FORKNAV – Industry 4.1 warehouse management, SaaS
Big market | Unique approach | Painkiller| SaaS | Skilled strong team
- Why we invested in March 2023
- Fstage validation – passed by 2 lead mentors and voting investors
- Strong team, has been working years together
- Market pull exists, market is craving for smart and flexible solutions, the problem is real
- Interviewed clients describe the product as a painkiller
- Market opportunity in Baltics and Nordics is big enough already
- Production has clear vision about challenges and solutions
- Processes are in place and are constantly optimised
- Revenue is growing steadily, bigger jump is expected in 2023
- Could be sustainable if required
- 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.