First investment by Butterfly Venture Fund III in Proximi.io

Butterfly Ventures has just closed its first investment from their latest fund, Butterfly Venture Fund III. The company invested in Proximi.io, an easy-to-use positioning platform that acts as a glue between the physical world and mobile devices, connecting all existing mobile positioning hardware and software into one developer-friendly product. The investment is syndicated with previous investors, a group of Finnish and Danish business angles.

“Proximi.io operates in a very interesting and one of the fastest growing market segments, mobile positioning. Indoor positioning alone is estimated to grow from 4 billion to 23 billion USD during the next five years.” explains Juho Risku, Founding Partner at Butterfly Ventures “Proximi.io is a well packaged, easy to use product and is capable of offering first class customer support. Both facts have been confirmed by the customers we interviewed. Additionally, the customer traction as well as other early growth metrics look promising. It’s also refreshing to see a female entrepreneur in the startup scene.”, he adds.

Since it’s launch in January 2017, Butterfly Venture Fund III aims to invest in 10 new portfolio companies annually for the next four years. Like in the case of Proximi.io, which is a late seed case, the entry point of Butterfly Ventures is typically a bit earlier than most venture funds, at the seed or even early seed stage. The fund is focused on hardware and software directly interfacing with hardware and deep tech companies.

“We’re aiming high; We’re going to be the go-to platform for enterprises and mobile developers for implementing positioning. Butterfly Ventures shared our vision. We also saw their expertise in the intersection of hardware and software, their strong portfolio and their international reach as invaluable assets to us. As it happens, our offices are also located next to each other at the Maria 0-1 startup hub. The co-operation will certainly be very efficient.” says CEO and Co-founder of Proximi.io, Annina Koskiola.

Enquiries and additional information

Matti Kanninen, managing partner
Phone: +358 (40) 5455877
Email: matti@butterfly.vc

Resources

Download PDF: EN, FI

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.

Building bridges

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Silicon Valley with Mikkel Svane

Juho Risku discussing with Mikkel Svane the CEO of Zendesk in Silicon Valley. Zendesk had just closed $60 million round.

One of our key ideas is to actively build such bridge ends that will ease up the market entry of our portfolio companies. Our trip to Silicon Valley was very productive. In addition to number of VC funds and accelerators we met entrepreneurs, such as Mikkel Svane from Zendesk. Zendesk btw. is an excellent example of a modern startup which has built their business around the customer centric idea of creating a great product above anything else.