Forus Raising €2,7M (€1M Committed)

At a Glance

Forus International is a community-driven mobility platform, which has developed an all-embracing assistant app to help its users find and compare multiple services in the transportation and courier sectors.

Find out more at https://forus.eu/

Traction 

€6,7M net revenues (€28M GMV) with €9,5M net annual burn in 2023, €600k avg net monthly revenues (+6% MoM) with €130k net monthly burn and 380k customers (+19% MoM) in Q4 2023.

Ask

Forus is looking to raise €2,7M seed funding. The ideal investor would have expertise in the transportation or mobility sector, software development, and in the European market. The investment is needed to:

  1. Reach 800k more customers and €16M net annual revenues by Q4 2024.
  2. Grow in existing markets: Estonia, Latvia, Lithuania (motivational program for “power drivers”, B2B Solution for Corporate Transportation, integrations with strategic partners) and enter into 2 new markets: Tunisia and Slovakia where we estimated that market potential is very big.
  3. Launch additional services to enhance our platform (delivery services, intercity travel with negotiable pricing, and rent portal).
  4. Strengthen the team with 2 new hires in product engineering, 3 new hires in sales and marketing, and 1 new business unit head.

Market

Founded in 2022 in Tallinn, Estonia, Forus is poised to capture a significant share of the global mobility market worth €61,3Bn (+27,8% CAGR/Year). 

Business Model

Forus charges a 15% commission on each transaction. Our primary customer base consists of private individuals, who utilize our platform to access and provide services within the transportation and courier sectors. We operate in 4 core business verticals: Taxi, C2C car rent, courier service, and micro-mobility (scooters). Revenue growth is projected at 75% YoY (breakeven in Q2 2024), reaching €56M by Q1 2026. 

Team

Forus team of 21 (3 full-time and 1 part-time co-founders, and 17 full-time employees), based in Tallinn (Estonia), with 90% (80% after this round’s share issue) total ownership and 3 previous exits, combines several decades of commercial, transportation, and software development expertise. 

Competitive Advantage

Our USP vs. competitors like Bolt (EE), Careem (Dubai), and Gett (UK), centers around the unique sustainable practice of building a community of users (both passengers and drivers) who, by actively contributing to our growth, are given virtual shares and become stakeholders, sharing the success and collective prosperity of the company. 

This makes our business more impact-focussed and scalable than those of competitors’ by approximately 150% lower customer acquisition costs, a wider variety of services and features, and much better incentives and compensation for drivers. 

Round Details

At a €20M pre-money valuation, Forus aims to close this €2,7M round by 30 April 2024. Some minority investors, including Ott Tänak, Estonian rally driver and 2019 World Rally Champion, have already committed to join with €1M. The minimum investment ticket size is €400k.

Forus has previously invested €7,6M of its own capital and raised €5,9M in loans from U.S. Invest to develop its MVP. After this investment round is secured, Forus is fully ready for international commercial uptake and will have the necessary traction for the next Series A round in October 2024. Forus is seeking to partly exit via Buyout or IPO in 7 years at a target valuation of €500M (24x return of investment).

Get in Touch

Eduard Dubrovski (Founder/CEO) and Henri Roihu (Chief Investments Officer) are speaking with potential investors over the next few weeks. They are keen to pitch, demo, and open up their traction and financial plans in detail. 

Request the deck and get in touch with the founder.

Pick a Time for a Call with Henri Roihu of Forus