Early Stage

Movement is life, life is sensory

Movement is life, life is sensory


Raised this Round: Raised: $586,704

Total Commitments ($USD)



Start Date


Close Date


Min. Goal
Max. Goal
Min. Investment


Security Type

Equity - Common


Series A

SEC Filing Type

RegCF    Open SEC Filing

Price Per Share


Pre-Money Valuation


Year Founded



Consumer Products, Goods & Services

Tech Sector


Distribution Model




Capital Intensity



Chandler, Arizona

Business Type


Naboso, with a pre-money valuation of $9.88 million, is raising crowdfunding on StartEngine. The company has developed a proprietary textured material that aims to enhance movement. The material has been used to make sensory insoles, mats, and flooring that stimulate the feet and activate the nervous system. Dr. Emily Splichal founded Naboso in 2016. The current crowdfunding round of the company has a minimum raise of $9,999.45 and a maximum raise of $1,069,998.66. The proceeds of the raise will be used to initiate further research studies, expand growth, expand global distribution, and complete FDA Class 2 approval process. Naboso has global distribution in nine countries and reported a 68% growth in revenue even during the global pandemic.

Summary Profit and Loss Statement

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Net Income



Summary Balance Sheet

Most Recent Year Prior Year




Accounts Receivable



Total Assets



Short-Term Debt



Long-Term Debt



Total Liabilities



Financials as of: 02/18/2021
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Humans are built to move — it’s science. In the modernized, industrialized world in which Americans sit while working, driving, and reading, it can be easy to forget that. To get around, people depend on feet, legs, and knees that are healthy and functional. Unfortunately, America isn’t on good footing in that department. According to the American Podiatric Medical Association (APMA), 77% of Americans say they experience foot pain — but only a third of that number seek treatment for it. Foot pain can be absolutely debilitating. As much as 83% of those with chronic foot pain say their routines and physical activities have been restricted by it.

The core of these debilitating conditions (and there are many) can be chalked up to “improper foot function,” often caused by ill-fitting shoes. Some evidence exists that indicates shoes in general may be harmful to feet, making them rely on cushioning and arch support that isn’t in place when barefoot. In any event, shoes have a major impact on foot health.

One emerging industry seeking to cushion the impact of poor foot health is that of shoe insoles, cushions meant to be worn inside shoes. Nabosco is an emerging player in this market, seeking to both relieve foot pain and reconnect consumers to their natural, barefooted state. Naboso is providing “sensory products to optimise movement,” including insoles, mats, and foot exercise tools. The products are textured to stimulate nerve endings in the feet, which reactivates and reconnects them to the brain to improve balance and foot function overall.

The company launched in early 2017 with a commercial yoga mat. As of this writing its products are being sold in nine countries across North America and Europe. Naboso has seen revenue increase during the COVID-19 pandemic, possibly a reflection of consumers taking steps to improve their health during lockdown.

Naboso’s current StartEngine raise has been rated a Neutral Deal by the KingsCrowd investment team.

Next Section: Price


Naboso is raising money to initiate further studies on the efficacy of its product, expand sales, and complete FDA Class 2 approval. For this equity offering, Naboso has a pre-money valuation of $9,880,000. This valuation is slightly high in comparison to other startups currently seeking funding. However, Naboso has seen encouraging revenue recently, and the revenue-to-valuation multiple is a point in the company’s favor. Thus, the price score for Naboso is above average.

Next Section: Market


With its lineup of products, Naboso plans to carve out a niche in the crowded insole and exercise markets. The shoe insole market represents a small market at $3.4 billion in 2018 and is expected to rise at a CAGR of 6.3% through 2026. The personal exercise mat market comes in at a smaller $2.7 billion in 2018. These are both limited, niche markets that are not expected to grow substantially in the coming years. As a result, Naboso’s market score is below average.

Next Section: Team


Leading with scientific credentials, Doctor Emily Splichal is the founder and CEO of Naboso. Splichal holds a DPM (the equivalent of an MD for foot-and-ankle specialists) degree from the New York College of Podiatric Medicine. She was also fellowship-trained in functional medicine at George Washington University, a distinction reserved for specialists in the fields. Splichal started Evidence Based Fitness Academy Global in 2010 — courses designed to educate the public on barefoot science — and spent five years in residency at Gramercy Park Podiatry. As she started Naboso, Splichal started her Center for Functional & Regenerative Podiatric Medicine, where she focuses on anti-aging science and nontraditional medicine.

The rest of the core Naboso team is largely composed of relatively inexperienced members. Michael Imperatore is Naboso’s CRO. Imperatore has been with Naboso for nearly two years. Prior to this role, he worked for six months with Mitchell Gold + Bob Williams — a local-scale furniture maker — in a brand specialist role. He also spent less than a year in sales at Mark Jupiter. Naboso Lead Generation Specialist Ingrid Belo began working in sales in mid-2017, moving through three companies before joining Naboso in January. Content Manager Alexandra Burkfield holds a bachelor’s degree in Fashion Marketing and Management from the Art Institute of Phoenix. She has spent her early career working in social media and marketing. She has been with Naboso since February and, like her colleagues, is a relative newcomer to the job market. It is difficult to find any information about Warehouse Manager Michelle Castillo.

With the exception of Dr. Splichal, it appears the Naboso team is largely populated with young and inexperienced hands. That said, Splichal does have medical credentials that lend the business considerable relevant experience as well as some experience in self-started business and a non-traditional style of medicinal practice that could endear her to potential consumers. Thus, the team score for Naboso is above average, but not particularly high.

Next Section: Differentiators


Naboso claims its technology is unlike anything else on the market, that conventional arch-supporting insoles are ineffective and better results can be achieved with Naboso’s textured products. A pilot study indicates excellent results for standing workers using the Naboso insoles. However, it must be noted that Naboso has not yet provided independent studies to verify these results. There are larger bodies of work that vouch for the efficacy of traditional arch support. While Naboso’s concept is perhaps intuitively effective, it may not be significantly more so than other products.

Additionally, Naboso has not secured patents for its technology, leaving it defenseless against myriad competitors in this space. The insole and exercise mat markets are not large, but competition is intense as barriers to entry are not high. Naboso may struggle to convince consumers that its products are markedly better than existing, name-brand options. As a result, Naboso’s differentiators score is its lowest across all five metrics.

Next Section: Performance


Despite its challenges, Naboso’s early performance does have some reason for praise. Thanks to robust direct-to-consumer and business-to-business sales, Naboso has been steadily taking in revenue — $773,882 in 2020, a healthy increase from $461,172 in 2019. While an increase in revenue through the pandemic is a good sign, Naboso has yet to become profitable, as expenses are also on the rise. The company has also taken on significant short-term debt of $333,729, some of which is due soon.

Naboso has started licensing its products with other companies, like Xeroshoes, which is a good move. Research and other expenses to make these agreements happen may account for the additional costs, or it could be a result of the team expanding. Assuming Naboso can compensate for these difficulties, its burn rate is fairly low, which bodes well for future operations. 

With growing revenue and a low burn rate, Naboso scores quite strongly in the performance metric.

Next Section: Bearish Outlook

Bearish Outlook

Naboso’s particular lack of differentiation in a highly competitive market is a concerning deficiency and raises doubts about Naboso’s ability to significantly penetrate its target spaces. Even if its “foot stimulation” technique proves effective, a lack of patent protection means any other company could swoop in with a copycat line of products. 

It is hard to argue with Naboso’s early revenue growth, but it is difficult to tell whether its continued growth during the pandemic will carry over as life and business begin to return to normal. Investors should also be wary of the risk of trusting a team with so little professional experience. Admittedly, the design side is being approached by an experienced doctor of podiatry, and the business model itself is not complicated. Still, time will tell how well Naboso continues to perform as it begins research studies to back up its claims of efficacy with medical evidence. These efforts are likely to require substantial cash investment, and Naboso’s debts remain a cause for concern.

Next Section: Bullish Outlook

Bullish Outlook

Early results are an encouraging indicator of future success, and Naboso has performed well to-date. Its revenue grew by two-thirds last year, an impressive amount. That traction might indicate the company is moving beyond the stage of word-of-mouth and garnering recognition among entities in the fields of fitness and therapy. If Naboso’s concept can garner additional credibility through independent studies to verify its pilot results, it could see significant revenue growth in the coming years. 

Next Section: Executive Summary

Executive Summary

Naboso is a shoe insole and exercise equipment company intending to heal the world one foot at a time. Its sensory stimulation products are designed by founder Dr. Splichal to activate deadened receptors in the feet, reconnecting them to the brain and improving overall foot function and balance. In a pilot program, Naboso products saw promising results with standing workers, and the company is taking in increasing levels of revenue.

That said, Naboso’s product is not decisively differentiated in what are very crowded markets, and the team has a notable lack of long-term business experience. The company also has short-term financial concerns in the form of large loans coming due shortly. A strong early performance and low burn rate make up for these deficiencies to some degree and leave Naboso on somewhat firm footing. Therefore, Naboso is a Neutral Deal.

For questions regarding the KingsCrowd staff pick or ratings for this company, please reach out to

Analysis written by Benjamin Potts.

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Naboso on StartEngine
Platform: StartEngine
Security Type: Equity - Common
Valuation: $9,880,000
Price per Share: $0.81

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