this funding is in advance of a planned initial public offering (IPO) that management intends on pursuing around 2020 or 2021.

This is not the first crowdfunding round for Naava. The company raised capital online in 2017 on the Swedish investment platform Pepins where it sought €2.2 million in growth funding.

Naava is said to be the global leader in “intelligent green walls.” These are installations that help to purify the air in an enclosed space such as an office.  You have probably seen them before and just did not realize they were a product by Naava.

Naava says their air purification efficiency has been researched by three separate research entities showing that their walls reduce up to 65% of harmful chemicals in indoor air. A Naava biofilter with air circulation is said to be far more efficient than that of a potted plant.

The company reports that over 2,000 Naava green walls have been delivered to the Nordic countries, the US and most recently to South Korea. Additional funding will help fuel global growth.

Sales topped €3 million in 2017, out of which 30% was reportedly recurring service revenue.

Naava predics revenue to come in at over €6 million for 2019.

As for the deal terms, investors are purchasing equity in the company at a pre-money valuation of €29,739,470.

The minimum hurdle has already been surpassed as over 400 investors have joined in this round having topped € 1 million.

Invesdor founder and CEO Lasse Mäkelä said that typically a majority of a company’s growth occurs before the company goes public:

“It is often too late to get involved through the stock exchange, which is why investments made before the intended listing are especially interesting for investors,” says Mäkelä. “Naava has already shown strong signs of market validation and growth, so this is not a startup investment.”

During the funding round, Naava and Invesdor will collaborate with Nordea. Earlier this year, the two companies announced a partnership to collaborate in digital financing for Finnish growth companies. Nordea is the largest bank in the Nordic countries

Aki Soudunsaari, co-founder and CEO of Naava, says they have successfully worked with Nordea ever since Naava was born.

“There is no reason to change a good thing, so we will now continue our cooperation also during the Invesdor crowdfunding round. The support from Nordea and Invesdor is crucial to us as we aim for stock listing.”


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