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AddMovement AB

AddSeat by AddMovement - Modernising Personal Mobility

Since 2012, AddMovement has taken personal mobility in Scandinavia to a new level. With plans to reach an even larger market of over one million mobility users in Europe alone. AddSeat a "small footprint" powered wheelchair goes more places than most traditional wheelchairs or powered seat can.
 
Built to the highest Scandinavian engineering standards on gyro technology with a first-class comfort level AddSeat changes the view of the users and especially the outlook of those meeting them.
 
With a world class team that “eat sleep & SIT!” AddSeat to take the company forward.
 
AddMovement is changing the perception of Mobility!

Investor proposal

For a minimum amount of N EUR we are offering N% of our company and for a maximum amount of N EUR we are offering N% of our company.

The share price is N EUR.

The minimum investment is N EUR and the maximum investment is N EUR.

AddSeat by AddMovement with its unique seated gyro solution has generated sales in Europe and a strong interest in the US with a growing demand and first sales there. We now need to expand our sales team and bring on additional models to broaden our market. We expect to quadruple sales in 2018 and double again in 2019. With this gain benefits of scale, increasing margin. We expect either a trade sale or continued market growth in the next three years. 

Product

The problem this product solves

Marit Sundin, the innovator of AddSeat™, an amputee from the age of three, saw the opportunity in 2010 to change her life by adding a seat to a gyro unit. The idea for a "small footprint" powered wheelchair was born. A conventional wheelchair in the sand, on grass, or on cobblestones is almost impossible to use and if possible to use is physically exhausting for the user or helper. The AddSeat changes all that!
 
Creating a freedom to go to more places with or without the family. Shopping, for example, is now a joy, not a burden.

How the product solves it

The AddSeat is 63cm broad meaning that doors, and can turn on the spot, lifts, train corridors are not a problem. With all weather tyres snow, rain and sand handled with ease. AddSeat is designed for all day use and distances up to 25KM a full day out with family and friends is now more easily achieved. Taking the dog for a walk is easily done. In restaurants or stores, the variable height AddSeat allows you sit at a bar or reach higher shelves respectively.

Creating an independence that is so important. 

Product features

The AddSeat has some key features that make us unique including two steering solutions for amputees, and those with lower limbs. Variable height AddSeat ensures easier transfer to and from the AddSeat. The suspension in the Variable Height AddSeat gives a smoother ride for those with spinal issues. Plus, the multiple options for the back support allow a greater range of users to enjoy the AddSeat. 

A feature that many love is that we can offer any colour! Owning a Ferrari Red AddSeat with Alloys Wheels has already meant additional sales! 

Product use cases

AddSeat has a diverse user base, from amputees to those who have MS, or those with a limited capability to walk any distance. Many traditional wheelchair users can now access areas that were previously physically exhausting to traverse; snow, sand, uneven roads such as cobblestones all are now less of a barrier. Plus joining others while they cycle, being on the grass touchline of a football match are just some examples that are normally taken for granted.

For the user, it creates a freedom that is profound and allows them and their family to have a less restricted life.

Team

Mike Redford avatar
Mike Redford CEO
International Business development experience managing multi-country operations and experienced in building companies from scratch to operational businesses. Takes the vision and makes it happen. - Contact me either by mail at mike.redford@addmovement.com or by phone +46 687 10407 if you would like to know more about AddMovement and/or our funding ... See more
International Business development experience managing multi-country operations and experienced in building companies from scratch to operational businesses. Takes the vision and makes it happen. - Contact me either by mail at mike.redford@addmovement.com or by phone +46 687 10407 if you would like to know more about AddMovement and/or our funding via FundedByMe See less
Rolf Ödmark avatar
Rolf Ödmark CEO from September
Rolf Ödmark studied Law at Uppsala University and awarded a Master degree in Law. He is currently an independent consultant and was until summer 2016 VP Global Head of Compensation and Benefits for Telia Company. Before that he had 14 years of experience from Scania within different positions, three years ... See more
Rolf Ödmark studied Law at Uppsala University and awarded a Master degree in Law. He is currently an independent consultant and was until summer 2016 VP Global Head of Compensation and Benefits for Telia Company. Before that he had 14 years of experience from Scania within different positions, three years as VP Global Head of Tax at Vattenfall and ten years as Tax and Legal Director at SEB. Rolf has more than 27 years of experience in Automotive, Human Resources and Financial area. He has a broad experience in Merger and Acquisition, mainly in Europe and as a member of different Boards. In his work, he has been focusing on the decentralized global organisation that operates in a rapidly changing world with new technology and communication. Rolf has lots of experience in the area of advanced leadership, dealing with cultural differences, build confidence, set ambitious targets, customer focus, create added value, generate new ways of working and organisational work. - Focus for AddMovement – Organisational and process development at the factory and globally with our dealers See less
Monica Sundelin avatar
Monica Sundelin Head of Quality Assurance and Production Standards
Monica Sundelin - Responsible for establishing the operational systems within AddMovement and manufacturing partner Samhall AB for ISO 13485 and that it will also comply with the FDA's regulation FDA CRF 21 part 820 to meet the US market. Overall project management and responsible for primary documentation so that we ... See more
Monica Sundelin - Responsible for establishing the operational systems within AddMovement and manufacturing partner Samhall AB for ISO 13485 and that it will also comply with the FDA's regulation FDA CRF 21 part 820 to meet the US market. Overall project management and responsible for primary documentation so that we meet all the requirements, rules and regulations in different markets. Background. Has been QA, (Quality Assurance) Manager in a microbiological laboratory for seven years and is now QA at an engineering company, Laser Nova, which among other things manufactures products in medical technology. An IRCA qualified auditor for; ISO 17025, ISO 9001, and ISO 14001. Qualified internal auditor for ISO 13485. Hired by SWEDAC and Norwegian accreditation as technical analysts in microbiology ISO 17025. Holds a master's degree in Molecular Biology. - Focus for AddMovement – ISO 13485 and FDA medical classification See less
Marit Sundin avatar
Marit Sundin Product Development
Marit is the Inventor of AddSeat and founder of the company AddMovement AB which started in 2012. Since then Marit has worked with design engineers and manufacturers in developing the product taking input from leading robotics academics. Marit has won the Female Inventor of the Year 2014 presented by the ... See more
Marit is the Inventor of AddSeat and founder of the company AddMovement AB which started in 2012. Since then Marit has worked with design engineers and manufacturers in developing the product taking input from leading robotics academics. Marit has won the Female Inventor of the Year 2014 presented by the prestigious Svenska Uppfinnareföreningen (Swedish Inventors Association) against 119 nominees. Marit is a Paralympic Gold Medal winner in Sitski and helped in the design of the original product. She is also a popular speaker at motivational events See less
Ian Thompson avatar
Ian Thompson Chief Designer
Ian Thompson is currently the Design Director at Karma Automotives. Previously Engineering Manager - German OEMs at KIRCHHOFF Van-Rob, part of Kirchhoff Automotive. Until January 2016, Ian was Head of Interior Engineering and New Product Development at Maserati SPA. He was a VP of Engineering for SenseAir Ab, VP Engineering ... See more
Ian Thompson is currently the Design Director at Karma Automotives. Previously Engineering Manager - German OEMs at KIRCHHOFF Van-Rob, part of Kirchhoff Automotive. Until January 2016, Ian was Head of Interior Engineering and New Product Development at Maserati SPA. He was a VP of Engineering for SenseAir Ab, VP Engineering at Longwood, Engineering Manager at Grupo Antolin, a manufacturer of premium interior components. Ian has over 29 years of experience in the automotive industry. He has worked with major OEMs like Ford, GM, Chrysler, Toyota, Hyundai, Renault/Nissan, Aston Martin and Bentley. Previously, he was a Technical Manager at Lotus Cars. See less
Christoffer Bundesen avatar
Christoffer Bundesen Head of Sales
Christoffer came 3rd in the Young Entreprenuer of the year Award given by “Företargarna” but had to end his own business due to an industrial injury. This is great news for us to get this “hungry young man”. He’s got that “X” factor you need in sales and a great ... See more
Christoffer came 3rd in the Young Entreprenuer of the year Award given by “Företargarna” but had to end his own business due to an industrial injury. This is great news for us to get this “hungry young man”. He’s got that “X” factor you need in sales and a great understanding of the product. See less
Dr. Andreas Hub avatar
Dr. Andreas Hub Advisory Board and German speaking nations sales
Dr Andreas Hub studied physics and mathematics at the Universities of Tübingen, Aix-Marseille (France) and Ulm. Andreas's PhD thesis at the University of Munich addresses the psychophysics of human colour perception. At the Max Planck Institute of Biochemistry, he developed a prototype for the recognition of object colours for people ... See more
Dr Andreas Hub studied physics and mathematics at the Universities of Tübingen, Aix-Marseille (France) and Ulm. Andreas's PhD thesis at the University of Munich addresses the psychophysics of human colour perception. At the Max Planck Institute of Biochemistry, he developed a prototype for the recognition of object colours for people with high degrees of visual impairments. The International attention gained to this area was the consequence of his pioneering studies at the University of Stuttgart in the field of Assistive Technologies, specifically concerning interactive object recognition and navigation support for people with blindness as well as his research and prototyping for multi-handicapped people. Andreas Hub is the founder of a not-for-profit organisation for people with impairments, and he is acting as a consultant for inclusion and innovative technologies for international companies and governmental institutions See less

Market

Target Market


Sweden (9M Population) 500,000 people use a walking frame, standard wheelchair, or electric wheelchair. (ref Swedish Handicapped Institute). These are our target market. We believe 10% (50,000 units) is a reasonable target market for AddSeat. Note; there were 372,000 New car sales in Sweden in 2016.
 
In Europe (350M Population) there are 10 Million wheelchair users and walking frame users. (Note 14.5M New Car Sales). The United States a similar number.
 
In our market (US & Europe) of 2 Million potential users, our scale-up capabilities allow us to supply 100 units and up to 10,000 units with our current facilities.


Competitive landscape

We are reaching two sectors Medical and Lifestyle. Each has distinct competitors. 

Medical sector; traditional Mobility seats, which are usually 4 wheeled and quite bulky. Less price sensitive but quality standards are critical. We have the required competence in manufacturing and quality/standards expertise. ISO13485/FDA Class II 

Lifestyle sector, where the limited mobility person is buying out of own/family funds here we compete with 4-wheel drive off-road and top-end wheelchairs. 

Unique differentiator from competitors

Since our strategy is to be a unique product, we have several differentiated features compared to competitors:
1. The variable height AddSeat, this allows the wheelchair user to transfer easily from a wheelchair to the AddSeat. To reach higher shelves in supermarkets or at home when in a kitchen. Sit at a bar in a restaurant.
 
2. Choice of steering solutions, those without lower limbs can have a more controlled seating position. With lower limbs, the curved steering provides easier transfer. 
 
3. Dual handed parked solution allowing the left or right hand to engage the parking.

Company revenue streams

Current
1.     Sales of AddSeats (30%)
2.     Sales of AddSeat with Gyro (70%)
 
Future
1.     Sales of AddSeat Current design (15%)
2.     Sales of AddSeat Basic (55%)
3.     Sales of AddSeat Medical (20%)
4.     Service and Repair (5%)
5.     Finance Insurance Package (5%) 

Product/service distribution

For 2016 and early 2017 we focused on developing the dealer network across the globe, with a strategy of one dealer per country initially. Allowing us to time to resolve all regulatory issues, medical rules or road traffic acts in that given country. 

Once we feel confident with the supply chain, it is then intended to expand the dealer network via a distributor/importer route. 

Due to our requirement that the user should try the seat to check suitability first, we feel the initial dealer route to market is at the moment the most suitable. Online sales will come late 2017.

Execution

Previous milestones/traction

2010 – Idea developed
2012 – AddMovement formed
2012 – First AddSeats sold
2014 – First AddSeat in Norway sold
2015 – Own stand at  Rehacare Dusseldorf – new Version
            Met Potential Dealers; Germany, USA Plus other markets.
            Sold direct to German customers
2016 – First AddSeats sold in USA.
2017 – New Version 6 design under development 

Next key objectives

Autumn 2017:
1.     Aug - Add one new European country – Current discussions with an Austrian Dealer.
2.     Sept - Start on FDA Class II/ISO13485 Medical Class I product development.
3.     Sept - Place one person on full-time sales Scandinavia and support for dealers globally.
4.     Oct - Expand further into North America – Focus on Direct sales and assembly.  
 
2018
1.     Finalise ISO13485 Class 1 product. Launch Late Spring 2018
2.     Leading to FDA cleared device summer 2018 Finalise
 

Previous Financing

  • 2012-2014 85K Euro by the Regional Funds and Jimmy Dahlstens fund. 
  • 2012 Seed loan of 24K Euro from ALMI with 20K Euro outstanding. 
- The above funds took the company from Ver 1 to Ver 4 
  • September 2015: 105K Euro Crowdlending, 36 months 60K Euro outstanding
- The above funds took the company to Ver 5.0 
            October 2016 55K Euro Crowdfunding
- The above funds took the company to Ver 5.5
  

Partnerships

We are now working with Hakfelt Engineering to produce components directly. This is to reduce manufacturing costs.

Use of funds

Funds usage depending on the amount raised. 

0.5M-1MSEK – Expansion of current sales 
1.    New full-time sales person 
2.    Add additional European market 
3.    Continued marketing effort 
4.    Expand US sales dealer and direct
1M-2MSEK – 
1.    Bring forward development of ISO13485 product for medical market
2.    Improvements to product for above
2M-3MSEK
1.    Development of own drive unit to reduce manufacturing costs.
2.    Prepare FDS Class II to start earlier as part of ISO13485 work above. (This will save money as they are similar) 

Industry Certifications/Awards

2014 Marit Sundin of AddMovement was awarded the Female Innovator of the Year with AddSeat - This prestigious award was presented by the Svenska Uppfinnareföreningen (The Swedish Inventors Association) at the annual ceremony held at the Engineering and Technical Museum.
 
2015 October Winner of Åforsk entreprenörsstipendium in association Swedish Incubators & Science Parks
 
2015 onwards AddSeat part of the Megamind's exhibition at the Swedish Technical Museum
 
2016 Selected by EIT Health as 1 of 9 innovative European MedTech companies for Global MedTech 2016 course. A six-month program to help us meet key organisations and individuals in USA, Europe, and Asia.

Return on Investment

We are a scalable business that benefits from economy of scale on the cost side, improving the profit margin which will lead to a dividend to shareholders.
 
We will always be looking for opportunities for an Exit via a Trade Sale or if sales continue to grow as expected via an IPO. 

Risk Analysis

The market is still young and patience is key which means the number of units sold will require a slow build up and we have factored that into our sales. We have been careful to use a scalable manufacturer so that as we increase distribution there are no supply side problems. We have already been through an issue with the Li-ion batteries and transportation so know that we need to have logistic alternatives available. The market is still fragmented so it is important to have a diversity of distributors until volume increases then we can be more choosey.