New investors for the space-saving furniture invention include former directors from IKEA and Framery.
”We were seeking €500k, but raising even more is a clear sign that investors have a strong belief in our ability to build the next Finnish global success story. Having old and new investors participate in the funding round shows we have done the right things and things right in a challenging economic environment. Making Tablebed a household name worldwide is now one step closer,” said Tablebed Managing Director Joshua Moorrees.
In addition to the €600k funding for international growth, Tablebed is now backed up by vital growth competence and industry knowledge. New investors include Ilkka Kaikuvuo, founder of Finnish furniture success Framery, ex-Spotify executive Janne Honkaniemi and former IKEA director Jukka Norppa. The round was supported by serial entrepreneur, real estate agency Bo LKV and Telkku.com founder Anssi Kiviranta who has been a Tablebed investor from the start, and by Matias Mäenpää, known for his Exit books, via his investment company Leap Investor. Also, private investors from Luxembourg and Estonia took part in the round.
The funding will be used to strengthen the team and for international growth and product development. As of April 1, 2021, Tablebed’s reseller and global hotel business will be led by sales director and partner Janne Orava, who has extensive furniture industry knowledge. The next key position to be recruited will be that of North American sales director.
“When I first saw Tablebed, I wondered why nobody had invented it before. It solves so many fundamental issues of effective space utilization, both at home and elsewhere. At Spotify, I was able to first-hand witness how global scaling can be a success when you’re innovatively solving a concrete problem with a product that puts design and usability in the center. I can see clear signs that Tablebed has similar global growth potential and I’m excited to be part of this journey, bringing Finnish design to the world,” said Janne Honkaniemi.
“The pandemic that started a year ago has been detrimental to many companies and their business models. For example, the hospitality sector has come to a near halt. Tablebed’s solution and the product are perfect for the industry looking for new ways to operate and efficiently use their space. A match made in heaven! I’m looking forward to using what I’ve learned from my journey with Framery and help make Tablebed an international success,” said Ilkka Kaikuvuo.
One example of a Tablebed hospitality client is VALO Hotel & Work in Helsinki, Finland. VALO was ahead of its time, as it developed its “office by day, hotel by night” concept before the pandemic. The utilization rate for office buildings is often a mere 5-10 percent. Taking advantage of the rooms overnight is therefore ecologically wise. All of VALO’s 422 rooms can be turned from meeting rooms to hotel rooms.