Case: Selqee

logo-selqee-1280Despite of the fact that training programs are in the very core of fitness training, the tools to prescribe and deliver them are far from optimal. Strength training programs are mainly a bare list of prescribed movements without an explicit and systematic plan for personally optimized weight, repetitions and resting time. There’s no real time feedback nor analysis based on actual training session for the trainee or personal trainer. This applies even into mobile app based training programs, only exception being perhaps heart rate driven cardio training apps, which however, are not optimal for strength training. The challenge has been both receiving the training program and collection of training session feedback without requiring too much fiddle from the end user. To get best training outcome the program should be created and updated based on each actualized training performance. Selqee’s Repmax does exactly that. It’s a mobile app that allows personal trainer or trainee to set a certain goal, like gain muscle mass or increase strength endurance, after which the app creates a training program which changes in real time based on actual training performance. All this with excellent user experience.

Repmax is not just a tool for personal trainer to design and deliver personalized training programs to their customers, but also a tool for the end user to get the real time feedback based on training performance. Repmax automatically adjusts the training program during the training and allows in-depth analysis of the training performance after it.

Repmax is not just a tool for personal trainer to design and deliver personalized training programs to their customers, but also a tool for the end user to get the real time feedback based on training performance. Repmax automatically adjusts the training program during the training and allows in-depth analysis of the training performance after it.

Prior to Butterfly’s investment Selqee had bulk of the Repmax-product development ready as well as a number of well know personal trainers lined up for piloting the product.

“The health apps are one of the largest segments in app business. Yet, at the same time it’s very challenging to provide real, tangible added value while keeping the user experience at the top level. Based on feedback by top personal trainers, such as Jaana Kotkansalo, we’ve succeeded here. Butterfly has been very helpful from the beginning. We value particularly their coaching type of attitude and the frank, to the point, relations with them. Also, we are pleased of their great networks and ‘been there, done that’ experience in this segment. Already prior to the investment we went through numerous discussions that helped us to clarify the idea and business model” (Juuso Nissilä, CEO of Selqee)

Butterfly invested into Selqee because of founder team with plenty of both domain and startup experience, their deep insight into sports science as well as physiology and a product idea that addresses most of the end user issues in current gym training applications. Butterfly’s investment will be used to finalize and launch the first product version, validating the end user traction and securing the first few paying customers.

Case: Monidor

Monidor-logo-largeMost of intravenous infusion therapy is based on visual monitoring by humans and thus inaccurate. This causes extra work and frequent, often very serious, problems to patient safety. For instance, in abdominal surgery more accurate infusion therapy could reduce the complications by 59% and shorten the number of days in hospital by three. Monidor’s Monidrop is an automated infusion monitor. It helps the work of the nurses and improves the patient safety, saving work time of the nurses and shortening hospital stay of the patient. Unlike the competition, Monidrop is a small, very easy to use and cost efficient enough to be installed on the side of every hospital bed. Saving patient from even one extra day in hospital will pay back the device cost, reductions in the nurse’s workload makes the value proposition even stronger. As there’s over 3.5 million hospital beds in EU and US alone Monidrop has a billion-dollar market opportunity.

Prior to Butterfly’s investment Monidor had built a functional demo device and verified the designs with customers, conducted successful market research, started the development of production version as well as secured financing from number of angel investors and TEKES.

“Rheumatologist Antti Puolitaival, Co-founder of Monidor, noticed several years ago that traditional infusion monitoring devices are too complex for wider use in hospitals. That’s why we developed Monidrop. Clinicians’ and especially nurses’ feedback has been positive. It’s small and easy to use – that’s why they love it! Financing from Butterfly Ventures is obviously important for us, but in addition, their encouragement and business coaching has helped us to set our goals right.” (Mikko Savola, CEO of Monidor)

Butterfly invested into Monidor because they have a clear product idea with well-defined market. They also have a very systematic approach to operating the company and clear idea of customer / end user experience driven development process. Butterfly’s investment will be used to finalize and launch the first product version, validating the end user traction and securing the first few paying customers.

Case: Fascia Clothing

fascia-clothing-logo-18.4.2016Muscular balance is an important factor effecting the health. Imbalance can cause numerous problems, including joint injuries, back pain etc. Imbalance can be caused by numerous factors and it’s not just a problem of people who train too little. For instance, professional athletes frequently suffer this problem due to too little training of supportive muscles. Fascia Clothing’s patent pending garments prevent this problem. In effect they’re compression clothing for musculoskeltal system. The body balance is achieved by stimulating the body’s fascia-line network, i.e. utilizing the bio-tensegrity phenomena. It increases the effectiveness of any physical exercise and makes sure that it becomes balanced. In other words, also other than target muscles, including the deep inner muscles, which are maintaining the posture of the joints and the spine, will get the effect. It improves body awareness, control and coordination. Fascia Clothing is the next generation of billion-dollar compression clothing industry.

Prior to Butterfly’s investment Fascia Clothing had produced the first prototypes, secured an industrial partner and filed their first patent application.

“Our garments are suitable for all. While improving physical performance they help also to prevent injuries and for example back problems. Therefore, the market potential is not limited only to athletes. We’ve been discussing with Butterfly well before we were founded. They’re curious, very open for new ideas and their input has been instrumental while taking us where we are. Without Butterfly’s involvement we simply would not exist.” (Marika Heiskanen, Founder of Fascia Clothing)

Butterfly invested into Fascia Clothing because they have a unique elegant approach to making training safer and more effective. Their value proposition is much stronger compared to traditional compression clothing, which is already billion-dollar industry. Furthermore, their team has a great mix of deep physiological expertise combined with top-notch management and marketing talent. Butterfly’s investment will be used to manufacture the first product versions, secure further IP, validate the business model and securing the first few paying reference customers.

Case: StealthCase

stealthcase-logo-12.4.2016Modern society is increasingly dependent on wireless communications. At the same time requirements for energy efficiency in construction have been constantly increasing. Unfortunately, energy efficient construction obstructs also the radio waves causing multitude of low signal ratio related problems. While these problems can be addressed, existing methods are expensive and most of the time they do not fit into existing processes within construction industry. StealthCase tackles the problem where it is born: in the walls. The problem is solved by applying and integrating antenna technologies into construction materials making materials reradiate signals efficiently through them. Unlike traditional solutions, the cost of market adaption of these integrated structures are minimal compared to the customer dissatisfaction or competing solutions.

Prior to Butterfly’s investment StealthCase had filed several patent applications, created proof of concepts that validate the technology as well as started the pilot negotiations with several construction industry players.

“We’ve been discussing of the problem for several years. When Juha, one of the founders, presented the initial solution we instantly understood that we had something special at our hands. As our IPR portfolio expanded, it was clear that an investor was needed. Butterfly has proven to be an excellent partner with low bureaucracy, direct and open interaction and excellent advices in marketing, business model and strategy. We look forward on expanding our business with Butterfly.” (Janne Mansikkamäki, CEO of StealthCase)

Butterfly invested into StealthCase because of their elegant, cost efficient solution to clearly identified need driven by market trend, i.e. energy efficient construction. Every new and renovated building needs their technology. Furthermore, they have secured the core IP and have an agile, well executing team with plenty of experience required for this type of products. Butterfly’s investment will be used to expand the IPRs, finalizing the first product and getting the first few pilot customers.

Case: Fjuul

Fjuul LogoFjuul is a mobile app that turns everyday activities into meaningful exercise. It provides guidance for changing daily behavior and building healthy routines to feel energized and keep in shape. Unlike most of the existing apps and gadgets the Fjuul technology has a strong scientific foundation. It translates daily, casual movement into a new measurement unit called Fjuul Points – a universal “currency” of healthy activities. They measure the intensity of movements and related energy consumption (in medical units called METs). In other words, instead of just counting the steps one takes, with Fjuul users can realize the difference of the daily choices they make, such as taking the stairs instead of using the elevator – they can now learn how the mix of intensities impact their exercise levels. This makes an excellent platform for bringing more value to the millions of mainstream users.

Fjuul offers great user experience and it has been globally featured numerous times.

Fjuul offers great user experience and it has been globally featured numerous times.

Prior to Butterfly’s investment Fjuul had released a second version of its top rated mobile app, which had been globally featured by Apple frequently, secured pre-install deal of the demo app with Apple retail stores as well as being hand-picked as one of the few partners during the Apple Watch launch.

“We appreciate the open communication we have had from day one with the Butterfly team and quickly learned that we get a lot of ideas and expertise on our business model, the proper metrics, and how we could jointly move Fjuul towards our set monetization schemes. In particular, we feel that we get ‘out of the box’ thinking, a down to earth partnership, and a creative approach for further value creation, including some synergetic options within the current portfolio investments and related learnings.” (Sascha Wischek, CEO of Fjuul)

Butterfly invested into Fjuul because they have been able to package the value beyond the steps into a great user experience that could appeal even to the mainstream user groups that aren’t interested of traditional testosterone packed sports tracking applications. This is also confirmed by their strong relationship with Apple. In addition, Fjuul shows very promising metrics and extraordinarily active core user group. They have a great experienced team that has demonstrated their execution capability as well as V3 plans with an appealing value proposition. Butterfly’s investment will be used to develop and launch the V3 product suite and test the new business model and value proposition.

Case: Foodiac

Foodiac LogoConsumers and businesses want more unique and personal dining experiences. At the same time chefs would like to make name and have variety for their work which typical restaurant job doesn’t offer, as well as earn some extra income. Foodiac is a service to facilitate this, it allows anyone to book the best chefs around to cook at their home or corporate events. For chefs it allows easy end-to-end management of customer flow. Foodiac will disrupt the whole $33 billion in-home catering and $36 billion B2B event catering markets, while also challenging the fine-dining restaurants globally.

Foodiac connects the best chefs around with the consumers.

Foodiac connects the best chefs around with the consumers.

Prior to Butterfly’s investment Foodiac has proven the business model locally in Finland by attracting nearly 100 service providers, generating superb metrics, including >1000% google ads ROI, nearly 100k€ incoming monthly RFQs and over 150k€ worth of revenue.

“The market of in-home and event catering are completely untapped markets. Also the restaurant industry has trouble matching the growing requirements of customers. We at Foodiac noticed this opportunity and the response from the markets has been amazing. We’re glad to have Butterfly backing us both financially and with the wide experience they have in growing startups. We just launched in United Arab Emirates and the metrics look even better than in Finland. We are further expanding the concept to Germany in 2015 and using the knowledge of Butterfly to plan the next steps in conquering the world.” (Miikka Mäkiö, CEO of Foodiac)

Butterfly invested into Foodiac because of very professionally carried proof of business pilot in Finland with extraordinary metrics. The team is hard working, smart, agile and capable of delivering results professionally. Butterfly’s investment will be used to validate the business model in international markets outside of Finland.

Case: Fabula

fabula-text-logo-11.8.2015Fabula is an e-books app that allows unlimited access to their e-books inventory through a Spotify type of subscription model. While being very attractive to consumers, their business model fits perfectly for publishers as well. While many players have tried to put together a successful e-books mix, Fabula has nailed to the spot on, giving them a great chance to succeed in billion dollar e-books market.

Fabula offers a great reading experience and an unlimited access to their fast growing inventory of titles (currently >12k titles) through a simple Spotify type of subscription.

Fabula offers a great reading experience and an unlimited access to their fast growing inventory of titles (currently >12k titles) through a simple Spotify type of subscription.

Prior to Butterfly’s investment Fabula has developed the first version of their mobile app, successfully launched the service and taken the leading position in the Latvian e-books subscription market. They have great business metrics, very loyal customer base with high customer lifetime value and their inventory consists of nearly all the publishers in the Latvia.

“Subscription services, like Spotify and Netflix, have taken the market in music and video. However in e-books this is yet to be happen. The fact that people like to read on their own language and lower cost of entry has kept the market more fragmented, furthermore the current business models do have a good fit from publishers’ point of view. We have solved the problem, Fabula is currently leading e-books subscription service in Latvia and our aim is to tap into billion dollar e-books industry and repeat that success in the rest of the world. From our point of view Butterfly is a perfect investor, they have a very constructive hands on approach, provide experience, market knowledge, connections and mentoring. Furthermore their agile approach into business development is a great plus while prioritizing and setting targets to reach the global market and scale up rapidly.” (Eldar Sharafutdinov, CEO of Fabula)

Butterfly invested into Fabula because their business model addresses the needs of different stake holders very well. This is also backed by their metrics. Furthermore they have an excellent hard working team with plenty of ambition. Butterfly’s investment will be used to scale the service and validate the business model in international markets outside of Latvia.

Case: Sonic Force

SonicForce_logoSonic Force has developed LoudBy Sound Cases, that are smart protective cover for smart phones and tablets that improves the sound quality of the device significantly. It does this by employing patent pending passive very precisely crafted horn design that redirects the sound towards the users, as well as improves the frequency band and loudness.

Sonic Force's LoudBy covers deliver excellent sound quality with elegant packaging. The improvement in sound quality is truly impressive.

Sonic Force’s LoudBy covers deliver excellent sound quality with elegant packaging. The improvement in sound quality is truly impressive.

Prior to Butterfly’s investment Sonic Force had developed the first product version for Samsung Galaxy S4, as well as working prototypes for several other devices, filed patents for core IP and conducted market research in Canada with very promising results. Furthermore they have sold the LoudBy Sound Cases to four countries, including US, UK, Canada and Finland.

“During the last few years smart phone manufacturers have turned their attention to bigger and better displays. However sound quality is left behind. We elegantly combine two basic needs of the smart device users, protection of the device and sound quality. Our market research indicated that 37% of users feel that they would benefit from improved sound that LoudBy delivers resulting a market opportunity of over billion dollars. Butterfly brings us the resources and expertise to pursue into new markets as well as develop Sonic Force offering to meet increased number of customers.” (Petri Soronen, CEO of Sonicforce)

Butterfly invested into Sonic Force because of the product with clearly articulated benefits with promising initial traction. Furthermore their team is a great combination of business, mobile industry and truly exceptional sound design expertise. Butterfly’s investment will be used to identify, test and validate the traction as well as scale of the market opportunity with couple of mobile platforms in international markets.

Case: OptiWatti

OptiWatti_LOGO_mintgreen_CMYKHeating and cooling are one of the most significant usages of energy in a household. At the same time most of the current electric heating systems are fairly simple, they don’t take into account factors like thermal capacity or usage patterns of the space, nor weather forecasts. OptiWatti is a fully automated system to optimize the heating that can save up to 50% of the heating costs. At the same time it improves the comfort and control by providing a very user friendly mobile app that makes the control and adjustments of the system a breeze.

OpttiWatti provides a extremely easy to use user interface for both mobile and desktop, that makes the monitoring and controlling of the indoor temperature a breeze.

OpttiWatti provides a extremely easy to use user interface for both mobile and desktop, that makes the monitoring and controlling of the indoor temperature a breeze.

Prior to Butterfly’s investment OptiWatti had launched the first version of the product generating 40k€ of monthly revenue with very satisfied customer base, filed patent application for core IP and secured growing reseller network in Finland.

“Energy efficiency has major impact into our everyday life. Pressure to find new ways to save energy and balance demand-response is growing. According to EU commission, the market size for demand-response alone in Europe is more than €100 Billion. Our mission is to provide easy and effective solutions to this challenge. We’ve introduced a hassle-free room level heating optimization, which is the most effective way to implement demand-response. Butterfly is a perfect partner for us in addition to financial resources, they’re providing international expertize and energizing support.” (Juha Marjeta, CEO of OptiWatti)

Butterfly invested into OptiWatti because of their great team with plenty of business experience and the product that has an excellent user experience and very promising traction. Furthermore OptiWatti has a significant market opportunity not just in Scandinavia, but also internationally. Butterfly’s investment will be used to scale up the sales in Finland and test the traction internationally.