HAVN is currently raising funds through a SAFE (Simple Agreement for Future Equity) with a valuation cap set at $35 million. This structure does not include a discount, which is a notable aspect of the deal. Investors in a SAFE typically do not receive immediate equity, but rather a promise of future equity under certain conditions, such as a subsequent priced round or a liquidity event.

The valuation cap of $35 million implies the maximum pre-money valuation at which the SAFE will convert into equity, providing a ceiling for investors to potentially benefit from a lower effective valuation. However, the absence of a discount means that investors do not receive additional compensation for the risk associated with investing at this stage.

For HAVN to provide a 10X return to investors, the company would need to achieve a valuation of approximately $350 million at the time of exit, not accounting for dilution. This would require significant growth in both market penetration and revenue, given the current revenue multiple of 12.07x. The high revenue multiple suggests that the current deal may be overvalued relative to HAVN's existing financial performance, potentially offering less favorable terms to investors.

The U.S. radiation protection apparel market, where HAVN operates, is valued at approximately $225 million and is projected to grow at an annual rate of 16.26%. This growth is driven by increasing awareness of potential health impacts from electromagnetic fields and a growing consumer preference for health-oriented products.

Key market drivers include heightened consumer health awareness and advancements in fabric technology that enable the production of functional apparel. These trends support the demand for products like HAVN's EMF-blocking clothing, which offers enhanced health protection. However, the market's growth also attracts new entrants, potentially increasing competition and impacting HAVN's market share.

HAVN's product appeals to a niche within the broader apparel market, targeting health-conscious consumers who are concerned about EMF exposure. While this narrows the immediate customer base, it also allows HAVN to differentiate itself by focusing on a specialized segment with specific needs. The company's scientifically proven fabric technology is a key factor in its unique value proposition, addressing the specific concerns of its target demographic.

The market's growth rate presents opportunities and challenges for HAVN. The expanding market size indicates potential for revenue growth, but the company must continue to innovate and effectively communicate the benefits of its products to capitalize on these opportunities and ensure competitive positioning.

Arthur Menard de Calenge (CEO) is an accomplished entrepreneur and business leader known for his diverse background in technology, health, and e-commerce. He currently serves as the Co-Founder and CEO of HAVN, which has been featured in major publications such as Forbes, BBC, and GQ. In addition to his role at HAVN, Arthur is an angel investor in Liquid Death Mountain Water and various startups in the health and wellness sector. Previously, he co-founded OneApp, a SaaS solution that helped local businesses automate their online communication, bringing the company to profitability. He also founded Methode-Prepa, where he created online training programs for competitive exam preparation and published three books. His early career includes a consultancy position at PwC Consulting, where he worked on a data center project for Liberty Mutual Insurance, and a role as a Business Engineering Analyst at DNAVision, focusing on genomic patterns of prostate cancer. Arthur holds an MBA from HEC Paris with a specialization in Entrepreneurship and a Master's degree from AgroParisTech in Life Sciences, Management, and Innovation. His career reflects a strong commitment to entrepreneurship, innovation, and health-related technologies.

Thomas CALICHIAMA is an experienced entrepreneur and marketing professional. He is currently the Co-founder and COO of HAVN, a position he has held since May 2019. HAVN is revolutionizing the athleisure industry with proprietary clothing that supports consumers' performance, focusing on better sleep, recovery, and cognition.Prior to HAVN, Thomas co-founded Spartan Underwear, serving as Co-founder and CMO from September 2016 to January 2019. His earlier experience includes roles at the Fédération française de golf, where he worked as a Membership Marketing Manager and as a Project Marketing Manager.Thomas has a diverse educational background, including a Licence en Droit and a Master 1 Droit des Affaires from Université Panthéon Sorbonne, an MBA in Management du sport from Ecole supérieure de Gestion, and training in Growth Hacking from LaGrowthFormation.

Gerrit Rindermann (Head of Engineering) is an experienced technology leader and entrepreneur with a strong background in software engineering and embedded systems. Prior to HAVN, Gerrit served as Chief Technology Officer at OneApp from January 2017 to February 2019, where he worked on a SaaS solution for local businesses to automate their online communication. He also held the position of Chief Technology Officer at Spartan SAS from August 2016 to January 2018, where he engineered the patented WaveStopper fabric.Gerrit's earlier career includes roles as a Software Engineer at MBtech Group GmbH & Co. KGaA (May 2015 - July 2016) and at CERN (June 2013 - August 2013). He also worked as a Software Engineer for Embedded Systems at Mechaless Systems from February to July 2011.

In the apparel market focused on health and wellness, HAVN faces competition from companies such as Shield Apparel and Silverell. Shield Apparel offers EMF-blocking clothing similar to HAVN, focusing on protective wear with a comparable emphasis on health benefits. Silverell, on the other hand, provides garments that incorporate silver fibers for antimicrobial and EMF-blocking properties. Both competitors operate in similar niche segments, targeting consumers concerned about health impacts from daily environmental exposures.

In terms of company size, HAVN has established a significant presence with $15 million in cumulative revenue and a sales volume of 250k pieces. This positions it as a substantial player in the niche market, though it may not yet match the scale of larger, more established companies in the broader apparel industry. Product quality is a critical differentiator for HAVN, with its scientifically proven fabric technology that blocks over 99% of harmful EMFs. This positions its offerings as highly effective within its market segment. Pricing strategies across these companies are generally aligned with the premium nature of health-focused apparel, though specific price points may vary based on product type and brand positioning.

HAVN has demonstrated a year-over-year revenue growth rate of 16.16%, with revenue increasing from approximately $2.5 million in the previous fiscal year to about $2.9 million in the most recent fiscal year. This growth indicates a steady increase in sales and market acceptance of its EMF-blocking apparel.

The company's financial metrics reveal a monthly burn rate of approximately $42.8k, with cash on hand amounting to $1.36 million. This suggests that HAVN has a sufficient runway to continue its operations and pursue growth initiatives in the short term. Efficient management of this cash reserve will be critical to sustaining its growth trajectory and addressing any potential financial challenges.

HAVN's net income for the most recent fiscal year was a loss of $514k, compared to a loss of $1.22 million in the prior year. This reduction in net loss highlights some progress in managing expenses and moving towards financial stability. However, the company remains in a pre-profit phase, necessitating ongoing strategic financial planning to achieve profitability.

Investing in HAVN involves several specific risks that prospective investors should consider carefully. One significant risk is the company's high revenue multiple of 12.07x, which suggests that the current valuation may be overestimated relative to its current revenue. This potentially overvalued position could offer less favorable terms and impacts the perceived return on investment, especially if growth does not meet expectations.

Another notable factor is HAVN's financial health, marked by a previous net loss of over $500k in the most recent fiscal year. This underscores the need for continued financial oversight and could require additional funding rounds, potentially leading to dilution for current investors. The company's cash on hand suggests a moderate runway, necessitating efficient capital management to sustain operations and growth initiatives.

There are no current or past lawsuits, which is a positive aspect, reducing potential legal liabilities. The leadership team's commitment, with full-time dedication from the founders, mitigates the risk associated with part-time involvement. However, the competitive landscape remains moderately competitive, and HAVN will need to continue differentiating its offerings to maintain and grow its market share.

HAVN's prospects are bolstered by several positive factors that contribute to a bullish outlook. The company's positioning in the growing market for radiation protection apparel, valued at $225 million with an annual growth rate of 16.26%, presents significant opportunities for market expansion and revenue growth. This growth potential is supported by increasing consumer awareness of EMF exposure and health implications, creating a receptive market environment for HAVN's offerings.

HAVN's unique strength lies in its scientifically proven fabric technology, which effectively blocks over 99% of harmful EMFs. This capability provides a competitive advantage, distinguishing its products from those of competitors. The company's established customer base, with 250k pieces sold and $15 million in cumulative revenue, demonstrates strong market acceptance and brand credibility.

Further growth drivers include HAVN's plans to expand its product offerings and explore new market segments. The company's focus on health-conscious consumers positions it well to capitalize on emerging trends in wellness and personal protection. By broadening its product range, HAVN can tap into additional revenue streams and enhance its market reach.

Financially, HAVN has demonstrated a 16.16% year-over-year revenue growth, reflecting its ability to increase sales and market penetration. The company's cash reserves of $1.36 million provide a solid foundation for executing growth initiatives and maintaining financial stability. This financial health, coupled with its competitive product offering and market potential, supports a positive outlook for HAVN's future prospects.

HAVN faces several factors that contribute to a bearish outlook. The high valuation cap of $35 million, coupled with a revenue multiple of 12.07x, suggests that the investment terms may not provide favorable conditions for potential returns, especially when compared to industry benchmarks. This high multiple indicates an overvaluation risk, which could deter investors seeking more balanced entry points.

Market challenges include the niche nature of EMF-blocking apparel, which may limit widespread adoption beyond health-conscious consumers. As awareness of EMF risks is not universal, HAVN's target market remains relatively narrow. This limited market presence could impede substantial growth unless the company effectively broadens its appeal.

In terms of competition, HAVN operates in a moderately competitive landscape with rivals like Shield Apparel and Silverell, who also offer protective clothing with health benefits. These competitors may have advantages in terms of market penetration or consumer trust. HAVN must continuously innovate to maintain its competitive edge, which poses a challenge in a rapidly evolving industry.

While the leadership team is experienced, there is a need for enhanced marketing and sales expertise to expand market reach effectively. This gap could hinder the company's ability to scale and achieve its growth objectives. Additionally, any delays in expanding the team could affect operational efficiency and strategic execution.

Financially, the company must address concerns related to modest revenue growth and cash flow management. The need for ongoing capital infusion to sustain operations and promote growth adds to financial strain. Insufficient funding could limit HAVN's ability to invest in necessary innovations or market expansion strategies, further impacting its potential for long-term success.

HAVN, operating in the Apparel & Fashion industry, focuses on producing EMF-blocking apparel designed for health-conscious consumers. These products target individuals concerned about electromagnetic exposure and its potential health impacts. The company's core customers are those seeking protective clothing that integrates seamlessly into daily life.

HAVN is raising funds through a SAFE with a valuation cap of $35 million, reflecting a high revenue multiple of 12.07x. The company's financial performance shows a year-over-year revenue growth rate of 16.16%, with a moderate monthly burn rate of $42.8k and cash reserves of $1.36 million. Despite a net loss reduction, HAVN remains in a pre-profit phase, necessitating careful financial management.

The market for radiation protection apparel is valued at $225 million, growing at 16.26% annually. HAVN differentiates itself through its scientifically proven fabric technology, appealing to a niche market segment. The company faces competition from firms like Shield Apparel and Silverell but maintains a distinct position with its focus on health benefits and product quality.

From a bullish perspective, HAVN benefits from growing consumer awareness of EMF exposure and a favorable market growth rate. Its unique product offering positions it well within a niche market. Conversely, the bearish outlook highlights the high valuation and the necessity for significant growth to achieve substantial returns. The competitive landscape and financial challenges may also pose hurdles.

Overall, HAVN presents a balanced investment opportunity. The company's innovative product and market positioning offer potential for growth, yet the high valuation and financial constraints require careful consideration. Investors should weigh these factors alongside the company's strengths and market potential when evaluating the investment opportunity.