# Rensair Financial Model Hospital-grade portable air purifier (Model Q01B) sold B2B, with a recurring consumables revenue stream from HEPA filter and UVC lamp replacements. - Canonical: https://finamodel.com/startups/rensair - Excel download: https://finamodel.com/startup-models/rensair.xlsx - Category: Logistics/Mobility - Model type: SaaS ARR / Valuation - Funding round: Series A - Funding: $7M - Founded: 2022 - Geography: UK, US, EU (Belgium); products shipped to 41 countries as of Sep 2021 [DECK slide 6]; US identified as the primary untapped growth market [DECK slide 38]. - Customer: B2C ## About the company 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. ## What's included - 5-year monthly revenue build with stage-appropriate growth assumptions - Full P&L, headcount plan, and operating-expense schedule - Cash-flow statement, runway, and burn-rate tracking - Valuation via exit multiple with a DCF cross-check - Returns analysis with MOIC and IRR - Unit economics including CAC, LTV, payback, and cohort retention ## 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**: 1. Assumptions - all drivers in one place with Base/Bull/Bear toggles 2. Revenue build - units sold by channel (marketing, distributor, relationship) × ASP + replacement kit revenue from installed-base cohort 3. P&L - matching deck structure: Revenue → Gross Profit → Admin Costs (Advertising & Marketing; Salaries & Commissions; Other SG&A; R&D) → Operating Profit (EBITDA) 4. Headcount plan - roles from slide 43, ramped by hire date, with on-cost load 5. Marketing model - spend by channel × ROAS → leads → conversion → revenue 6. Balance sheet (simplified) - working capital (inventory, receivables, payables), net assets; needed given $0 debt position and Series A proceeds 7. Cash flow - operating cash flow; important given bootstrapped history and Series A proceeds sizing 8. Dashboard - KPIs: revenue, gross margin %, EBITDA %, units sold, installed base, kit attach revenue, CAC, payback ## Frequently asked questions ### Is the Rensair financial model free? Yes. The Rensair model is a free Excel download with live formulas. ### Can I change the assumptions? Yes. The workbook is editable and its live formulas recalculate when assumptions change.