FORKNAVIndustry 4.1 warehouse management, SaaS

Big market | Unique approach | Painkiller| SaaS | Skilled strong team

 

  • Why we invested in March 2023
    1. Fstage validation – passed by 2 lead mentors and voting investors
    2. Strong team, has been working years together
    3. Market pull exists, market is craving for smart and flexible solutions, the problem is real
    4. Interviewed clients describe the product as a painkiller
    5. Market opportunity in Baltics and Nordics is big enough already
    6. Production has clear vision about challenges and solutions
    7. Processes are in place and are constantly optimised
    8. Revenue is growing steadily, bigger jump is expected in 2023
    9. Could be sustainable if required
    10. DD didn’t reveal any hidden surprises

Company info:

  • Website: www.forknav.eu
  • Stage: Seed
  • Round size: €1M 
  • Valuation floor: €3.75M (pre-money)
  • Valuation Cap: €6.0M (pre-money)
  • HQ: Tartu, Estonia
  • Registered: Latvia and Estonia
  • DD: done by Fstage VC

Company traction:

  • FTE – 6 people from core team
  • $9K MRR as of January 2023
  • CAC – $1500, LTV  €50k
  • 5 b2b paying clients with ~100 users, are based in Estonia
  • 1 b2b client with 5+ users, are based in Latvia
  • Avg. monthly user growth rate for the past 12 months – 9,3%
  • Average monthly churn rate for the past 12 months – 0%
  • Monthly burn rate is €35k
  • Keeps actively investing into sales and product 

Note!
The round was closed in March 2023.

Company traction in November 2023:

  • FTE – 5 people from core team
  • €12,5K MRR as of November 2023
  • 8 b2b paying clients with ~100 users, are based in Estonia
  • 11 Sites, shared among all clients
  • 76 forklifts subscribed.
  • 83 forklifts to deliver in Q1 2024 to reach break-even
  • 210 forklifts in pipeline
  • €500k raised in previous rounds
  • 132% annual growth
  • €168k total 2022 revenue 
  • Average monthly churn rate for the past 12 months – 0%
  • €30k burn rate for Q3 2023 to extend the runway
  • Runway left – running on fumes

Short term option to reach break-even in Q1 2024:

  • Bridge-round size up to €300k
  • Committed €125k
  • Fstage arranges a syndicate for small ticket investors.
  • Preferred investors should bring market and cash.

Pitching event might happen in late December 2023 / January 2024.