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International Internet Magazine. Baltic States news & analytics Monday, 13.07.2020, 01:26

Estonian sauna heater manufacturer Huum has raised EUR 475,000 by means of crowdfunding

BC, Tallinn, 11.11.2019.Print version
The Tartu, Estonia based manufacturer of sauna heaters Huum has seen investor interest registered for 475,000 euros in investments in an investment round launched on the crowdfunding platform Funderbeam last Thursday.

The minimum target of 150,000 euros was reached already during the first hour of the campaign on Thursday, Huum said, describing sauna as potentially the next success story of Estonian export.

The company plans to use to money raised thanks to investors in Estonia and clients all over the world for expansion and putting new products on the market.

Huum's revenue in the first six months of this year grew 65% compared with the same period in 2018 to 438,000 euros, which is two times the company's own forecast. The company expects its revenue to cross the 1.1 mln euro mark by the end of the year.

The main export markets for Huum are Finland, Sweden and Germany. Products of the company have been exported also to Mexico, South Africa and Australia.

The crowdfunding campaign lasts for 25 more days and the minimum size of investment is 250 euros.

According to Creditinfo, the beneficiaries of the company established in 2014 are Siim Nellis with a holding of 72.25%, Andres Koern with a holding of 12.75% and Tanel Luure with 10%.

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