TableAir, office tech startup, Midform Holding ApS, Danish holding of furniture solutions companies, and a venture capital firm Practica Capital, signed an agreement, according to which the Danish group will invest an undisclosed amount in the Lithuanian startup.
The investment is a good example of corporate venture capital investment when an industrial holding of established companies invests in a small but innovative company to gain a specific competitive advantage. It is the result of long-nurtured cooperation between all participating parties. The partnership will secure TableAir a stronghold in the smart sit-standing desk office, workspace and property tech fields.
“We are excited TableAir received an investment from Midform Holding ApS. I trust TableAir technological acumen will enrich their products. We see the strategic partnership as an important milestone that will empower us to adapt quickly to the market needs and build on many years of the group experience,” said Lukas Lukoševičius, TableAir’s co-founder and CEO.
The Midform Holding ApS group consists of several companies, all focusing on a workplace industry. The group is present with furniture solutions all over the world. In 2016/17 its EBITDA reached the level of 19.2M DKK. Bringing TableAir to the group will accelerate the digitalization of workspace experience that is offered to both Midform Holding ApS and TableAir clients.
“I’m thrilled that TableAir, and its electronics engineering and software development team is joining Midform Group. The new addition will allow us to move more agile in an era of workspace digitalization,” said Claus Hanson, CEO of Midform Holding ApS.
TableAir since its launch in 2015 has already raised over €0.7M investments from venture capital firm Practica Capital and angel investors.
“TableAir has developed a sophisticated and novel technology around productivity and wellness at a workplace and with Midform Group gains fast-track access to the global client base. We see a good alignment on the vision with the new partner and are looking forward to the new stage in the company’s development,“ stated Arvydas Bložė, Investment manager at Practica Capital.
TableAir provides an IoT sensor and cloud-based technology that helps people utilize their work environment in a smart and connected way. With TableAir, users enjoy office furniture they already know and love, while discovering new undiscovered capabilities. Making work environment a responsive and adaptive to users is the main goal of TableAir.
More info: https://www.tableair.com/
About Midform Group
Midform Group (Holding) was founded in 2004 by Claus Hansson and was created with a clear vision to be innovative, agile and have focus on providing innovative quality furniture solutions at reasonable prices. Today the Group is present with furniture solutions all over the world. Solutions ranging from unique high grade molded plywood products to advanced wall hanged ergonomic workstations with 5 actuators holding and moving 13 big monitors. Companies in the group today are Rufac (founded 1966) and Midform (founded 1955) located in Denmark and Poland as well as SIS Ergo (founded 1984) in the USA.
More info: http://www.midformgroup.com
About Practica Capital
Established in 2011, Practica Capital is one of the most active and leading VC firms in Lithuania and the Baltics. It manages Practica Seed Capital and Practica Venture Capital funds launched in 2012 under the JEREMIE initiative in Lithuania, which is administered by the European Investment Fund (EIF), Ministry of Economy, Ministry of Finance and funded from the EU Structural Funds under 2007-2013 Economic Growth Operational Programme of Lithuania. To date, Practica Capital has made over 40 investments, 12 of which exited. Currently, it is raising it's third fund, Practica Venture Capital II.
More info: http://practica.vc/
For more information about the deal in the Lithuanian business media: https://goo.gl/kCNyCEBack to news