Vital Fjord is the developer of the UpRiser: a height-adjustable toilet chair with a minimalist, Scandinavian design, intended to allow people with mobility issues to go to the toilet independently again. The product simply fits over the existing toilet and, with the press of a button, provides support when standing up and sitting down, without the need for any renovations.
The founders of Vital Fjord had already translated the concept into a working prototype, but were facing the step from development to actual production and sales. To take that step, capital was needed.
The challenge
At the time of the financing request, Vital Fjord was still a start-up without a sales history: there was a prototype, but concrete sales results were still lacking. This inherently makes a financing process more difficult, as investors must rely on well-founded future expectations instead of proven figures.
The required investment was substantial and twofold: funding for an initial large production order at the factory, and funding to build a dealer network and sales organization.
Beyond the deal
To provide investors with a concrete and well-founded overview, Maasdael built a financial model completely from the bottom up: a detailed monthly forecast for three years, calculated in various scenarios, from sales channels, margins, and working capital requirements to a balanced cash flow and profit-and-loss forecast. On this basis, a financing memorandum was prepared that made Vital Fjord's proposition, market, and financial outlook transparent for potential financiers. Subsequently, Maasdael approached suitable parties and managed the process until the transaction was finalized in the summer of 2025: together, the financiers provided the capital that Vital Fjord needed to actually start the production and distribution of the UpRiser.
What made this trajectory special for Maasdael is not only the deal itself. The founders of Vital Fjord are no strangers: Maasdael previously assisted them, around 2020, with the successful sale of their previous company. After that transaction, the entrepreneurs went their own way, only to return to Maasdael with a new company, this time to raise financing. A client who returns of their own accord for a new project after a completed transaction is, for Maasdael, the best confirmation that a previous collaboration went well.
The value of sector knowledge
For a start-up without a track record, raising finance is a different challenge than for an established company. There is no history to fall back on; the story must rely entirely on a well-founded forecast and a clear presentation of the proposition. It is precisely then that it is valuable to know what information investors need, how you build a financial model that is accurate and convincing at a detailed level, and how you find and get the right financiers to the table.
