Innr Lighting
More and more devices in the home are becoming 'smart', including lighting. All lighting in the house is then wirelessly connected to the internet and can be controlled with an app, by voice or fully automatically. This provides more convenience and safety at home and saves energy.
Innr makes the comfort of smart lighting accessible to everyone. With good and easy products, which are compatible with other brands of smart lighting, and which are also very affordable thanks to an efficient online sales model.
About Innr Lighting
Innr Lighting BV develops and sells 'smart' LED lighting for consumers. The company has an efficient online business model, which allows it to keep its products affordable. The products of Innr Lighting BV use the Zigbee standard, which means they also work with products from other suppliers.
Products
The Innr range consists of smart lamps, smart fixtures for indoors and outdoors, and smart controls. Smart lamps are smart bulbs, candle lamps or spotlights that are screwed into the socket of an existing fixture. This allows existing fixtures to be made 'smart', so that they can be operated wirelessly.
Smart fixtures, such as an LED strip or recessed spotlight, do not have a replaceable light source. The LEDs and smart controls are integrated into the fixture. This type of fixtures can therefore be very compact.
The smart control consists of a bridge, a smartphone app and a cloud system. Innr has its own system that it has largely developed itself. The company can therefore provide complete solutions and never become completely dependent on other brands.
Success factors
The business model of Innr Lighting BV rests on three pillars:
- Innr Lighting BV only sells via online platforms and retailers. As a result, the company keeps sales and distribution costs low and can use marketing in a very targeted and efficient manner.
- Innr products are compatible. They also work with smart lighting from Philips, Osram and Ikea. They work based on the same Zigbee standard for wireless control. This means that most users of smart lighting can also expand their system with Innr lamps and fixtures.
- Innr makes smart light easy. Innr Lighting BV does not aim at the innovators but at the large group of practical consumers, the 'early majority'. So the company helps its customers with simple and clear online advice about practical applications and with good personal service. In this way, Innr Lighting BV makes smart light accessible.
Growth
Innr Lighting BV's turnover has increased significantly since the company started selling internationally via online platforms and online retailers at the end of 2016. The company grew from a turnover of € 292.366 in 2017 to a turnover of € 5.708.000 in 2021.
This is because Innr Lighting BV is active in a rapidly growing market, because the company is rolling out its distribution network internationally online, because it continues to expand its product range and because it makes smart use of online advertising.
The profitability of Innr Lighting BV has also grown strongly. This is due to the sharply increased turnover and the higher gross margin. In 2021, the operating result (EBIT) was € 498.986, an increase of 50% compared to 2020 (€ 331.871). The gross margin increased from 56% to 60%.
Milestones
Since its founding in 2012, Innr Lighting BV has focused purely on smart lighting.
After a successful Kickstarter campaign, Innr introduced its first products in physical stores in 2014 through a pilot with Intergamma. At first it used its own wireless protocol, but from 2014 Innr Lighting BV fully focused on the Zigbee standard. As a result, Innr products work seamlessly with other smart lighting systems in the market, such as Philips Hue systems. This has greatly expanded Innr's potential market.
In 2015, Innr Lighting BV made the move to online retailers and from 2016 the company also started selling online in Germany and the United Kingdom. That turned out to be a golden opportunity; the traction there was many times greater than in the Dutch physical stores. The company subsequently decided to focus entirely on the online channel. In this channel it can scale much faster and more efficiently than in traditional stores.
In 2017, Innr Lighting BV started selling in France and Spain, and in 2018 the company also added Italy and Scandinavia to its sales market. In 2019, the big step was made to the United States by selling there on Amazon.
In the meantime, the company has also continued to expand its product portfolio. Innr now sells smart bulbs, spotlights and candle lights in white, in customizable white, in color and in the retro filament style. Innr Lighting BV also continues to expand in the field of fixtures and accessories. In 2018, the company introduced a light strip and a smart plug, and in 2019 it launched a series of lamps for the United States. In 2020, Innr Lighting BV expanded its range with a range of fixtures for the garden, plus spotlights and ceiling lamps. In 2021, the company introduced a completely new version of its own Innr control system, with an affordable bridge and wireless switches.
Market and consumer needs
Innr Lighting BV is active in the market for smart lighting for home use. Since the introduction of the first Zigbee lamp in 2012, the need for smart lighting has grown significantly. 17% of Dutch households already have smart lighting and a quarter of households plan to purchase it soon. Consumers are mainly attracted by the convenience, safety and energy savings.
Smart lighting is also a growth market worldwide. Analysts predict that the European market will continue to grow by 14% per year to over 5 billion euros in 2026. The American market is expected to grow by 10% per year to 3.8 billion euros in 2025.
At the moment, the market mainly consists of smart bulbs that can be screwed into an existing fixture. In the regular lighting market it has been the trend for years that LED modules are integrated into luminaires. This means that a bulb is no longer needed. Innr Lighting BV expects the same trend in the smart lighting market. Demand will shift from smart bulbs to integrated smart lighting.
Channels
Innr Lighting BV has chosen to only sell its products through online retailers and platforms. This is the most important channel for the smart home consumer and it is growing strongly. It is also much more efficient than selling through physical retail, marketing efforts are much more targeted and it is much more scalable.
The company now sells throughout Western Europe and the United States. 87% of turnover will come from outside the Netherlands in 2021.
Competition
Compared to the market leader, Innr positions itself as a good and affordable alternative for the more practical consumer. Because Innr only sells online, the company can keep costs low. Innr Lighting BV is relatively unaffected by other providers, because it is technically difficult to make really good, 100% compatible products that receive good online reviews. Innr lamps have an average 4.0 star review on Amazon. Innr has been declared a Top Smart Home provider by the German Chip magazine, above brands such as LIFX and Ikea.
Management
The management team of Innr Lighting BV consists of four people:
Jeroen Dalderop
CEO and responsible for general management, strategy and marketing. He was previously General Manager of Philips Lighting Japan.
Rob Timmer
COO and responsible for product creation, purchasing and operations. He was the commercial man behind the first Smart TVs from Philips.
Gerry Vermeulen
Innr's CTO and responsible for product development and software development. As a system architect and software developer responsible for the first Smart TV from Philips.
Mak Wiersma
As Innr's Head of Sales responsible for global sales activities. Mark was previously Head of Sales at smart lock brand Nuki.
Structure
The shareholder structure of Innr Lighting is as follows:
The Stichting Administratiekantoor Innr Lighting is the issuing institution. The Coöperatie Lighting Fundamentals Holding UA is owned by the personal holding companies of the founders and by 23 informal investors. Lighting Fundamentals IP BV owns the intellectual property such as brand name and patents. Genki Beheer BV is the holding company of founder Jeroen Dalderop, Rochester Beheer BV is the holding company of Rob Timmer and ArqIT BV is the holding company of co-founder Gerry Vermeulen.
Risks and certainties
Investing always involves risks. The main risk you run is that Innr Lighting BV has no money to pay you or to pay the interest. This could be the case if the forecasts are not or insufficiently realized. Then you may not receive any repayment of the loan and you will not receive any interest.
For the full description of the guarantee and the risk analysis, please refer to the prospectus and the information document .
It is important that you take these risks into account prospectus en information document read before you invest in our share certificates
Rates
Below are the entrance fee shown that NPEX uses.
| NPEX account | free |
|---|---|
| Deposit money | free |
| Registration fee for issue | 1% one-off |
| Service fee | 0,05% per month* |
*To be calculated based on the nominal value of the bonds in the portfolio on the coupon payment date and to be offset against the (monthly) interest payment.
