When it comes to results, Croatia’s Include published an impressive 115 percent growth in revenue in the first quarter of the year, and an average selling price growth of almost 40 percent.
As Tomislav Pili/Poslovni Dnevnik writes on the 23rd of April, 2019, one of the main stars of the Croatian startup scene, entrepreneur Ivan Mrvoš, is continuing to impress. Just two years after Include’s first capitalisation through Funderbeam, recapitalisation is about to happen again, aiming this time at almost ten times the amount. Before today’s public announcement of the campaign, Include’s main man revealed that his company, which is a top Croatian manufacturer of solar powered benches, is collecting part of the finances through Funderbeam while the other part will be provided by private investors.
“After the successful first round of investment back in 2017, when we raised about 3.5 million kuna with a 30 million kuna valuation, we decided to enter a new round of recapitalisation. We didn’t set a fixed amount, but we expect that the investment will be at least 20 million kuna, with the potential to reach approximately 30 million kuna. As for Funderbeam’s part of the investment, we’re expecting to raise about 10 million kuna through the platform,” said Include’s boss Ivan Mrvoš. At the moment, he has secured about 10 million kuna from the Funderbeam platform and is actively discussing the additional funds with several potential investors, including private individuals and venture capital funds.
“Right now, I can’t say which investors are involved, but they’re people who have led or are currently leading various Croatian industries, which we consider to be a significant indicator,” he pointed out. When asked how much shares in Include now sell for and how much the company is valued at, Include’s founder explained that things are a bit different now than they were back in 2017.
“The company has four years of business behind it and some remarkable results have come to fruition, so we decided to hire one of the companies from ”The Big Four” to do a valuation. What I can say is that it was a very intensive process that lasted for several months, and the company was estimated at 110 million kuna last week,” says Mrvoš.
“The company ended last year with a positive result, and we also continued things successfully during the first quarter of this year, with 60,000 kuna of net profit,” Mrvoš revealed.
The collected money will certainly go into the development of existing markets, but also to conquering new markets.
“We intend to strengthen our presence on existing markets and continue to build a global distribution network. In addition, we’re beginning with the development of new products that will be complementary for the existing markets, and intended for those same markets, and we’ll also get some more advanced equipment for our development and production activities,” explained the talented young entrepreneur.
The trading of Include’s tokens at Funderbeam was stopped on April the 1st this year due to campaign preparation, and the latest market price is 3.5 euros. The director of Funderbeam Damir Bićanić explained that the price of the shares will not be one euro as they usually are in Funderbeam’s campaigns, but higher, meaning more specifically that they’ll reflect the company’s new valuation.
The leading investor, as was the case in 2017, will be Ivana Šoljan who says that Include will certainly pass at least one recapitalisation, and “hopefully maybe go to the stock market in the future.”
“Mr Ivan Mrvoš and his whole team have advanced tremendously. Organisationally, they did well, they wrote regular reports to investors, they’re not late with deliveries, they plan things smartly – they’re ready for a new round,” concluded Šoljan.
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Click here for the original article by Tomislav Pili for Poslovni Dnevnik
