As of March 5, FitWood successfully raised its minimum financing goal of €100 170 on Invesdor. With this, the company will move forward in its goal of providing better fitness equipment to Europe and the world in 2017.
FitWood brings high quality materials, sustainability and Scandinavian design to the stagnant market category of home fitness equipment, where low price and low quality are king. Over €500 000 has been invested since late 2015, a big vote of confidence that FitWood’s aims and mission has resonated with investors in the Nordic region — confidence that the company hopes will translate to a growing list of retailers and consumers.
Ossi Numminen, FitWood chairman, stated: “This is certainly an important first win for us, but there’s a long way to go. €200 000 is the next milestone which allows to carry on the international expansion, and we believe it’s likely. But ultimately, we are looking to raise a minimum of €300 000 to continue international growth and product development at their full potential. There’s huge potential in the market for these products — it’s just a matter of finding the right customers. We now have tested the core business and are ready to find those markets that respond to our concept best. The more we raise on Invesdor, the more prepared we’ll be to find those markets.”
In the past year, FitWood has acquired nearly a dozen retailers across five countries in Europe. In 2017, the company will focus on generating revenue in the markets it has entered while expanding to new ones further afield.
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