Waved recently raised NOK 10.8 million from a number of well-known startup investors. At the time of issuance, the company was valued at NOK 50 million before the cash injection.
Among the investors who have subscribed to shares, we find a number of well-known names:
Whiskey Capital: (Øystein R. Skiri And the Gustave Magnard Wetzwe), crocodile with Montaigne, Brodrend Jensen And the R8. Boitano, Magnus is death In Plato (former CEO of Ardouk), Joachim WillH, the former owner of Lydrommet, is involved.
Stonehaven with David Boom Also included in the list of shareholders, as well as quadruple businessman Chris Moen From Breyta (Former Founder of Teston).
That’s why they invest
Was it difficult to raise money in these times?
We spent time getting to know the investors, and we wanted them to feel they had enough time to get to know us. In addition to capital, it was strategically important to bring in good investors, General Manager Daniel Harper tells Shifter.
– How long did it take to get the money?
– We started the dialogue at the end of last year. Around Easter this year, we’ve gotten pretty well on who should join, and since then there’s been more formalities.
– Why do you think they invest in you?
– My opinion is that they see a need that we meet. Although there are still moderate numbers and we are a young company, we have proven a lot in terms of the Corona case. We see a completely different speed of adoption of our product after Easter, which was also our premise during this period.
3 times the annual recurring income this year
— What results can you refer to?
– We’ve seen triple growth in annual recurring income (ARR) so far this year. We are starting to gain a clear market position in Norway, and we notice that customers have heard about us when we make contact, which is reflected in shorter sales cycles and increased demand.
— What is the product?
—Our aim is to always have the best possible atmosphere with our clients, which is hotels, restaurants and other socializing points. We do this by automatically adjusting the volume of the music according to the energy level in the room.
— How many clients do you have?
– About 40.
— What is a regular customer?
—The typical client is a certain sized restaurant and hotels.
— What does the product cost?
– The price increases according to the area, complexity and need. A smaller place pays less than a hotel with more areas. Some customers have requested our product in swimming pools, bowling games and so on, the more complex the picture, the more impact it will have on the price.
—What is the usual price for a regular customer?
We haven’t announced the price yet. We are number one in the market, so we are still working on the pricing model.
– Is there reason to believe that you have a lower price now, in the beta phase, than it will be in the long run?
– We have seen that the price rises as the product matures, so it is a reasonable assumption. I would also like to stress that a good portion of our clients are more than trial clients.
There are no direct competitors
– Do you have competitors?
There are no direct competitors to what we are doing now. Nobody, as far as I know, uses data to regulate music volume, so it’s an open market. We know that some customers have tested something that was developed in the 80’s, but are no longer using it.
– Why do you succeed?
—- Team composition, plus the fact that we have a “first mover advantage”. We also have good investors who have done a lot of good in the past and can help us avoid a number of pitfalls.
— What is the market potential?
—You can calculate the number of restaurants in the US and then multiply it by the price.
—But what do you say in your investor group is Total Addressable Market (TAM)?
– If we look at the catering industry (hotels, bars, etc.), we estimate TAM at €40 billion. We also look at other related markets, such as malls and commerce in general. When we enter these markets, TAM will increase exponentially.
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Go to Market Strategy
—What was their strategy for entering the market?
We started by finding “early adapters” in the restaurant industry. People we know have wanted this for a long time. We focused on making them happy and then they referred us more. The restaurant market often consists of groups with many places. Proving that something works in one place in the group makes it easier to sell others, also because we have internal “champions.”
—We have a city-by-city approach. These restaurant groups also span across national borders, so they will help us expand internationally.
-the biggest challenge?
– scaling. It’s about being able to meet the demand we’re facing. We no longer have problems with component delivery, but system installation requires technician assistance with us. But the vision is that there should be plug and play for the customer itself.
Where are you after three years?
– Then we have a good foothold and we are the slum market in the North, which is profitable. We also have a good foothold in the UK and have a clear plan for how we will move into the US market.
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