apr 25

Crowdfunding the new Nordic alternative

When the Founder of Truenordic Anders Petersen and prospective CEO, Janne Heimonen, decided to work together, they needed first to find a way to raise capital to relaunch the company.

Truenordic was originally founded in Denmark in 2011 and developed with modest investment, being mostly self-funded from sales for the first five years. Satisfied customers appreciated the dedication to unique formulas and quality that marks the passion of Truenordic founder Anders Petersen. That commitment and a philosophy of ”the truth is always good enough” had been what had kept Truenordic moving forward.

But a good thing needs to grow and to reach more people to thrive. It was clear that the next level of development needed additional resources.

Anders and Janne both saw huge potential in Truenordic but agreed that the company had to scale up its business and improve its systems and branding and keep developing the product line. So at the end of 2016 they wrote a business plan and started to approach a few individual investors to come onboard.

The prospect of bringing in a larger sum from one major investor to kick-start a relaunch of the business was attractive as a way to move fast. But it just didn’t feel right. After the first meetings, which went well, Anders and Janne both had the sense that it just wasn’t the correct way for the company. They wanted to invite more people to become shareholders.

So they decided to raise the necessary capital by crowdfunding it themselves, without going via existing crowdfunding channels. They agreed to apply the principle of direct selling and working through their own contacts, as well as those loyal distributors who had believed in Truenordic for years and bring onboard a larger number of shareholders also allowing those who wanted to invest a very modest sum to come onboard.

A new business plan was written, including setting up a new legal entity in Sweden. They deciced to sell 20% of the company in the first round to fund a complete relaunch of the business, aiming to launch a ”new” Truenordic in as short a time span as four months.

Sales of shares began early December 2016 and within two months approximately 90% of outstanding shares were signed for and paid, bringing in capital to pay for new branding, web design, backoffice systems, a new commission plan for the affiliate marketers and True Partners who share the products as well as all the various consulting and freelance services it takes to quickly get a new business off the ground.

The new Truenordic was launched at a sold out event in Gothenburg on 25 March 2017. People from Scandinavia, Finland, Latvia, the UK, Germany and Italy were present for the occasion. An updated version of the company’s popular fish oil was launched, presented by its developer, a Norwegian marine biologist whose new formulation of arctic fish oil with Norwegian camelina oil is already proving to be one of the top sellers for Truenordic.

A new product line and a new direction for the company’s product development was introduced by Narain Naidu, a microbiologist and advisor to governments, US Presidents and some of the largest life sciences companies in the world. The formulations he developed for Truenordic are not available from any other channel and immediately established Truenordic’s position at the cutting edge of innovative food supplements.

Truenordic is now trading under the new entity and selling a small range of top quality, Nordic produced food supplements. Three of the products have formulas with patent protected technology and the product development pipeline for future products is extremely strong for such a young company.

The products are only available at www.truenordic.com and through the company’s independent True Partners. International expansion is planned and the aim is to build a global brand known for state-of-the-art consumable products for people who expect only the best in quality, purity and efficacy.

There are still a small number of shares available. For more information about how to become one of our partners or shareholders, contact info@truenordic.com.