Rensair Financial Model
Logistics/Mobility Startup Financials (Free Excel Download)
Hospital-grade portable air purifier (Model Q01B) sold B2B, with a recurring consumables revenue stream from HEPA filter and UVC lamp replacements.
professionals from Deloitte
Used by professionals from
About this model
Rensair sells hospital-grade portable air purifiers to B2B customers. Model Q01B hardware creates an installed base for recurring HEPA-filter and UVC-lamp replacements.
The model should forecast units and ASP for hardware, then roll the installed base forward to determine consumable demand and replacement cadence. This separates one-time equipment sales from recurring replacement revenue.
Forecast COGS, channel margin, and service cost across both streams. The analysis should show how the installed base supports recurring consumables and changes overall gross-margin mix. Keep HEPA-filter and UVC-lamp replacement cadence visible to test the recurring revenue tied to Model Q01B hardware sales across the B2B customer base.
A turnkey financial model
Live formulas, no hardcoded values
Outputs are driven by live formulas, so the workbook updates from its assumptions instead of relying on hardcoded results.
All assumptions in one tab
Inputs are clearly marked in the Assumptions tab and separated from calculations, making it clear what to change and what to leave intact.
Statements always balancing
For integrated-statement models, the balance sheet, cash flow, and supporting schedules tie through properly.
Distinct schedules for clarity
Debt, working capital, taxes, and cash flow can get messy quickly. We group calculations in clear schedules, not across disconnected tabs.
No hidden macros or external links
There are no unexplained external workbook links or macros to undermine auditability or portability.
Changes flow through the model
Update a key driver and see the impact carry through the forecast, financing, and return outputs. We never use hardcoded numbers in formulas.
About Rensair
rensair.com
How to build a detailed financial model for Rensair
A complete walkthrough of the business, drivers, and assumptions behind the downloadable Rensair model - distilled from its pitch deck and publicly available information.
Product & value proposition
- Single hero product: Model Q01B - portable air purifier combining H13 HEPA filtration + UVC lamp in a patented cylindrical airflow design.
- Key specs: 560 m³/hour cleaning capacity; 9,000-hour (~1 year) continuous run time; 4 m² HEPA filter surface.
- Differentiation: independently lab-validated (Eurofins, Oslo University Hospital, Danish Technological Institute - 99.98% airborne virus removal in 15 min); 2 patents filed; recognised by Newsweek Best Infection Prevention Products 2021 and Wall Street Journal.
- Recurring revenue from replacement HEPA filters and UVC lamps (every ~9,000 hours / ~1 year).
- Future products: Rensair v2.0 (IoT/smart sensors), smaller unit for hotel/meeting rooms, vehicle application (new patent filed May 2021).
Market
- Global air purifier market: $22.9bn estimated by 2028 at 10% CAGR.
- B2B subtractive (HEPA-based) air purifier market: $6.9bn estimated by 2028.
- US-only portable air purifier addressable market estimate (Rensair's own calculation at $3,000 unit price):
- Hospitals: 6,090 institutions × 100 units = $1.83bn
- Schools: 135,000 institutions × 10 units = $4.05bn
- Businesses with office space: 664,900 × 4 units = $7.98bn
- US sub-total: $13.86bn
- Vehicle/public transport TAM: $3.5bn.
- Google search volume for "air purifier" grew ~400% over 2011–2021; US search volume is 17.5× the UK.
Revenue model
- Primary: Unit hardware sales (outright purchase, majority of revenue).
- Secondary: Rental/leasing of units.
- Recurring: Replacement kits - HEPA filter + UVC lamp - sold every ~9,000 hours of use.
- Pricing: Unit price stated as $3,000 in the US market addressable market illustration; actual ASP redacted elsewhere.
- Future: Licensing revenue (vehicle patent); IoT data subscriptions planned post-new-product development.
- Channels (forward-looking, as disclosed): Performance marketing (~majority), distributor sales, shareholder relationship sales, replacement part sales. Percentages redacted.
- US search demand is 17.5× UK yet generated 0% of 2021 leads - US market entry is the primary revenue growth lever.
- Sales funnel conversion rates (disclosed): 0.3% impression-to-lead; 2.7% site-visit-to-lead; 40% lead-to-qualified; 18% qualified-to-order. Dollar amounts redacted.
Traction & metrics
- Revenue since incorporation (May 2020): redacted.
- Est. 2022 revenue: redacted.
- Revenue growth E2021 vs FY2020: 124%.
- # units sold since incorporation: redacted.
- Est. gross margin E2021: redacted, "expected to increase".
- Individual clients: 700 as of Sep 2021.
- Countries supplied: 41.
- Countries with trademarks filed: 9.
- Warehouses: 4 (US, UK, Belgium, China).
- Patents filed: 2.
- Net assets on balance sheet: redacted.
- Debt: $0.
- Company bootstrapped and cash-flow positive since inception.
- Unit failure rate: 0.3% (below industry average).
- Notable clients include PepsiCo, Bentley, Anglo American, BAE Systems, Walt Disney, GSK, NHS, Morgan Stanley, UBS, Augusta National Golf Club.
- UK accounted for 61% of leads in 2021; France 10%; Germany 14%; US 0%.
Unit economics
- Gross margin E2021: redacted.
- Unit ASP: ~$3,000 used in TAM illustration; actual redacted.
- COGS components: cost of goods (Q01B hardware + replacement kit), freight and storage.
- Marketing funnel conversion (0.3% impression → order, 18% qualified lead → order); revenue per marketing dollar redacted.
- Recurring revenue cadence: ~annual (9,000-hour filter replacement cycle).
- Manufacturing failure rate 0.3%.
- CAC, LTV, payback period: not explicitly stated in deck.
Competition / moat
- Competitors: unnamed (prices redacted as $X) across hospital-grade, commercial, and residential tiers.
- Rensair positions as the only player with: independent lab validation against airborne pathogens, UVC inactivation of pathogens on-filter, full-room air circulation documentation, and safe filter-change handling.
- IP: 2 patents filed including May 2021 vehicle patent.
- Moat levers: patented technology, validation dataset, brand/awards, consultative B2B sales process with bespoke room assessments.
- Technology positioned as "subtractive" (filtration) vs additive (ionisation/plasma) - recommended by WHO, US CDC, UK SAGE.
Team & funding ask / use of funds
- Co-founders and Co-CEOs: Christian Hendriksen and Frederik Hendriksen (twins, sons of inventor) - backgrounds in Groupon Asia, Morgan Stanley, Citi/UBS, Mile High Labs.
- Co-founder & MD: Edward Ballsdon - MD/Head of Sales at Citi/UBS, Lehman Brothers.
- Round: Series A Convertible Preferred Stock, target closing March 2022.
- Financing target amount: redacted.
- Post-money valuation: redacted.
- Use of funds (all dollar amounts redacted): Employee expansion, Marketing spend (largest allocation), US manufacturing, New product development, Deal fees.
- Key milestones from proceeds: hire senior team (Head of Finance, Sales expansion), launch US marketing, achieve target monthly website visits/leads, launch US manufacturing by end Q2 2022, win first US government contract, commercialise vehicle patent, launch Rensair v2.0 and smaller unit.
Recommended financial model
- Archetype + why: Hardware + consumables P&L (DTC/B2B product company with recurring consumables stream). Not SaaS, not marketplace. Rensair's economics are driven by unit volume × ASP for hardware, plus an annual replacement-kit pull-through per installed unit. The model should track an installed-base cohort to forecast recurring kit revenue. A simplified 3-statement model is appropriate given the company is pre-scale and fundraising for growth capital.
- Forecast horizon & granularity: FY2020 (actuals as anchor) → E2021 → E2022–E2024 (matching the deck's own P&L horizon). Monthly granularity for the first 12 months; annual thereafter. Optionally extend to 2026 for investor exit context.
- Key drivers & assumptions:
- Unit ASP, hardware: ~$3,000; exact figure redacted - confirm with company
- Unit ASP, replacement kit: ~$300–$500 (HEPA filter + UVC lamp; ~10–15% of hardware ASP typical for this category) - confirm
- Revenue growth YoY (E2021 vs FY2020): 124%; subsequent years redacted - model should flex this
- Gross margin: redacted; ~50–60% based on "attractive margins," bootstrapped profitability, and outsourced assembly; confirm
- COGS split: hardware COGS, replacement kit COGS, freight & storage
- Marketing channels: performance (search, display/video, brand), distributors, shareholder relationships, replacement parts; channel mix % redacted
- Funnel conversion: 0.3% impression → order; 18% qualified lead → order
- Marketing spend growth rate: significant ramp post-Series A; US to represent a material share of spend - exact split redacted
- Revenue per marketing dollar (ROAS): redacted; 3–5× based on "scalable performance marketing" framing - needs calibration
- Replacement kit attach rate: ~90% of installed base replaces annually (9,000-hour design life = ~1 year); grows with installed base lag of 1 year
- Installed base: cumulative units sold minus estimated churn/replacements; no churn data in deck - minimal (B2B, sticky)
- Headcount ramp: disclosed roles in slide 43 with names; salaries redacted; London-based EU at standard mid-market London salaries; New York-based US team at a premium
- EU employee on-costs: % of salary redacted; 20–25% typical UK/EU
- US employee on-costs: % redacted; 10–15%
- Rental/leasing revenue: minority of revenue (<10%); not separately sized in deck
- Licensing revenue: zero in base case (vehicle patent pre-commercial); upside in bull scenario
- FX: multi-currency operation (USD, GBP, EUR); FX gains/losses line in P&L; model in USD, apply blended FX sensitivity
- Scenarios (Base / Bull / Bear - which variables flex):
- Base: 124% growth in E2021; moderate deceleration post-Series A to ~60–80% YoY in E2022–E2023 as US ramp takes time; gross margin stable ~55%; marketing ROAS at 3–4×
- Bull: US market breaks open faster; ROAS holds at 5×+; replacement kit attach rate exceeds 90%; vehicle patent licensing deal closes
- Bear: US entry stalls (longer sales cycles, brand awareness lag); gross margin compresses as freight costs rise; marketing ROAS falls to 2–2.5×; Series A delay pushes hiring
- Required sheets / outputs:
- Assumptions - all drivers in one place with Base/Bull/Bear toggles
- Revenue build - units sold by channel (marketing, distributor, relationship) × ASP + replacement kit revenue from installed-base cohort
- P&L - matching deck structure: Revenue → Gross Profit → Admin Costs (Advertising & Marketing; Salaries & Commissions; Other SG&A; R&D) → Operating Profit (EBITDA)
- Headcount plan - roles from slide 43, ramped by hire date, with on-cost load
- Marketing model - spend by channel × ROAS → leads → conversion → revenue
- Balance sheet (simplified) - working capital (inventory, receivables, payables), net assets; needed given $0 debt position and Series A proceeds
- Cash flow - operating cash flow; important given bootstrapped history and Series A proceeds sizing
- Dashboard - KPIs: revenue, gross margin %, EBITDA %, units sold, installed base, kit attach revenue, CAC, payback
Frequently asked
Is the Rensair financial model free?+
Yes. The Rensair model is a free Excel (.xlsx) download with live formulas. Sign up with your email and the workbook is yours to keep, review, and edit.
What's included in the model?+
A 5-year monthly forecast with P&L, cash flow and runway, valuation (exit multiple plus a DCF cross-check), MOIC/IRR returns, and unit economics, with live formulas throughout.
How was this model built?+
It was built from Rensair's pitch deck and publicly available information, then structured to investment-banking standards as a fully editable Excel model.
Can I change the assumptions?+
Yes. You can change assumptions and the live formulas will recalculate in the downloadable Excel model.
Have more financial modelling questions? Contact us
Created by ex-finance professionals
Hey, I’m Alex and I created Finamodel.
Over my years in the finance industry I kept building the same models over and over again. Same structure, same assumptions, different logo. So I started building frameworks to turn them into clean, reusable templates.
Every model here is one I’d actually use for a client, and I personally vet each one before it goes up.
I’m not an expert in every industry, but I’ve built enough models to know what belongs in one. And when something is completely foreign to me, I reach out to my network for experts to work on our models with us.
Having a template library on hand cuts a first build from hours to minutes.
Need help finding your model? You’ll find me in the Finamodel app!
Other Logistics/Mobility Startup Financial Models
Browse another startup in the same category.
BusRight
SaaS platform for K-12 school district transportation management - routing, real-time tracking, driver tablets, parent notifications.
Clean Kitchen Club
UK plant-based QSR brand operating eat-in, grab-and-go, and delivery formats across London, with plans for nationwide expansion.
Cloudsmith
Cloud-native software supply chain management platform - secure, managed package distribution for engineering teams.
Enron
Enron Communications ("ePower") is a wholly owned subsidiary of Enron Corp. pitching an application delivery platform built on a national Pure IP fiber optic network.
Hangry
Indonesia's first multi-brand virtual restaurant operator ("House of Winning Brands") running delivery-only F&B brands out of shared kitchen infrastructure.
Hologram
IoT cellular connectivity platform that abstracts SIM management, carrier selection, and device fleet operations into a single software layer.
HTEC
Technology services and product engineering firm providing outsourced R&D, product development, and engineering delivery to corporates, scaleups, and global enterprises.
Liefergrün
Sustainable, customer-oriented last-mile delivery solution for e-commerce, using cargo bikes and e-vans with microhub infrastructure.
