Naava Group - Convertible loan
Naava is a Nordic technology company, based in Helsinki. By combining nature, tech, and design, Naava creates human-friendly indoor environments, improving customers’ wellbeing and reducing health costs.
Why was Naava founded?
Humans are designed to be outdoors - in nature and breathing fresh air. However, whether we live in Helsinki, New York, or Seoul, we spend 90% of our time indoors. That’s 22 hours a day! We have in effect sealed ourselves inside homes, offices, schools, and cars.
Why is that a problem? For many reasons. The air we breathe indoors is not natural. It’s man-made, often contaminated with impurities we can’t see. And every person breathes in 10,000 liters or 14 kg of that unnatural indoor air every day, so it has a big effect on us. Indoors we also live isolated from green nature and its benefits.
All in all, the environment we have built for ourselves is not beneficial for us when it could in fact improve our health.
Naava founders Aki Soudunsaari and Niko Järvinen realized this in 2011 and wanted to solve the problem in a natural way, by bringing nature indoors. NASA’s research, Aki’s personal experience with indoor air health problems, and Niko’s environmental scientist background in biological cleaning of water helped create the world’s most advanced biological air-purifiers: active Naava green walls.
Today in 2020, Naava is the global leader in green walls with over 2500 Naavas in the Nordics, North America, and South Korea with plans to expand to Central Europe. Naava was listed in Financial Times’ 1000 Europe’s Fastest Growing Companies 2020 with 2014-19 CAGR of 56%. In 2019 Naava’s revenue was 3,7M€, out of which 48 % is recurring service revenue with about 90% retention rates.
With the unique and attractive innovations, Naava is disrupting three global markets: the 9B€ interior landscaping market, 29B€ indoor air purification market, and 50B€ office furniture market.
Naava’s vision & mission
WHO: Air pollution is the single largest environmental health risk of our time.
EPA: Indoor air is 2 to 5 times more polluted than outdoor air.
HARVARD: Average office air makes you dumber and less productive.
Naava’s mission is to reconnect humanity with nature in the built environment. We do it by accelerating millions of years of natural innovation with future technology and Scandinavian design.
As urbanization continues we want to enable a billion people to enjoy nature and breathe forest-grade air in the built environment across the world’s megacities, with the help of Naava’s technology. Poor indoor air is having a serious and damaging health impact on millions of people, daily. Naava believes that healthy air should be a human right. The air we breathe will be the next global health trend, after food & water.
With the help of Naavas, we want people to be healthier and happier. We are committed to creating human-friendly offices and homes. To make this happen, we are partnering with mission-matched technology and furniture companies in Europe, North America, and Asia.
Nature, biophilia, air quality, and health & wellness. Wherever nature surrounds us, we have fresh air. In nature, we feel healthier and happier. Our thoughts fly, we feel energized, suddenly our everyday problems don’t feel that heavy anymore.
Today, healthy air is a privilege. It has been estimated that by 2050, 66% of the world’s population will be living in urban areas (UN). Today, over 90% of the people living in urban areas are exposed to air quality that exceeds the limits set by the World Health Organization. Due to the mass urbanization, people are more and more alienated from nature and are forced to breathe man-made air instead of forest-grade nature’s air - the air that our biological bodies have evolved in.
Health awareness is a clear trend where people pay attention to what they eat, drink, and how they keep their bodies fit. The next clear step is paying attention to what we breathe and how it affects our health and cognitive performance. The air we breathe is the next global health trend.
The built environment dominates our lives in large cities. People spend 90% of their time indoors. We breathe man-made air that according to Harvard studies can significantly lower our cognitive performance, and 15% of leaves of absence are due to bad indoor air (Seppänen & Palonen 1998). Poor indoor air causes respiratory diseases, allergies, asthma, and sick building syndrome. 30% of new buildings are subject to complaints about bad indoor air due to off-gassing chemicals, new materials, glues, carpets, and furniture. According to EPA, indoor air in typical buildings is 2-5 times more polluted than outdoor air. A recent study also finds that household chemicals pollute as much as cars, being a significant source for accelerating climate change.
Human-friendly buildings with a health story. Urbanization, focus on energy-efficient buildings and people’s urge for a high standard of living, mean buildings should answer the biological needs of humans. Building standards like LEED and WELL are making sure that buildings are more sustainable and human-friendly. New buildings use automation, sensors, and AI to make them more comfortable and healthier. A recent HBR article emphasizes that post-COVID offices must have a health story to be told, and they need visible signs of wellbeing and concrete actions to mitigate health risks. Naava is a turnkey solution, which can be built in a new building or retrofitted.
Service business model. It’s been over 15 years since Microsoft started providing software as a service, and in the last years, we’ve seen workplaces and furniture being provided as a service. Naava provides Nature as a service for customers who want to have real nature and fresh air where people spend their time the most - meeting & innovation rooms, open offices - and now also home offices.
Why invest in Naava?
Current traction and growth. With Naava, you will invest in a technology company (software, IoT, physical products & service contracts) that has been growing the past five years on average 56% per year. Naava was listed in Financial Times’ 1000 Europe’s Fastest Growing Companies 2020 list.
Following significant changes to Naava’s operational model and structure made in 2019, namely the move to a more agile partner structure for faster expansion and ramping down of own manufacturing in the US, Naava is now in better shape than ever. In terms of New Sales (new customer contracts), Q1 2020 was 52% higher than in 2019. It is also now clear that Naava’s solutions are supporting the efforts of societies and businesses to adapt to a post-COVID world, whether at traditional workspaces or educational facilities or at the very important emerging new reality of remote workspace at home offices. COVID situation hit our New Sales numbers in April by around 50%, however, May is already back at the same level as Q1.
The Finnish frontline sales and service business have been making good positive results already for a long period, and now we are also seeing clear improvements in Sweden, US, and Partner markets. On a group level, Q1 2020 saw an increase in New Sales of over 50% against Q1 2019, while revenue was up by 8%, particularly supported by an over 20% increase in Service revenue. EBIT in the same period, while still negative, improved substantially from around -700k€ to around -300k€. The effect of the COVID pandemic was to reduce the number of New Sales in the month of April by about 50%, however in May we have been back to normal levels, with 1-5 New Sales having grown +24% against the same period in 2019, and Revenue growth respectively at +15%.
Naava has 650+ B2B clients and the historical retention rates are exceptionally high - 86-94% of the companies renew their contracts. We’re proud to have customers like Elisa, Estee Lauder, Finnair, Four Seasons, Hilton, IBM, JCDecaux, Microsoft, Nokia, Samsung, SOK, Systematic Growth, and Valmet. The potential is huge in global megacities where air quality issues, lack of nature, and going back to the office (or need to stay at the home office) after COVID are top concerns for people.
The road to profitability is clear. The immediate focus at Naava is to bring the company as a whole to profitability. This will be achieved as a result of the on-going development program called N2. At the core of the N2 is a re-design of the current product offering that while improving the overall quality, importantly enables outsourced mass manufacturing and a step-change in logistics cost, carbon footprint, and circularity. The new cost structure is around 50% lower, and this will bring Naava Group to profitability within 9 to 12 months.
Naava offers 1x liquidation preference: in case of liquidation, after all, outstanding debt has been paid back, you will get your money back before the owners of B-shares (founders) and the rest will be distributed pro-rata.
Technology. Based on findings by NASA, Naava’s unique technology was developed in Finland to solve $500B global health problems. It’s patented and defensible. The strongest competitive edge is the Naava OS software and cloud-based AI solutions combined with the biofilter trade secrets.
Team. Naava has an experienced management team with a proven global performance history of category leader products and services, at billion-dollar companies, supported by an international board. In addition to the 50 people professional team, we have several world-class partners, such as US wellness real estate pioneer Delos, premium B2B furniture companies such as Teknion & Isku, world-leading interior landscaping company Ambius, and several companies in the architect and design field. Moreover, we are backed by investors such as Sitra, Butterfly Ventures, Delos, Leena Niemistö, Jaakko Ollila, Hannu Turunen, and Jasper Pääkkönen.
Vår affärs- och marknadssituation
Naava products and service offering
Naava is fully commercial with the most scalable, award-winning health technology furniture green walls in three continents. Our products are automated and remotely controlled by Naava OS & Naava AI. Naava’s business model is to develop, sell, and service Naava solutions by ourselves or by channel partners.
Naava offers a combination of physical products (hardware), technology/Naava OS (software), and on-location service. The most bought solution package is what we call “Nature as a Service or NaaS”. The package includes multiple furniture green walls (hardware) and a monthly fee for the Naava OS (software) and Naava Service for maintaining the products. Naava has been awarded for its circular business model.
The business model is comparable to e.g. elevator sales & maintenance, and typically generates a positive cash flow already from new equipment sales. As the numbers and share of units in service increase, it becomes even more profitable through recurring revenue for years to come. Elevator & auto walk companies such as Kone and Schindler have a similar sales & service business model.
Naava sales & service
Naava sales are done by either our direct B2B salespeople or trained partners mostly in B2B office furniture and facility management fields. Naava Service is provided by either our direct service team or trained partners mostly in the B2B interior landscaping field.
In Finland, we started by doing everything in-house for R&D and learning purposes. We’ve learned during the years that we can do a healthy +50% per year growth using our own direct sales teams. In 2018 Naava changed its strategy and started scaling with sales & service partners and, in addition, providing homes and home offices direct-to-consumer solutions.
The Naava brand is arguably our biggest individual asset. It is more attractive than ever: Financial Times listed Naava in their 1000 Europe’s Fastest Growing Companies 2020 list, WIRED selected Naava as one of the top 100 startups in Europe and the hottest one in Finland, Naava was one of the fastest-growing companies in Inc 5000 Europe list, we have won the Fennia Prize award for design, and the 2018 Finnish Championship at Startup World Cup competition. We have also won Finland’s biggest innovation prize in the building industry. World Economic Forum featured Naava in their publication. In 2018, we won Silver at the world’s biggest furniture fair NeoCon in Chicago. In addition, Naava’s website was selected as the best B2B media in Finland and we were a finalist in Interior Design’s Best of the Year competition in the US. In 2017-2018, we attracted almost 2000 Nordic investors to join as Naava owners in two oversubscribed crowdfunding campaigns, totaling over 4M€ in equity. Naava was also one of the Best Places to Work in Finland in 2017.
Naava has been privileged to work with a great list of customers. Many of them can be categorized as early adopters in health, technology, or sustainability. Naava has 650+ B2B customers such as (in alphabetical order) Aalto University, ABB, Accenture, Aktia Bank, AMF Fastigheter, AstraZeneca, Baskin-Robbins, Cargotec, Carnegie, City of Helsinki, City of Stockholm, Coca Cola, Danske Bank, Deloitte, Elisa, E.ON, Estee Lauder, Finavia, Finnair, Fiskars, Four Season Hotels, F-Secure, Hanken, Hilton, Hintsa, Honeywell, IBM, ICA, JCDecaux, KONE, Metsä Group, Meyer Turku, MGM, Microsoft, Ministry of Environment, MMoser, NIB, Nokia, Radisson Blu, Royal Caribbean Cruises, Samsung, SEB, Scandic Hotels, SOK, Sokos Hotels, Stockholm School of Economics, Stora Enso, Swedbank, Tallink Silja, Technopolis, Valmet, Finnish Tax Authority, VR Track, Wärtsilä.
Current operation. Naava has organized its commercial operations to three companies, the IP holding mother company based in Finland, and its 100%-owned subsidiaries in Sweden and the USA. The mother company, Naava Group Oy in Finland, operates also 1) the global marketing activities, 2) product & tech management, 3) R&D, 4) global supply chain and 5) Back Office support for the daughter companies and sales & service partners globally. Naava’s Swedish country organization has direct sales & service operations, and after the 2019 restructuring, Naava’s US organization has a partner company support team enabling partners such as high-end office furniture company Teknion to sell Naavas.
The N2 Development Program takes the current product portfolio and makes it significantly better in several ways: Better visual and functional quality, better manufacturability and suitability for contract manufacturing, better fit to logistics chains, more circular and lower carbon footprint. At the core, all these also drive cost efficiency, where the supply cost of Naava’s products will reduce by around 50% and increase margins by over %-points which will bring the company to profitability in Q1 2021.
Naava in its core is not a manufacturing company, and following this the move to contract manufacturing is a logical step where we achieve tangible benefits in quality, sourcing power, lead times, logistics efficiency, and sustainability. The production remains in Northern Europe.
Biofilters are produced in centrally located hubs adjacent to the existing logistics flows of plants. This is done in the Netherlands for European markets, in Florida for the North American markets and in South Korea for their market.
Naava constantly strives to become more sustainable as a business and company. The N2 product design uses up to 45% less raw materials and can be transported five times more efficiently and has even better circularity characteristics. To support circularity we are moving more towards a subscription business model, that the long life span, self-driving optimization, and serviceability fully supports.
In addition to setting the platform for sustainable scalability and growth with the above mentioned key development programs, Naava is also quick to react to changes in societies and its markets. In the Post-COVID world public spaces such as offices, educational institutions, health care, sports etc. there is greater awareness of health and safety - something that Naava’s solution fully supports as space dividers providing wellness supporting high-quality air at optimized humidity levels.
The biophilic aspect of living plants importantly reduces stress levels thus promoting mental health, cognitive performance, productivity, and creativity. Following the fast emergence of remote work and the home office, Naava is entering the B2C arena by launching more economical and more compact solutions from the N2 Development Program during Q3 2020.
We at Naava are passionate about improving people’s health, happiness, and productivity by bringing nature’s benefits into the built environment. We do this by providing furniture-like automated products that energize, reduce stress, and improve cognitive performance. Innovative and human-friendly Naava products are scientifically proven and are hassle-free. We work with committed mission-matched partners in Europe, North America, and Asia, who are driven by the innovative business opportunity with Naava.
In addition to the current solutions that have been created with the office and learning environments in mind, Naava has ambitious R&D plans to add solutions specifically designed for the homes in the form of a project called “Smart home biopurification devices”. We expect this to become a substantial additional revenue generator in the future.
Exit thoughts for investors
Naava has identified multiple possible exit paths when the time is right.
1) IPO in our best growth market in 2022-24 (dependent on market conditions). The current IPO metrics set by the board are a profitable core business with +50% CAGR growth rate, +10M€ in group revenue, EBITDA positive, and the new N2 product series out with the healthy gross margins.
2) M&A to global health-oriented tech companies such as Dyson, Philips, Haier, LG, Samsung.
3) M&A to global (tech) furniture companies such as Steelcase, Herman Miller, Ikea.
4) M&A to global interior landscaping companies.
Technology, science & IP
Technology. As a technology company, Naava has invested significantly in research & technology development over the last seven years and has created a hard-to-copy solution, making Naava a truly unique product. The system is based on multiple innovations and interdisciplinary science to improve the quality of indoor environments. The solution brings together sensor technology, artificial intelligence, selected plant species & processes, and microbial community to form beautifully designed wellness furniture, which facilitates the reduction of hazardous chemicals, also known as Volatile Organic Compounds (VOCs) and particles from indoor air.
Naava’s innovation combines technology with nature’s own processes. That is the core of Naava’s uniqueness and what also makes each Naava a truly high-end product. Naava is no ordinary green wall: it's a biological air purifier, humidifier, living wall, and when needed, a space divider all in one. With over 3000 customer installations, Naava is the biggest green wall company in the world. The main technical functionalities and healthtech innovations can be summarized as below.
1) Biopurifying indoor air. The proprietary growth medium in Naavas enhances the airflow capacity and maximizes the exposure to activated carbon and microbial communities. The soil-less growth medium absorbs VOCs and enables microbial communities to thrive, degrading organic airborne contaminants. The soilless growth medium also eliminates the presence of mold and allergens within the system.
2) Biofilter innovation. Plants in the Naava system undergo significant stress due to the active airflow of the system. Years of operation experience has enabled Naava to create and optimize a fully functional system. Plants are taken from soil to special Naava pots, a.k.a biofilters. The biofilters are easily handled and replaced during service visits. Biofilter design optimizes plant health and lifetime through proper root expansion and air pruning and optimal water retention.
3) Core functioning principles. Naava has fine-tuned every operational detail to make the products the best high-end green walls or devices. Specially designed LED lights create an optimal environment for plants to grow while enhancing aesthetics. The built-in water tank with a self-watering irrigation system operates in accordance with system settings and sensor data, supported with a cloud-based artificial intelligence platform. Sensor data includes for example water level, humidity, and temperature. Watering cycles and quantity are optimized for plant health and for indoor humidity optimization. Fans in the product operate according to the environmental conditions. Sensors also deliver warnings for service and environmental conditions, such as low water tank level or too cold temperatures.
Science. Naava has been researched more than any other commercial intelligent green wall on the market. Its air-purification efficiency has been validated by several scientific and independent research projects. A study performed by VTT in 2016 confirmed the air purification efficiency of Naava and that the system is biologically adaptive. A published peer-reviewed study by BRE in London showed a high and consistent chemical removal efficiency on a single pass through the Naava system. A research project done on over 500 Naava users has previously proven health benefits to be statistically significant by removing symptoms and experienced hindrances in poor indoor air environments. Finnish university research proved the Naava system to be far superior to houseplants. A recent Naava case study implicated that in a room with a Naava present, people make fewer mistakes in cognitive performance tests, and their stress level hormones are lower and happiness hormones are higher.
Dr. Fraser Torpy and his team at the University of Technology at Sydney researched Naava’s botanical biofilters’ ability to remove VOCs from indoor air spaces: “Naava exceeded our expectations in all regards, and the active green wall technology has been a quantum step in our field of research, and the Naava system is a leader in the practical implementation of this new technology. The system has the potential to revolutionize the way we perceive indoor environmental quality.”
The company continues research projects with highly-ranked institutions such as Karolinska Institutet e.g. to complement the understanding of the impact of natural air & biophilia on human health, performance, and immunology, and the ROI of Naava solutions in offices with improved workforce satisfaction and productivity.
Intellectual property. Naava has a granted patent on the device combining real plants, microbes, airflow, and biopurification: a device cleaning air biologically. In addition, Naava has numerous trademarks, trade secrets, proprietary software, and a unique set of sensors monitoring indoor climate data.
Naava’s solution and the brand are protected by a comprehensive IPR portfolio. The company has made significant investments in patent filings and trademark registrations. Naava’s key patent (“Apparatus for the growing of plants and a growing device”) has been granted in the EU and the US, pending in China. The patent covers a product in which the air is drawn through the plants’ root system in inorganic biofilters, and the air is pushed back to space with the help of fans, acting as a biological air purifier. The name & logo are protected in the key markets & product classes.
In addition to the key patents and trademarks, Naava’s uniqueness in combining software & biological processes gives it a competitive edge. The fact that Naava combines biology & technology and is built on 50-man-years of R&D, in fine-tuning the air filtration research design, growth medium optimization, water circulation, humidity, pH and microbial activation features of biofilters, and it takes years for any competitor to develop the same.
Working with living nature requires a trial and error approach, and thousands of guinea pig plants and years of biological testing, which makes it even harder to reverse-engineer. The patent makes it difficult for any other company to build a similar well-designed and cost-efficient system. We believe that by moving fast, building a brand, and continuing the tech development and partnering with global companies, we are able to stay ahead of any competition in this emerging new market.
Currently, Naava has its global assembly manufacturing, the Naava Factory, in Jyväskylä, Finland. The factory includes an assembly production line, biofilter production line, greenhouses for quality assurance, R&D labs, and a warehouse for inventory. The factory gets parts for the final assembly from a few dozens of subcontractors mainly from Finland and some from the Baltics and China.
As part of the N2 Development Program, Naava will move to contract manufacturing with high quality, reputable Finnish stock listed partner, Scanfil Plc., that has a global presence and can serve as a springboard for the future geographical expansion as well as a risk-mitigating factor. At the onset, the production will happen in Estonia, EU. Following the move to contract manufacturing production in Jyväskylä will cease, however, the supply chain management as well as R&D, IT, finance, admin and HR functions will continue.
In addition to an ever higher quality, shorter lead times, and lower inventory levels, the renewed design coupled with the optimization of logistics through flat-pack packing further reduce the production and delivery cost of the product, while also being instrumental in the drive for sustainability.
Market & Competition
Naava is prospering and benefitting from the growing wellbeing trend, a new wave of technology development (AI/IoT), and a need for clean healthy air in global megacities. Investments by companies in work environments, office spaces, and real-estate are increasing alongside a growing demand for innovative new ways of attracting and keeping talent. Health, wellbeing, and nature in the built environment are key focus points in these investments.
Naava products serve and disrupt three distinct markets: indoor greenery & green walls, indoor air purification, and office furniture markets. The indoor greenery market is a $9 billion business (UCLA 2016). The global air purifier market is projected to exceed $29B (Techsci Research 2016). The office furniture market is globally expected to grow to an $85B market in 2021 (TechNavio 2017).
Naava offers a unique solution and new benefits for indoor environments. The product brings together the best sides of indoor air purifiers, humidifiers, and green walls/living nature. The Naava product offering is globally unique, and the market potential is already tremendous and will become bigger as more potential customers are made aware of the benefits that Naava can bring.
Indoor landscaping and green wall market. In the indoor landscaping market there are potted office plants and “regular” green walls (purely decorative, no real-life effect on indoor air), active green walls (designed to utilize microbes to clean air actively), but the only intelligent and active green wall (remotely controlled, automated, AI/IoT) that has ample scientific research behind is Naava.
The market opportunity for Naava is to replace current potted plants and decorative passive green walls in the offices with functional, furniture-like, high-quality biopurifying solutions, with proven indoor air cleaning efficiency and humidity control. Naava products are allergy-friendly, cloud-connected, remotely controlled, and fully automated - shortly put, hassle-free and efficient.
Indoor air purification market. The traditional indoor air purifiers market is extremely fragmented. On the basis of technology, the HEPA filter segment leads the market. The price range of air purifiers is wide from the entry class range of €100-200 to premium home devices priced at €500-5,000, depending on the market. Professional devices that are comparable with Naava and suitable for large rooms and open offices are typically priced at thousands of euros (e.g. Blueair SWE, IQAir SUI, Oransi USA, and Genano FI). Filter renewals for the HEPA air purifiers cost €50-500 per year.
The market opportunity for Naava is to take a share of the existing indoor air purification market with an innovative biological solution that naturally optimizes air quality, creating natural air instead of sterile air, is on 24/7 without noise pollution, and balances the indoor humidity by using sensors and AI/IOT and in the same time is pleasurable to look at.
Office furniture market. Naava is on the way to become a must-have product in offices and homes, which put wellness in the center of the design. Naava is well-positioned to be the next high-end office furniture, just like adjustable health-enhancing standing desks have become during the last 5 years. In addition to naturalizing air, Naava is also a visible sign that wellness exists in the office or home.
Team & Tribe
VC, CVC & institutional investors include Butterfly Ventures, Sitra, Delos (US), Halton Ventures. Family Offices & investment companies include Oy Hammaren Co Ab, Metsola Ventures (Jaakko Ollila), Magnolia Ventures (Hannu Turunen), Nordic Business Group, Rascom Computerdistribution Ges.m.b.H. Angel investors include Dr. Leena Niemistö, Janne Vertanen, Jasper Pääkkönen, Tapani Kiiski, Juha Paananen.
The operational capacity of the project team is defined by diverse international experience in B2B business (high-level leadership positions in Kone, Falck, Martela, Framery), innovative consumer electronics & wholesales (Microsoft, Nokia, Kesko). Naava has a strong core team with combined hundreds of years of experience in the global technology management field in sales & service business, high technology products, and subscription service sales. Each and every of the management team members has a vested interest in Naava’s success due to being a shareholder of the company, most of them also as an investor.
Strategic partner companies
Naava is currently partnering with mission-matched companies, industry influencers, and business decision-makers, in Northern Europe, North America, and Asia. Naava partner companies include one of the biggest indoor landscaping service companies in the world, Ambius, which has a global network of indoor horticultural specialists in the UK, Continental Europe, the Nordics, and North America. We’ve partnered with the real estate development company Delos, the creator of the WELL building standard, one of the biggest office furniture companies in the Nordics, Isku, and the biggest facility management company in the Nordics, ISS.
“Digitalisation is changing many industries and enabling disruptive products. By combining nature with technology Naava is revolutionizing the green interior services with their cloud-connected smart green wall furniture. As the global leader in interior landscaping, Ambius shares Naava's vision of creating human-friendly and health-enhancing indoor spaces with the help of nature,“ Stefan Ivarsson, GM at Ambius Sweden. Ambius is a service partner for Naava in multiple countries.
“Through an intense focus on improving indoor air quality, paired with an innovative approach to award-winning product design and modular installations, Naava has established itself as a market leader and industry expert.” Peter Scialla, COO at Delos USA & China, strategic investor since 2016.
“Halton’s mission has long been to enable well-being in indoor environments. Naava’s innovative biological indoor air purification is complementary to indoor air technologies and it has remarkable demand and potential in Europe and Asia. With our network and expertise, we want to accelerate Naava’s market entries. Naava has an excellent team with a clear vision and sound expertise.”
Mika Halttunen, Chairman at Halton Group, a strategic investor since 2016.
Naava is currently negotiating with several well-known global technology or furniture companies for co-creation of the next generation of biopurification-based green devices for offices, home offices, and homes. We expect these partnerships to bear fruit from 2021 onwards.
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People/team/hiring risk. It will never be easy to find and attract and keep the best talent. Many of the core innovations and processes are relying on the core management team members.
Financial risks. The possible need for future financing. The company is not yet profitable and thus might need additional investments to operate. Lead times for sales are long and reaching profitability in some markets may take longer than expected. Risk related to financial forecasts: future related estimates, goals, and other such statements are always subject to uncertainty.
IPR risk. Freedom to operate type of IPR investigations have been performed in key target markets. It is possible that another company has IPR that may threaten Naava in some markets. The company has been granted product patents and trademark registrations. Active patenting will be pursued.
Regulatory or lawsuit risks. There are currently no known legal proceedings against the company.
Competition risk. Naava is a unique solution that will likely attract direct competitors or companies aiming to copy product design and features. Naava will continue to develop products, technology, and IP to remain ahead of any competition and build the strongest brand in this emerging category.
Quality & partner risk. Unexpected quality issues with living plants or the AI/IoT/connectivity part of technology issues may cause extra costs or fees.
Partner operations risk. As Naava scales with partners, their operation of Naava sales and service at the high standard is critical. Partners need to be trained and supported to have the capability to keep Naava quality of the product and customer service and prevent extra costs and brand damage.