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Luniwave

Luniwave: managing fundraising and non-dilutive financing simultaneously

Luniwave has raised €3.6M to scale up: €2.2M in equity and €1.4M in non-dilutive financing, exceeding the initial target of €2.5M to €3M. The startup helps hotels reduce their water and energy consumption using behavioral science.

The context

Founded in 2022 by Léonard Grynfogel, Arthur Dumoulin, and Eloi Bonte, Luniwave supports the tourism sector in its ecological transition. Its solution encourages hotel guests to track and reduce their water consumption, resulting in an average 30% reduction in consumption for hotels while improving guest satisfaction.

The ambition: to scale up and target 800 to 1,000 hotels within two years, in France and across Europe. To achieve this, the team aimed for between €2.5M and €3M: approximately €2M in equity and €0.5M to €1M in non-dilutive financing.

The challenge

• Gaining clarity on what was truly feasible, both in terms of equity and non-dilutive funding.
• Managing the fundraising and non-dilutive financing at the same time, without distracting the team from operations: they needed to close the round while keeping the business running.
• Building a banking pool beyond Luniwave's two existing banks, a task that was far from straightforward.

Our approach

Super Capital took charge of both financing components: Thibault on the fundraising, and Gaspard and Alexis on the non-dilutive side. Three levers made the difference.

Managing both components simultaneously. Fundraising and non-dilutive financing applications are both time-consuming. Super Capital handled both in parallel, allowing the Luniwave team to focus on closing their round and running their business.

Expanding the banking pool. Luniwave was working with two long-term banking partners. Super Capital reached out to other institutions to build a pool and negotiated with them, particularly regarding working capital financing.

Combining all sources of non-dilutive funding. Beyond Bpifrance, the project leveraged regional grants and subsidies. Combined, these funding sources exceeded the team's expectations.

The process

1. Assessing potential funding options, both in terms of equity and non-dilutive financing, and identifying what was not feasible.
2. Manage the fundraising process in parallel with the non-dilutive financing application.
3. Engage BPI France, regional grants, and a banking pool expanded beyond existing lenders.

The result

Luniwave raised €3.6M, exceeding the €2.5M–€3M target: €2.2M in equity and €1.4M in non-dilutive financing. The non-dilutive portion alone surpassed the initial upper target of €1M.

Client testimonial

Léonard Grynfogel highlights a relevant team that is transparent about what is feasible and speaks the same language as financing stakeholders. He emphasizes a relationship built on trust and aligned interests from the very start of the engagement.

"I would recommend Super Capital because you know you will get results, and the process will be smooth."

His three words to summarize the engagement: efficiency, trust, transparency.

What's next

Luniwave is continuing its rollout, with a target of 800 to 1,000 hotels in France and Europe.

Follow them at luniwave.com.