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Wimao Oy

Finland
Equity
Sustainability
Innovation
B2B

Because all plastics are meant to be recycled
Marketing content

First name last name, position

“Wimao’s goal is to make a significant global impact on plastics recycling. By using our patented and commercially proven recycling process technology we can utilize the difficult mixed and hard-to-recycle waste plastic and other streams. We are not competing with others for the same recyclable materials, we are targeting the problematic streams that would otherwise be incinerated or landfilled. Turning difficult waste streams into eco-friendly carbon negative products creates a unique opportunity to do very profitable business and to create ecological value by reducing both waste and CO2 emissions. 

We are now raising growth capital to support the international rollout of Wimao technology and to invest in international team building and further technology and product development. Join us in making the world more circular.” 

Ville Immonen, CEO & Co-founder

Investment information

Type:
Equity offering
Invested so far:
€1,245,258.84
Equity offered:
2.47 – 8.67 %
Price per share:
€17.98
min investment 20 shares
Transaction costs:
1.50 %
Number of existing shares:
878,745
Fully diluted shares:
898,045
Pre-money valuation:
€15,799,835.10
Offered units:
83,427
Funding purpose:
Growth
Broker:
Oneplanetcrowd International B.V
License:
ECSPR

Why to invest in Wimao


 

Unique, patented, and proven technology to recycle hard-to-recycle waste streams otherwise destined to landfill and incinerators, creating very profitable business and ecological impact, while solving one of the megatrends.

Scalable business model via localized partnership model, utilizing partnerships to scale without heavy investment costs.

Proven Track Record: Wimao's technology has already been proven through existing operating lines and through good traction from large key industrial players in the waste management industry. Wimao's technology can also be a supplementary solution for the traditional recycling for the big waste management companies struggling with the unsortable mixed plastic waste. 

Strong Management Team: Wimao boasts a strong management team with experience in technology and manufacturing industries, international expansion and previous successful exits.

Multiple revenue streams: recycling plants create revenues from selling the output and receiving gate fees and plastic credits, the parent company has own operational plants and creates additional revenues from licensing and service model for the country specific companies.

Overview

Company profile

Wimao is an innovative circular economy company focusing on recycling technology founded in 2016 in Lappeenranta, Finland based on research conducted at the Lappeenranta University of Technology (LUT). Wimao’s unique patented recycling technology is used to turn mixed plastic waste and other hard-to-recycle waste streams into ecological plastic and composite products including pallets, flooring material, deck material, furniture and corner protections and end plugs for cardboard rolls in the paper industry among others. Wimao currently has recycling plants in Lappeenranta in Finland and in Motala and Ljungby in Sweden. Wimao is expanding globally through joint ventures which allows for growth with substantially lower investments.

Wimao’s technology covers the process from waste to product, is cost-efficient, scalable, and highly automated. Wimao can recycle materials that other technologies cannot use. The proven technology allows for mixed materials, content variations and impurities making sorting and pre-treatment easier. The technology is proven with completed operating lines serving as proof of concept.

In addition to plastic waste, a portion of the used raw materials can be wood, paper and board fibres as well as various minerals, textile, glass and carbon fibres and different polymers. Wimao receives raw materials from local partners in the waste management industry who collect and handle waste. The waste is transported to Wimao’s facility by the partner company where it is refined by Wimao to a compound and further to various end-products. The compound can be supplemented with various additives to improve the final properties of the product. 

Company Info 

Company name: Wimao Oy
Managing Director: Ville Immonen
Business ID number: 2844772-8
Founding Year: 2016
Address: Hulkonmäentie 130, 54190 Konnunsuo 
Industry: Recycling technology 
Number of employees: 25
Locations Lappeenranta, Motala, Ljungby & Göteborg
Website: Wimao
Social Media:

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Products and services

Wimao serves both waste owners (waste management companies, paper industry companies etc.) and end users (industrial and commercial companies seeking sustainable products).

Wimao offers its waste management partners a cost-effective solution to convert difficult waste streams, for which they currently must pay gate fees to dispose, into profitable business creating positive ecological impact and ability to achieve recycling targets that are pushed by EU and governments. Wimao creates most value to important international end customers striving for sustainability, by offering CO2 -negative products with competitive pricing combined with robust design, long product life and a truly closed loop solution.

Product

The main cash flow for recycling plants comes from the sale of ecological end products made from waste through our sales network. Gate fees and recycling incentives for the hard-to-recycle waste streams offers additional potential for future cash flow. The waste management companies' alternative cost is gate fees in incineration and landfill sites. The very good profitability and price competitiveness stems from the possibility to use these hard-to-recycle waste streams which means that Wimao receives the raw-material for free at worst or is even able to receive gate fees for collecting the raw material.

Product

Business model

Business model

Business model

Wimao's business model is based on two main cornerstones:

  • Wimao is not selling technology but builds and operates recycling plants based on its own patented recycling technology. Wimao has fully owned plants, but international growth strategy is primarily based on partnership model whereas Wimao establishes country/regional joint ventures with local partners, typically waste management companies or other waste owners. These JV companies operate the recycling plants under Wimao licence and guidance. The main cash flow for recycling plants comes from sales of ecological end products made from waste. Gate fees and recycling incentives for the hard-to-recycle waste streams offers additional revenue potential.   In the future, carbon credits and recycling incentives may also offer new source for revenues.  The parent company, Wimao Oy, gets revenues from the parent company’s own plants operations and from dividends from country specific companies.  
     
  • Wimao recycling concept is not just a technology, but comprehensive waste-to-value business concept, including patented recycling technology, material and operational knowhow, product concepts and R&D, as well as gradually growing sales channel networks and customer base. Hence Wimao is licensing the plug-and-play business concept to regional Joint Ventures and collect licence and service fees from Joint Venture who operate the business in selected target markets.  

Impact

Wimao is a young, growth-oriented SME with a unique excellent opportunity for integrating sustainability into all areas of the company's operations, to do sustainability right from the start in a technology- and data-driven way. With growth in all sustainability areas, (environmental and social responsibilities, good governance as well as financial and ownership responsibility) they are considered and integrated in all operations.

Wimao has third party LCA calculations proving that each product produced via Wimao technology can save up to 3 times its weight in CO2 emissions, which is a good selling point both for the waste management companies and for the end customers thriving to reduce their carbon footprint. (Wimao’s third-party LCA calculations for the production plant indicate that one machine line, capacity 1 ton/per hour) can save over 21,100 tons of CO2 emissions annually. With 50 plants operational the CO2 reducing impact is 1+ million tons per year in reduced CO2 emissions.) 

SDG 12: Wimao's approach to establishing recycling plants globally embodies Sustainable Development Goal 12 by promoting responsible consumption and production. Through country-specific ventures, including joint ventures, the company fosters sustainable growth. Each plant's construction and operation are guided by life cycle assessments, ensuring a reduction in CO2 emissions. By aligning with SDG 12, Wimao actively contributes to waste reduction, resource efficiency, and environmental sustainability on a global scale. 

Market

While there is a large need for recycling solutions for (hard-to-recycle) waste streams, the main issue in the market for the past decades has been to find someone who is willing to pay for the recycling. Wimao has changed this by taking hard-to-recycle waste streams which are a liability for the owner of the waste and recycling it into four main categories: logistics-, construction-, urban spaces- and OEM products. While it is difficult to assess the total market size of recycling services, it is estimated to be in billions on an annual level with the end products each being in billions on an annual level on their own. In many cases and countries, the only viable competitor is landfilling and incineration which cannot be regarded as recycling.

The market is currently being made and as a result there are no directly identified competitors at the moment. However, as many companies are exploring various solutions for recycling waste such as chemical recycling, new competitors are likely to emerge in the coming years. Chemical recycling is however still expensive, and the tech is not mature. Chemical recycling and liquefying plastics are a must if the plastics are to be transported as the density of plastics packed is 50% plastics and 50% air even in the best-case scenario. As a result, there is a good window of opportunity to gain substantial market share in each local market. 

Management

  

Ville Immonen, CEO

Ville Immonen

Co-Founder & CEO

Ville Immonen is the CEO and Co-Founder of Wimao. Ville has an entrepreneurial background in the metal industry and is currently the chairman of the board at Premekon Oy, a company designing and manufacturing industrial walkways, service platforms, stair towers and other metal structures, since 2009. Ville holds a master's degree in industrial management and engineering from Lappeenranta University of Technology.

  

Juha Varis, Co-Founder & Chairman

Juha Varis

Co-Founder & Chairman

Juha is the chairman of the board at Wimao. He has 30 years of experience in the development of machinery, equipment, and manufacturing technology. Juha has a doctor’s degree in technology.  

  

Timo Kärki, Co-Founder & Board member

Timo Kärki

Co-Founder & Board member

Timo has over 15 years of experience in waste and recycled material applications for fibre composites. Timo has a doctor’s degree in technology.

Distribution of company shares

Shares overall

Shares A

Shares B

Voting

Ownership
1 Loipposet Oy 149 515 149 515 - 17,10 % 17,01 %
2 Lodog Tehcnology Group Oy 141 149 141 149 - 16,14 % 16,06 %
3 Aava Finland Oy 85 326 85 326 - 9,76 % 9,71 %
4 EF Wood Research Oy 85 326 85 326 - 9,76 % 9,71 %
5 MCML Investments Limited 74 180 74 180 - 8,48 % 8,44 %
6 EEP Invests Limited 74 180 74 180 - 8,48 % 8,44 %
7 North Savo Startup Fund Ky 58 678 58 678 - 6,71 % 6,68 %
8 Timo Vartiainen 53 826 53 826 - 6,16 % 6,13 %
9 Other 12 shareholders 156 565 152 265 4 300 17,44 % 17,28 %
Total 878 745 874 445 4 300 100 % 100 %

Company structure

Wimao Oy has one subsidiary in Sweden, Wimao Impossible Plastics Ab, of which it owns 60%.

Use of funds

Icon 1

Maximum Scenario

(€1,500,017.46 collected in the financing round)

  • 70 % would be invested to new recycling plants and rest would be allocated to business development, R&D activities and team building.

Icon 2

Medium Scenario

(€1,000,011.64 collected in the financing round)

  • 50 % would be invested to new recycling plants and rest would be allocated to business development, R&D activities and team building.

Icon 3

Minimum Scenario

(€400.001,06 collected in the financing round)

  • Allocated to business development, R&D activities and team building.

Financial figures & growth

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Valuation

Icon Money

Wimao’s pre-money valuation in this funding round is 15.8MEUR corresponding to a price per share of €17.98. This is only a slight increase from last summer's funding round in which Wimao raised over 3MEUR from current and new investors in June 2023 with a post-money valuation of 14.7MEUR. The current shareholders are committed to invest also in this funding round.

With a total raise of 15MEUR in a combination of dilutive and non-dilutive funding to date, a large growth potential and strong traction in selected markets the management believes that the valuation offered to the investors is below reproduction value. 

Exit scenarios

The company has identified an IPO or a buy-out in 2027 to 2028 as the most realistic exit scenario. The main shareholders are actively targeting an exit in the next 5 years with an IPO seen as the most desirable option among both the company and the main investors. 

Documents

Investment related documents

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Updates

Notice:

In this update section you will find, among other things, answers to investor questions that reach us. The answers shown originate from the respective entrepreneur and are therefore marked accordingly. Invesdor does not undertake any separate verification of the information received after the start of the financing phase.

If you have any questions about the company, send them directly to us at service@invesdor.com.

UPDATE on 31.05.2024

Wimao will organize a webinar on Monday 3.6.2024 at 17:00 EEST. The webinar will include a short general introduction of the company and a Q&A session. Register now here. 

UPDATE on 28.05.2024

The following updates have been made to the investor material on 28 May 2024:

  • The 2023 figures on the Pitch page have been updated based on the preliminary financial statements for the 2023 financial year, and accordingly some of the forecasts have changed. In addition, information on the loan from Finnvera Oyj has been updated on the pitch page.
  • The figures for 2023 have been updated in Part A (b) of the key investment information sheet, based on the preliminary financial statements for the financial year 2023, and information on the loan from Finnvera Oyj has been added.
  • Unaudited financial statements for the financial year 2023 have been added to the pitch page documents.

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