April 04, 2023
The company earned finalist status in the Founders Games Grand Final in Davos, during the World Economic Forum.
Webit Investment Network (BSE:WIN), a publicly listed investment company in Bulgaria, represented by Dr. Plamen Russev, announced an investment of $200,000 in Elephant in a Box. The company is based in the USA and is a provider of innovative and sustainable solutions for the furniture industry. This investment follows Elephant in a Box's recent success in the Founders Games Grand Final at the World Economic Forum in Davos, where it was selected as a finalist by an international jury of investors.
Elephant in a Box has developed a patented furniture technology based on a honeycomb structure that reduces waste, minimizes the impact of production on the environment and reduces transport costs. This technology has the potential to transform the furniture industry and bring more sustainable and environmentally friendly solutions to the market at competitive prices.
"We are excited to partner with Elephant in a Box and invest in their innovative technology for sustainable furniture production," said Dr. Plamen Rusev, representative of Webit Investment Network. "Their patented technology has the potential to make a significant impact on the environment and we are excited to be a part of their growth and success in addressing a $100 billion+ market. Their technology makes a sofa five times stronger and 5 times lighter; the product, based on their patented technology, takes up 70% less space during transport and storage, is completely ecological - 100% biodegradable and recyclable."
The investment will allow Elephant in a Box to expand its operations, further develop its patented technology and bring its sustainable furniture solutions to more customers. With this funding, the company plans to accelerate its growth and continue to drive innovation in the furniture and construction industries.
"We are honored to have the support of the Webit Investment Network and their recognition of our patented technology for sustainable furniture production," said Daniela Terminel, CEO of Elephant in a Box. "Our goal is to bring more sustainable and green solutions to the furniture industry, and this investment will allow us to achieve our goal faster and on a larger scale. The company plans to be profitable in 2023. The company also has a very aggressive revenue growth strategy, planning to turn a profit this year and generate over $100 million in revenue by 2023.”
The grand finale of the Founders Games at the World Economic Forum in Davos attracted some of the most promising startups from around the world. Elephant in a Box was selected as one of six finalists, demonstrating its innovative and sustainable technology and business model to an international audience and jury of investors including: Kurt Kaltenegger from ABB Technology Ventures, Arne Morteani from Kiko Ventures, Milena Nikolova from Aera Ventures, Marcel Kloosterman from Brightlands Venture Partners, Robert Grygorowicz from SpeedUp Venture Capital, Milena Nikolova - Aera Ventures, Philipp Thurn und Taxis from CNB Capital, Roel Callebaut from Finindus, Sarah Chen- Spellings from Beyond the Billion, Anthony Scaramucci from Skybridge, Adam Niewinski from OTB Ventures, Nimrod Gerber from Vital Capital, Ajay Ramachandran from Webit Capital Partners, Omar Al Yawer from Ruya Partners, Alexander Galitsky from Almaz Capital Partners, David Gorodyansky from Impact Future
"We are proud of Elephant in a Box's achievement at the Founders Games Grand Finals and the recognition of our patented sustainable furniture manufacturing technology," said Reham Khalifa Co-Founder of Elephant in a Box. "This investment is a testament to the hard work and dedication of our team and we look forward to continuing to make a positive impact on the environment. We have already applied for a new patent based on the use of honeycomb in the construction industry – as a product for insulation, movable walls and bricks.”
About Webit Investment Network
Webit Investment Network is a publicly listed investment company with a focus on innovative and disruptive technologies. The firm invests in the growth companies which make it to the finals of the Founders Games. Founders Games is one of the leading growth stage competitions in the world with thousands of participants from over 140 countries with $6M award. Webit Investment Network invests in companies that have the potential to transform industries and create long-term value for investors.
About an Elephant in a Box
Elephant in a Box is a material innovation company on a mission to disrupt the furniture and construction industries. Founded in 2020 by Daniela Terminel and Reham Khalifa, the women-led US company is bringing honeycomb structures from aircraft and race cars to furniture, sofas, and sectionals by developing the HoneyComb Support Technology (HoST).Elephant in a Box has been recognized for its innovation and sustainability by numerous organizations and events, including the Founders Games Grand Finals in Davos during the World Economic Forum week.