The highly successful Croatian company ''Include'' recently celebrated its fifth birthday, and today this remarkable company has had its worth valued by an independent auditing house, and that worth has been estimated at more than 110 million kuna.

As Poslovni Dnevnik writes on the 15th of May, 2019, Solin's Include, a Croatian company which produces smart benches headed by young entrepreneur Ivan Mrvoš, is continuing to go from strength to strength. Mrvoš recently confirmed the first direct investor in a new investment round. That investor is no less than Stjepan Talan, the director of the Varaždin-based company Solvis. Solvis currently employs 180 people, and back in 2017, this company recorded more than 600 million kuna in revenue. In addition, the company has been listed on the London Stock Exchange for the past two years among the 1000 companies that inspire Europe.

"For the last ten years, my company, Solvis, has been successfully doing business and selling its solar panels on global markets. I'm looking at the company Include with perspective, and, considering the fact that it works in the same industrial sector, I think this investment can contribute to the betterment of overall business, primarily synergy between Solvis and Include,'' stated Solvis' Stjepan Talan.

Cooperation between Include and Solvis started back in 2015, and otherwise, Include launched a new investment round twenty days ago, via the Funderbeam platform, and up until now, an impressive eleven million kuna has been raised by 450 investors from Croatia and across the world. In addition to the money raised by Include through the platform, negotiations with several private investors such as Stjepan Talan and the total investment amount (private investors and the Funderbeam platform) that sum could reach up to thirty million kuna.

Include exports eleven products to 43 global markets, and are present in 260 cities around the world. The company's worth was estimated at 110 million kuna this year by an independent auditing firm. Owing to its innovative, smart urban furnishings, the Croatian company has already won several much deserved awards and recognitions, such as Deloitte's Technology Fast 50 and Forbes' 30 under 30 award for its founder, Ivan Mrvoš.

"We're exceptionally pleased that this cooperation with Solvis has given us a new dimension,'' said Include's Ivan Mrvoš.

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Croatia's ''Include'' continues to go from strength to strength in the face of an unforgiving system and even less forgiving employees of the state bodies, proving that where there is a will, there's a way, even if you happen to be in Croatia.

We often hear all about how Croatian companies are failing due to either the lack of will or, more frequently, the truly insane amount of red tape and obstacles placed before anyone who wants to make something for themselves by the state and an old, outdates and senseless system of bureaucracy. 

As unoiled the cogs continue to turn in the Office(s) of the Uhljeb in state institutions of all kinds up and down the country, the unsackables continue to undermine and chip away at the determination of the doers and would-bes from behind their perspex windows.

Faced with an entire forest's worth of paperwork, more stamps than a border control officer and usually an unacceptably hostile attitude from the state employee (also known as the unsackable) dealing with them, many would-be entrepreneurs give up quickly and head elsewhere in search of their dreams. However, as big as Croatia's problem in this regard really is, not everything is so bleak.

As Poslovni Dnevnik writes on the 1st of May, 2019, just six days after the launch of another Funderbeam SEE group fundraising campaign, Ivan Mrvoš and his highly successful company ''Include'' raised a massive 1.22 million euros in equity, making Include's campaign the largest ever on Funderbeam globally.

The director of Funderbeam SEE, Damir Bićanić, commented that Mrvoš is pushing the records of the platform with Include yet again: "With their first campaign, they collected what was then the largest sum on the Funderbeam platform, and although sum has risen in the meantime, they collected more than any other campaign in just six days on the platform once again, globally.''

After Include's first successful campaign when they collected 465,000 euros on Funderbeam back in 2017, this time their first campaign goal of 1.2 million euros was met in a mere six days, and investors still have the opportunity to meet the target of two million euros.

"We're very pleased that after six days we've reached the minimum planned goal. I think that this, as well as 290 investors from 21 countries, are the indicators that we're doing a really good job. I believe that the amount of investment in the remaining days will grow steadily, although we're already the most successful Croatian crowdinvesting campaign on the platform ever,'' stated Include's founder Ivan Mrvoš.

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When it comes to results, Croatia's Include published an impressive 115 percent growth in revenue in the first quarter of the year, and an average selling price growth of almost 40 percent.

As Tomislav Pili/Poslovni Dnevnik writes on the 23rd of April, 2019, one of the main stars of the Croatian startup scene, entrepreneur Ivan Mrvoš, is continuing to impress. Just two years after Include's first capitalisation through Funderbeam, recapitalisation is about to happen again, aiming this time at almost ten times the amount. Before today's public announcement of the campaign, Include's main man revealed that his company, which is a top Croatian manufacturer of solar powered benches, is collecting part of the finances through Funderbeam while the other part will be provided by private investors.

"After the successful first round of investment back in 2017, when we raised about 3.5 million kuna with a 30 million kuna valuation, we decided to enter a new round of recapitalisation. We didn't set a fixed amount, but we expect that the investment will be at least 20 million kuna, with the potential to reach approximately 30 million kuna. As for Funderbeam's part of the investment, we're expecting to raise about 10 million kuna through the platform,'' said Include's boss Ivan Mrvoš. At the moment, he has secured about 10 million kuna from the Funderbeam platform and is actively discussing the additional funds with several potential investors, including private individuals and venture capital funds.

"Right now, I can't say which investors are involved, but they're people who have led or are currently leading various Croatian industries, which we consider to be a significant indicator," he pointed out. When asked how much shares in Include now sell for and how much the company is valued at, Include's founder explained that things are a bit different now than they were back in 2017.

"The company has four years of business behind it and some remarkable results have come to fruition, so we decided to hire one of the companies from ''The Big Four'' to do a valuation. What I can say is that it was a very intensive process that lasted for several months, and the company was estimated at 110 million kuna last week,'' says Mrvoš.

"The company ended last year with a positive result, and we also continued things successfully during the first quarter of this year, with 60,000 kuna of net profit," Mrvoš revealed.

The collected money will certainly go into the development of existing markets, but also to conquering new markets.

"We intend to strengthen our presence on existing markets and continue to build a global distribution network. In addition, we're beginning with the development of new products that will be complementary for the existing markets, and intended for those same markets, and we'll also get some more advanced equipment for our development and production activities,'' explained the talented young entrepreneur.

The trading of Include's tokens at Funderbeam was stopped on April the 1st this year due to campaign preparation, and the latest market price is 3.5 euros. The director of Funderbeam Damir Bićanić explained that the price of the shares will not be one euro as they usually are in Funderbeam's campaigns, but higher, meaning more specifically that they'll reflect the company's new valuation.

The leading investor, as was the case in 2017, will be Ivana Šoljan who says that Include will certainly pass at least one recapitalisation, and "hopefully maybe go to the stock market in the future.''

"Mr Ivan Mrvoš and his whole team have advanced tremendously. Organisationally, they did well, they wrote regular reports to investors, they're not late with deliveries, they plan things smartly - they're ready for a new round,'' concluded Šoljan.

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Click here for the original article by Tomislav Pili for Poslovni Dnevnik