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IAMRUNBOX: Backpacks for active urbans

IAMRUNBOX offers high performance backpacks and accessories for active urbans with function, style and simplicity in mind. Our vision is to inspire people all over the world to get active. IAMRUNBOX products are being sold in more than 30 countries. The biggest markets are Scandinavia, UK, South East Asia and USA.
Our bestselling product, the Backpack Pro, has been reviewed as #1 commuting backpack by Red Bull in 2018.

Investor proposal

We have doubled our revenue during Q4 2018 and are on track to double it again during Q2 2019. We are expanding our product range, growing online and entering new markets in retail. Become a part of building a global backpacks company. Change starts with one step.

Every investor will receive a welcome package with some of our products and a discount code for our online shop.
We are offering B-shares.

Product

The problem this product solves

The global backpack market is expected to grow by 670 MUSD in 2019. The urban population is getting health conscious with many people choosing an active lifestyle. Lots of them bike or run commute to the office and fit in their daily exercise before/after work or during business trips. There is a need for functional, high performance yet fashionable backpacks which can be used for sport, travel and business. Other existing products on the market do not solve problems such as wrinkled clothes or the movement of belongings that makes the run uncomfortable. This is where we present a solution.

How the product solves it

IAMRUNBOX has been founded with the mission to make active lifestyles easier. We are offering an alternative to traditional outdoor backpack brands (which are not suitable for urban environment) and urban fashion brands (which are lacking functionality and ergonomics). Our high performance carrying solutions range consists of premium backpacks, hard-shell garment bags (the only real solution on the market to carry shirts wrinkle free) and accessories.

Our running backpacks fit tight, are comfortable, fit all the stuff and ensure wrinkle free on the arrival.







Product features

We focus on urban people who are actively engaged in sports and/or travel. Our target audiences include active commuters, busy professionals and fitness enthusiasts seeking premium products.

IAMRUNBOX products are designed to simplify your active lifestyle. Running and cycling backpacks that are minimalistic enough to wear at any occasion, whether it is sporty or not; sleek garment carriers with a focus on smart and wrinkle free packing; and practical travel accessories for a better organization. Our simple yet functional products are durable, water resistant and hold your belongings securely in place - through rain, shine and bumpy rides.

Product use cases

Our brand positioning is unique. IAMRUNBOX combines urban design with functionality and ergonomics. Traditional outdoor brands and urban fashion brands are lacking either one of these dimensions. This means, IAMRUNBOX products can be worn at any occasion, whether you are going to the gym, running to work or heading to your next business meeting.

Team

Kirill Noskov avatar
Kirill Noskov Founder & CEO
Kirill was born Latvia in 1981 and moved to Sweden at the age of 23. With degrees in Economics and Management he started his career in a multi-national company, working in four countries in various leadership positions for 15 years before starting his own company. As the founder and driving ... See more
Kirill was born Latvia in 1981 and moved to Sweden at the age of 23. With degrees in Economics and Management he started his career in a multi-national company, working in four countries in various leadership positions for 15 years before starting his own company. As the founder and driving force of IAMRUNBOX he believes in simplicity, social innovation and creating a sustainable future. Kirill is a run-commuter and triathlete and is living an active lifestyle himself. See less
Lina Westin avatar
Lina Westin Co-Founder and Head of Product & Design
Lina is a 35 year old Swede, who loves to explore, whether it's new continents, the mind or technology. She has been studying and working with fashion since the age of 15 and has experiences from design work at Acne and GANT, etc. When Lina is not surfing a remote ... See more
Lina is a 35 year old Swede, who loves to explore, whether it's new continents, the mind or technology. She has been studying and working with fashion since the age of 15 and has experiences from design work at Acne and GANT, etc. When Lina is not surfing a remote beach, she spends her time making music with her rock band. Running fits her vagabond lifestyle and she wants to bring that feeling of freedom to our future consumers through an eclectic and accessible design work. See less
Irina Mavrusina avatar
Irina Mavrusina Co-Founder and Operational CFO
Irina holds a Master degree in International Business Relations and has an experience from the financial markets in Sweden and abroad. Irina worked with companies like Canon and Kaspersky Labs where she excelled and was highly valued. Irina works closely with Grant Thornton who is our selected partner on international ... See more
Irina holds a Master degree in International Business Relations and has an experience from the financial markets in Sweden and abroad. Irina worked with companies like Canon and Kaspersky Labs where she excelled and was highly valued. Irina works closely with Grant Thornton who is our selected partner on international finance and accounting. See less
Una Steingrimsdottir avatar
Una Steingrimsdottir Digital Marketing
Una is a passionate digital marketing professional with strong analytical skills, customer experience knowledge and good aesthetics feeling. Una studied Design in Iceland and Digital Business at Hyper Island in Stockholm. Una is ambitious, driven and curious. Una has a strong digital marketing experience from Swedish fashion brand Ann Sofie ... See more
Una is a passionate digital marketing professional with strong analytical skills, customer experience knowledge and good aesthetics feeling. Una studied Design in Iceland and Digital Business at Hyper Island in Stockholm. Una is ambitious, driven and curious. Una has a strong digital marketing experience from Swedish fashion brand Ann Sofie Back. See less
Sandra Bamberger avatar
Sandra Bamberger Digital Marketing
Sandra is a highly motivated marketer always seeking new adventures, bringing along a good bit of enthusiasm. She studied Media- and Communication consulting in Austria and moved to Stockholm to gather new practical experiences after getting an insight into the Austrian sports start-up section. Sandra is eager to learn and ... See more
Sandra is a highly motivated marketer always seeking new adventures, bringing along a good bit of enthusiasm. She studied Media- and Communication consulting in Austria and moved to Stockholm to gather new practical experiences after getting an insight into the Austrian sports start-up section. Sandra is eager to learn and has the ambition to always do her utmost. She is curious, focussed and efficient. See less
Rocky af Ekenstam Brennicke avatar
Rocky af Ekenstam Brennicke Director of the Board
Rocky has 20 + years of experience from the Fashion- and Lifestyle industries, specializing in Marketing & Brand Development and innovation.  She has previously been active in Hemtex board and had senior positions within Fjällräven, Gant and Björn Borg. Today Marketing Director at Cheap Monday (H&M Group).
Anna Carlqvist avatar
Anna Carlqvist Director of the Board
Currently holds the position of Digital Business Specialist at Star Republic, and has worked as E-commerce Director at Kronans Apotek and Gant, as well as CEO at BAS ITG. She is also a board member of Lyko, BAS och BOOM Watches.
Peter Malkin avatar
Peter Malkin Investor and Director of the Board
Peter Malkin has an extensive retail experience working as VP Sales Aetrex Worldwide, Inc. Peter has a strong academical background with PhD in Medicine, Master Degree in Strategic Management and is alumnus of the Harvard Business School.Peter is also Chairman of the Board at Highroller Finland OY and Partner in ... See more
Peter Malkin has an extensive retail experience working as VP Sales Aetrex Worldwide, Inc. Peter has a strong academical background with PhD in Medicine, Master Degree in Strategic Management and is alumnus of the Harvard Business School.Peter is also Chairman of the Board at Highroller Finland OY and Partner in Bright Stars Advantage Investment Fund. Peter’s expertise and network in retail is instrumental for IAMRUNBOX international expansion. See less

Market

Target Market

Large metropolitans in Europe, USA, Asia and Middle East. 31 million people in our target cities are living an active lifestyle (statista.com).

The typical IAMRUNBOX customer is around 25 to 45 years old, with 70% being male and 30% being female. They are living in urban areas and strive for an active and healthy lifestyle. Furthermore, they are extremely ambitious in business as well as their personal life.
At the moment, the biggest markets are UK and USA, followed by Sweden, Canada, Germany, Denmark and Singapore. This year we are focusing on launching retail in SEA and MEA.

Competitive landscape

Luggage and backpack brands within sports, outdoors, business and fashion like for example Thule, Douchebags or Timbuk2.

Unique differentiator from competitors

Our brand positioning is unique. IAMRUNBOX delivers urban design together with functionality and ergonomics. Traditional outdoor brands and urban fashion brands are lacking either one of these dimensions. IAMRUNBOX combines urban style with sports functionality.

Company revenue streams

We got 70% of our revenue in 2018 from our online business where we are successfully selling on our own website, Amazon, Kickstarter and other selected marketplaces. Our gross profit margins increased up to 51% last year.

We are focusing on expanding our presence in retail shops during the 2nd half of 2019, working with vertically integrated distributors in SEA and MENA region which will add a significant contribution to our bottom line in 2020.

On B2B side we offer our products in the corporate segment. We also have discussions with selected sport fashion brands to produce co-branded backpacks.

Product/service distribution

Multi-channel with focus on e-commerce with 70% of revenue coming from online sales. The most important sales channels online are our own website and Amazon. Offline our products are distributed via sport & outdoor retailers (like Runners' Store, Löplabbet, Marathonsport,...) department stores, tax frees & airlines (Singapore Airlines). Our marketing strategy also incudes global trade shows (like ISPO,..), sport events (like different marathons & races), collaborations with other brands (like Voi, Nick's, Norr,..) and working with influencers

Execution

Previous milestones/traction

  • 2015: Company was founded in Lund
  • November 2016: First Kickstarter campaign, raising 260 tsek, introducing our first commuters' backpack to the market
  • May 2017: Raised 2,6 msek through our first equity crowdfunding campaign on FundedByMe
  • October: 2017: Partnership with Singapore Airlines announced
  • January 2018: HQ moved to Stockholm
  • June 2018: Red Bull ranked our Backpack Pro as #1 commuting backpack
  • November 2018: Introduced Spin Bag to the market with a Kickstarter campaign raising 200 tsek
  • Q4 2018: IAMRUNBOX reached record high revenue
  • April 2019: Launched Origami Organizers on Kickstarter, rose close to 500 tsek.

Next key objectives

  • June 2019: Successful FundedByMe campaign to expand product range
  • Summer 2019: Reach 500 tsek in monthly revenue
  • October 2019: Introduce IAMRUNBOX mini and upgraded commuter’s collection
  • End of 2019: Get company into profitable level
  • Autumn 2019: Start retail business in SEA and MENA
  • Autumn 2019: Raise 30 msek during Series A funding round for rapid business expansion in 2020
  • February 2020: Introduce the Camera Bag to the market
  • 2020: Introduce luggage and 4 new product styles for backpacks, launch new edition of existing styles
  • 2020: Participate in ISPO, OutdoorShow and key fashion/sport events to increase marketing exposure

Previous Financing


The total invested capital into IAMRUNBOX is 8,8 MSEK out of which 5 MSEK in cash, 2,2 MSEK in loans from investors and 1,6 MSEK in sweat equity. In 2018, we have raised 3,4 MSEK for our business and already managed to get an investment of 1,5 MSEK in the on-going financing round, which started in February 2019, through seed and existing investors.

Partnerships

We actively work with influences and do cross-promotions with non-competing brands like for example Voi, Norr and Nick's. Furthermore, we are running a marketing campaign together with Hövding (airbag for urban cyclists) and Yaytrade (exchanging platform) in May 2019. We have been sponsor of the Swedish National Jiu Jitsu team during the World Championship last year and actively participate in sport events and exhibitions.

Use of funds

Investment required to finance IAMRUNBOX business expansion before A-series funding round planned during Q4 2019.
The estimated funding spend looks as follows:
  • 30% inventory
  • 30% working capital
  • 20% salaries
  • 20% marketing, traveling and PR

Industry Certifications/Awards

  • 5 star ranking on Amazon since 2016
  • Red Bull ranked our Backpack Pro as N1 commuters' backpack in 2018
  • Participated in ISPO Award 2018
  • Recognized by Runners World, Gear Patrol, Carryology, BreakIt and many other highly ranked media

Return on Investment

We are planning to offer exit opportunity in 2-3 years through IPO or company acquisition by one of the major sport or travel brands. We expect the company value to have increased tenfold at the time of exit.

Risk Analysis

  • We are operating in a capital-intensive business and need sufficient working capital to finance everything from production to delivery. In order to mitigate risks we use various financing methods including bank loans, factoring and capital raising.
  • Factory capacity to scale production. In order to mitigate risks we started working with four new factories in China in 2019 to increase production capacity and improve costs.
  • Copy cats. However, we have a unique brand positioning and a design process that allows us to be more flexible. We work with small quantities, so we can act fast and follow the latest trends.