Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 mins to learn more

The Funderbeam Blog

Articles, interviews, case studies announcements and more.
Welcome to The Funderbeam Blog.

January 11, 2023

In the Hot Seat – Kari Maripuu, CEO of Brightspark (Lexi Market)

How did the year 2022 turn out for your company?
The year started with some great expectations, but everything turned out quite differently after the 24th of February. Even though our business segment was not quite directly connected to the energy crisis or war-related segments, the inflation rate still had a major impact on our main customers (the retail industry). Suddenly we felt that this year would be a little different than we may have expected, and so it went.

What was the main challenge of the year?
The main challenge in 2022 was how to grow our customer base and explain the apparent value of our platform to the target market customers. Another important thing was to raise capital. The investment money flowed fluently in 2021, but the situation changed drastically within just a year. It took us several months to gather 100K on Funderbeam as it took just 4 days to gather 500K one-year earlier. As we could raise just 50% of the expected funds, we had to change our priorities and business strategy. We stopped looking towards the export markets as we needed more funds to succeed. Instead, we investigated options to become profitable in our home market.

Did the events in the world significantly impact your company, and how?
Yes, we felt the impact indeed. Indeed the cost of money has become more expensive, and investors have become more cautious when investing in startups. But more importantly, our target customers are facing difficult times that made them more cautious about new innovative ideas. The mentality has changed, and the fear of acting has taken over the management decisions. “Let’s wait and see” has become the new “Yes, let’s do it”. But we are not complaining. We just need to adapt to the situation.

Did your company manage to receive the expected results?
Not quite. We would like to make more MRR revenue by the end of 2022. We managed to achieve just around 60% of our target.

What is the outlook for your sector for this year?
The retail sector will continue to struggle. Price pressure will continue, and we must show the value of our platform to the target segment more clearly than before. Therefore, we are pivoting our business model further. We will make a shift in our value proposal, tilting from cost efficiency to an increase in revenue through our ordering module. From the IT perspective, we see a decrease in pressure on the salaries of software developers. That may give us some good opportunities to hire additional development resources to fulfil our product development goals.

What are the goals for 2023 so you would look back on December 31st and say, “it truly went as expected”?
The most important goal is the value of MRR. The goal is to reach 100%+ growth compared with our current position, and it also means that we have become a profitable company since we pivoted our business model at the beginning of 2020.

What is the main “New Years’ promise” for shareholders?
Brightspark (Lexi.Market) will focus on earning money. The time to do the unhealthy “growths at any cost” must remain in the past, and we must return to the base principle of the business economy – profitability. Profitability will pave the road to new growth and also to new investment rounds. But most importantly, the value of the company will be proven by its capability to earn money.

What companies or leaders have been your “personal heroes” this year?
I think that the leader of Ukraine has really impressed me this year. But on the business side, well, it has been a busy period in-house, and I am not used to having any lead examples, so it is difficult to point anyone out. I think that I really value the companies that have been able to remain profitable and adapt to the changes in the business climate.

What are the 3 most used applications on your cell phone, and which one you “couldn’t live without”?
Spotify, LinkedIn, My Volvo Car Management

Read Next
The information about the investment opportunities profiled on this website is provided for general information and marketing purposes only and should not be considered an invitation or inducement to engage in any investment activity. Complete and comprehensive information about an investment opportunity is only available to investors who have been approved by a Funderbeam group entity

You should ensure you carefully read the Risk Disclosure Statement before deciding to proceed with any investment or transaction, including making a purchase of securities via the Marketplace. Funderbeam has taken steps to ensure that company and securities offering information is clear, fair and not misleading in accordance with its internal verification procedures. Funderbeam does not provide investment advice or any recommendation to invest. Any investment opportunity on this website should not be considered as an offer to the public and is not directed at or offered to anyone to whom it may not be so directed or offered, or located in a jurisdiction where it is unlawful to do so.

This page provides you with an overview of the services provided by different entities belonging to Funderbeam Group. In this page, we generally refer to the group as “Funderbeam”, “we”, “us” or “our”.

It is important to note that funds are raised, investments are made and trade orders are placed through three service provider entities: Funderbeam Markets AS (FBAS) (authorised and regulated by the Estonian Financial Supervision Authority under permit 4.1-1/212), Funderbeam Markets Limited (FML (authorised and regulated by the UK Financial Conduct Authority under FRN 794918), and (for trade orders only) Funderbeam Markets Pte. Ltd., (FB Pte). FBAS and FML are MIFID investment firms.

A Funderbeam client (whether investor or company) is a client of the service provider and under the protection of the requirements of the regulator under which that service provider operates: An EEA client’s service provider is FBAS, a UK/ non-EEA/ non-Singapore client’s service provider is FML, and a Singapore client’s service provider is FB Pte.

The Marketplace is operated as an organised market by Funderbeam Markets Pte. Ltd., in Singapore as a Recognised Market Operator (RMO) under the supervision of the Monetary Authority of Singapore. FBAS and FML are Trading Members of the RMO’s Marketplace. Access to the Marketplace for EEA and non-EEA clients is only provided by and through such clients’ service provider (ie FBAS or FML). The Marketplace does not provide services directly to investors outside Singapore.

With respect to any securities or investments offered by a US domiciled Fundraising Company, by visiting this site you confirm you are not a US resident or US person (as defined in Regulation S of the U.S. Securities Act of 1933) and you understand and agree that you are not acquiring any Investments for the account or benefit of any such US resident or US person. No investment opportunity in a US domiciled Fundraising Company is directed at US persons.