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Price per share
Equity offered
Legal warning: The acquisition of this financial instrument is associated with considerable risks and may lead to the complete loss of the invested assets. The prospective return is not guaranteed and may also be lower.

Erno Launo, CEO

VALO Hotel & Work is a sustainable solution bringing together a hotel and a workspace in the same building, maximizing the occupancy rate of the building. Having taken the first steps in Helsinki with its pilot facility, VALO Group Oy is now ready for further expansion with its VALO Hotel & Work concept. VALO Group Oy is raising funding to support the opening of its upcoming new facilities in the Nordics and to further speed up the development of the VALO Platform and franchising concept. Invest now - this is your chance to join the journey of a genuine Finnish innovation with a remarkable impact on its way to the global marketplace.”

—Erno Launo, CEO

Key investment highlights

Double profits and growth potential through a single facility:  30% more revenue and up to 100 % higher profit

Globally scalable business concept

Sustainable and innovative solution bringing together hotel and workspace in the same building - Fewer resources wasted and lower emissions

Proprietary technology platform

Investment information

Equity offering
Invested so far:
Equity offered:
4.26 – 11.76 %
Price per share :
min investment 100 shares
Number of existing shares:
Fully diluted shares:
Pre-money valuation:
Offered units:
Funding purpose:
Offered in:
Invesdor Oy



VALO Group Oy (“VALO”) is a game-changing dual-use hospitality service operator with its VALO Hotel & Work concept combining a hotel and an office into one. The VALO Hotel & Work concept brings all the services from an affordable premium hotel into the work environment, and the vibrant energy from a workspace into the hush of a hotel.

VALO Group Oy owns VALO Operator Oy and the VALO Hotel & Work concept. VALO Operator Oy is the operator company of VALO Hotel & Work Helsinki and upcoming VALO Hotel & Work facilities.

VALO Hotel & Work serves accommodation, work, and meetings & events customers, bringing substantial synergies to all user groups. Dual-use operations are enabled by and accomplished through innovative transformable spaces and fittings, IT systems developed by VALO Hotel & Work.

Dual-use leads to higher utilisation, translating into higher revenue and profit – owing to added work function and intertwined synergies. The VALO Hotel & Work concept enables on average 30% more revenue and up to 100 % higher profit compared to traditional midscale hotel operator business while at the same time being significantly more sustainable. The same operational costs bring VALO additional revenue of 30 %, which is an outcome of the ability to use the rooms as workspace, higher RevPar and over all consumption of the services (restaurants, wellbeing, parking) through the VALO Work clientele.

Company Data 

Company: Valo Group Oy
Managing Director:

Erno Launo

Business ID number: 3233337-9
Founding year: 2018 (VALO Operator Oy) 2022 (VALO Group Oy) VALO Operator Oy became a subsidiary of VALO Group Oy in 2022.
Industry: Hotel and restaurant
Number of employees: 70 (Includes all working for VALO Hotel & Work)
Social Media: Facebook LinkedIn Instagram

Company history

company history

VALO Hotel & Work dual-use concept was conceived in 2015 when entrepreneur and frequent traveller Tommi Saari had an epiphany: hotel environments could just as well work as work environments. The idea was by no means a random event, but the logical conclusion of years of innovation work at SSA Group, and the experience Tommi, Hannu Holma and Janne Riihimäki had built in their previous businesses. SSA Group had successfully developed concepts for small apartments and pioneered Finnish apartment concepts based on exceedingly efficient use of floor space and levels.

The idea became reality and the building project of VALO Hotel & Work Helsinki was kicked off in early 2018. The flagship VALO Hotel & Work Helsinki opened on the 1st of September 2020 and set a new standard for combining workspaces and hotels. The time around the opening was sadly affected by the COVID-19 pandemics slowing down the start a bit. Even so, the period with heavy restrictions allowed VALO Hotel & Work Helsinki to thoroughly test drive the operations of a brand-new building and concept.

Today, VALO Hotel & Work Helsinki is operated by a team of 70 service-minded multi-talents eager to grow further with VALO. Since the slow months with COVID-19 driven restrictions, VALO has grown almost linearly since the beginning of 2022. In August 2022, the monthly revenue generated from VALO Hotel & Work Helsinki exceeded one million euros. The total revenue of VALO Group Oy from FY 2022 is expected to reach €10M and €15,5M in FY 2023. The EBITDA is expected to turn positive during the first half of FY 2023. With VALO Hotel & Work Helsinki and the upcoming new facilities, the management expects the revenue of VALO Group Oy to grow to €70,9M by FY 2026.

The services

VALO Hotel & Work brings together hotel and business premises that use the same facilities at different times, depending on what customers need. The VALO Hotel & Work concept increases utilisation rates dramatically. It is an innovative way of thinking about space utilisation for work, focus, spar with team members and inspiration. In addition to work and accommodation services, VALO offers fresh and locally produced food in its restaurants.


valo work

Nordic design and artefacts are well represented in the interior architecture. The visitors and the VALO Hotel & Work business community can also enjoy different sports services, a spa and even a unique sauna experience with its genuine log sauna situated on the roof top of VALO Hotel & Work Helsinki. At VALO Hotel & Work, one can find everything needed in one place, which saves time and money spent on travels between service locations.

valo spa

valo reception

How it works


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VALO Hotel & Work is designed especially for the needs of work travellers and businesspeople. The rooms are designed for dual use. The hotel rooms, for example, can be converted into offices, allowing smooth working without compromising on comfort. VALO believes in service, community, and responsibility. In its service portfolio, customers find high-quality hotel services, an attractive multifunctional workspace, and meetings & event facilities. 

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At the core of VALO Hotel & Work's customer experience and efficient usage of the facilities is the VALO Hotel & Work App with almost 2000 registered users. It is geared for convenient and personalised usage of VALO Services. VALO Hotel & Work App users get easy access to VALO Work's coworking spaces and all other VALO Services. The app users can reserve desired working spaces whenever needed, and only pay for the facilities based on usage. Registration is free of charge.

VALO Platform

Awards & press

Travelers’ Choice Award

Travelers’ Choice Award

  • Every year, Tripadvisor recognises businesses that have demonstrated a commitment to hospitality excellence with a Travelers’ Choice Award. 
  • In 2022 VALO Hotel & Work made it to the list.

Dezeen Awards

Dezeen Awards

Restaurant & Bar Design Awards

Restaurant & Bar Design Awards

  • The world’s leading independent competition, dedicated to excellence in hospitality design. 
  • Bistro ELO located at VALO Helsinki was chosen for the finals of the Restaurant & Bar Design Awards.
  • ELO’s design partner was Fyra, one of the leading interior design agencies in Finland.

Press and Media

  • Article in Helsingin Sanomat (in Finnish) HS arvioi viisi helsinkiläishotellia – hirsisauna katolla yllätti totaalisesti
  • Interview with Plussa Suomi (in Finnish) Plussa Suomen toimitusjohtajan Niklas Westerlundin haastattelu VALO hotellista
  • Article in Kauppalehti (in Finnish) Yhteiskäyttöön perustuvat co-working-tilat voivat kävellä koronasta ulos voittajina, kun yritykset miettivät, kannattaako niiden enää maksaa omasta pääkonttorista kiinteitä kuluja. Helsinkiin syksyllä ensimmäisen toimipisteen avannut Valo Hotel & Work on päivällä toimisto, yöllä hotelli. 
  • Adaptability and versability in sustainable building (VTT / Tarja Häkkinen & Paula Ala-Kotila 11/2019) 
  • VALO Work tilallisena ratkaisuna (In Finnish) Fyysiset, kognitiiviset, sosiaaliset ja mentaaliset tekijät aivotyön näkökulmasta (Kalakoski, Virpi; Valtonen, Teppo; Räsänen, Pauli; Kaartinen, Jouni (2021))

business model

The business model

VALO Hotel & Work concept

Hotels are usually unoccupied during the daytime, while offices are empty at night and weekends, leading to low building utilisation. VALO Hotel & Work challenges this prevailing way of building use through an innovative dual-use concept that enables the same facility to be used for accommodation and work, significantly increasing building utilisation. Stemming from the increased utilisation, VALO expects higher revenue and profitability compared to traditional hotel or office operators, while being a sustainable option that improves customer experience through wider portfolio of services.

VALO Hotel & Work is a game-changing dual-use hospitality service operator concept that supports the sustainable development of buildings. The dual-use operations are enabled by and accomplished through modern transformable spaces, furniture and fittings, and user-friendly IT systems developed by VALO Hotel & Work.

Meeting clients’ demand

Revolution in the work culture and workplace market is a big opportunity for VALO Hotel & Work. The demand for flexible office services is growing fast, while employees request flexible options for work and demand inspiring facilities. Simultaneously, employers tend to reduce their permanent offices and try to offer attractive working facilities as the competition of good employees is getting harder. Based on research made by Boston Consulting Group optimized flexible working facilities can increase an employee's performance by 15-40 %, reduce the risk of sick leaves by 40 % and the likelihood of an employee switching to another employer by 10-15 %.

VALO Hotel & Work adapts to the needs of a knowledge worker and hotel guest by providing both affordable premium workspace and hotel solutions under one roof. Moreover, VALO Hotel & Work provides flexible, top-tier meeting and event spaces. Synergy benefits are realised for all user groups – hotel guests can use VALO Hotel & Work's high-end workspace solutions, and workspace users have hotel-grade accommodation, restaurant, and wellness services at their disposal.


Strong partners

VALO Group Oy has established a modern, high-quality environment with fresh and innovative solutions together with strong partners that contribute to building synergies and cooperation effects. A careful selection of partners with similar corporate identities build a solid foundation and trust. The willingness to create and further develop competitive and attractive services to selective and conscious customers in a vibrant forum attracts more and more people. Along the way, VALO Group Oy has teamed up with such players as FYRA, SEK, Ellun Kanat, Tablebed, VTT, Business Finland, Workspace and ISKU among many others.

Work community within VALO Hotel & Work

People and businesses benefit from networking opportunities and complementary partnerships when starting or developing their businesses. It enables finding accompanied knowledge and skills that start-ups or entrepreneurs require for their different businesses. This creates hubs that generate growth and a positive snowball effect with economic, social, and environmental impact.



VALO dares to completely rethink how workspaces, homes and leisure spaces can be used. Building and maintaining real estate produce more than 30 % of the world’s carbon dioxide emissions based on research of Confederation of Finnish Construction Industries RT. Buildings waste natural resources and energy by standing around empty for most of their life cycles. Especially offices and hotels are underused or completely empty most of the time. VALO is adaptively meeting the pressing issue of low utilisation rates of buildings and reacts to the fast-changing world with new and interesting services. Flexibility and sustainability are vital conditions for the future of construction and equally for VALO.

The VALO Hotel & Work concept was built to be sustainable all the way from the micro to macro level. Sustainable thinking is the base for everything from the selected materials in use to furniture and the restaurant menu. VALO Hotel & Work consciously chooses local production, natural or recycled materials and locally produced food and beverages. VALO Hotel & Work's sustainability concept is foremost based on dual use. Instead of having a hotel that is empty during the day or an office that’s empty during the nights and weekends, VALO Hotel & Work combines the two into one space every day throughout the year.

VALO Hotel & Work has been awarded a Green Key certificate, which is the leading standard for excellence in the field of environmental responsibility and sustainable operation within the tourism industry.

The management

The staff at VALO has strong experience and deep knowledge in the hospitality business, work space environment, new age marketing, business development, design, and development of optimal and scalable digital solutions that with its various skills builds a adaptable work force.


erno launo ceo

Erno Launo


Erno Launo has 20 years of experience in building growth companies both domestically and internationally. Erno has held top management positions in disruptive companies such as Sparklike Ltd, (Sanoma Media Group) and Epicenter Helsinki. Erno joined VALO Operator Group Oy in 2020 as Business Director and took over the role as CEO of VALO Group Oy in 2022.


teemu saari director, business development

Teemu Saari

Director, Business Development

Teemu Saari is one of the masterminds behind the VALO Hotel & Work concept. Teemu has more than 15 years of experience in the fields of construction, real estate, information technology and engineering. At VALO Group Oy, Teemu is in charge of business development and project development of new VALO Hotel & Work facilities.


minna hurme, head of design

Minna Hurme

Head of Design

Minna Hurme is an interior architect SIO and Master of Arts with a long and diverse experience as an entrepreneur in public and private projects of various sizes. Minna has worked as a project manager in space design and implementation of projects. She has also worked as a team leader in work environment design projects for large Finnish companies. Minna was responsible for the space design of the first VALO Hotel & Work, while developing VALO's dual-use concept and brand. At VALO Group Oy, Minna is responsible for the space design and branding of future projects as part of the project development.


markus peura manager, valo

Markus Peura

Manager, VALO Hotel & Work Helsinki

Markus is an experienced manager with a demonstrated history of delivering value in the leisure, travel, and tourism industry. Prior to joining VALO Hotel & Work Helsinki in 2021, Markus held multiple managerial positions at leading companies such as Radisson Blu and Tallink Silja. At VALO Group Oy, Markus oversees the operations at VALO Hotel & Work Helsinki.


jussi paakinaho chairman of the board

Jussi Paakinaho

Chairman of the Board

Jussi Paakinaho is the Chairman of the Board of VALO Group Oy and was the former CEO at VALO Group Oy. Jussi has extensive work experience from Nokia Oyj and as innovation team leader. Jussi is also a former Member of the Board and a key business developer at Tosibox Oy. At Tosibox Oy Paakinaho was in charge of building the international sales concept.

The Board of Directors

The board members of VALO Group Oy are experienced entrepreneurs in the hotel and real estate sector with an interest in greener and more efficient properties and environments. They all contribute with various experience from the international travel industry, delivering strategic goals throughout active leadership and people engagement.

Jarkko Härmälä, Member of the Board

Jarkko Härmälä is an experienced International Travel industry professional with a solid track record of multiple top management positions in leading companies such as Sokotel Oy operating Sokos and Radisson Blu Hotels, Scandic Hotels, Hilton Hotels, and Finnair Oyj.

Jukka-Pekka Pajunen, Member of the Board

Jukka-Pekka Pajunen (J-P) is a hospitality and restaurant business professional with extensive domestic and international experience. J-P has had multiple executive roles including various positions at Holiday Club Resorts, Genral Manager at Planet Hollywood Helsinki, and Executive Food and Beverage Manager at Sokos Hotel Hesperia. J-P is focusing on developing VALO Hotel & Work´s restaurant services as an active board member at Valo Group Oy.

Janne Riihimäki, Member of the Board

Janne Riihimäki is one of the founders and innovators behind VALO Group Oy. Riihimäki is actively involved in VALO Group Oy´s strategic planning and is the Chairman of the Board of SSA Group Oy. Janne is a lawyer with almost 30 years of experience, specializing in construction, real estate, and finance and investment law. Janne also has experience as a founding contractor of multiple projects and as a board member of several construction companies. Janne is a seed sponsor in several construction companies as well as a real estate investor.

Hannu Holma, Member of the Board

Hannu Holma is one of the fathers behind the idea of VALO Hotel & Work. Hannu has been actively involved in VALO Group Oy ever since developing the idea to the opening of the first VALO Hotel & Work facility and beyond. Hannu has been an entrepreneur in construction and real estate industries throughout his career for over 20 years. Hannu is passionate about creating green, more efficient properties and environments where people can focus on creating a better world.

Company structure

VALO Group Oy is owned by SSA Group Oy and by Filix Development Oy as shown in the graph. VALO Group Oy is the sole owner of VALO Operator Oy and VALO Hotel & Work concept. VALO Operator Oy is the operator company of VALO Hotel & Work Helsinki and upcoming VALO Hotel & Work facilities.

Distribution of the company shares

SSA Group Oy owns 9 950 000 shares which is equivalent to 99,5% of the total share capital. SSA Group Oy is owned by a group of private investors including Teemu Saari, Minna Hurme, Janne Riihimäki, Hannu Holma and Jussi Paakinaho. Filix Development Oy owns 50 000 shares which is equivalent to 0,5% of the total share capital. Filix Development is fully owned by Erno Launo.

Use of funds

VALO Group Oy is collecting funds to speed up its growth both by opening new VALO Hotel & Work facilities and by further developing its proprietary VALO Platform and concept. VALO Group Oy also plans to roll out a franchising concept as a part of its expansion plan. By controlling the pace of these elements of growth, VALO Group Oy can adjust to the different growth funding scenarios.

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Scenario I

Minimum of €1M funding collected in the financing round

If the minimum amount of €1M is collected, VALO Group Oy will focus on developing the VALO Platform aiming to maximize the self-service rate of its customer flows and to maximize the occupancy rate and the efficient usage of it’s the VALO Hotel & Work Helsinki. Additionally, VALO Group Oy intends to open one new VALO Hotel & Work site within the next two years. In this scenario, roughly €0.2M is aimed at VALO Platform development and another €0.8M of equity funding will be allocated to the establishment costs of the new site.

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Scenario II

€2M funding collected in the financing round

If VALO Group Oy collects €2M in the financing round, VALO Group Oy is planning to carry out the plans as in the Scenario I. In addition to that, VALO Group Oy will also look into opening one more VALO Hotel & Work site within the next two years. In this scenario, €0.3M will be earmarked for VALO Platform development and €1,7M equity funding for the establishment costs of the two new sites.

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Scenario III

€3M funding collected in the financing round

If the full amount of €3M is collected, VALO Group Oy is planning to execute the scenarios I and II. The additional funding also likely enables opening of one more new site during the next 3-4 years. In this scenario, the VALO Platform development is expected to require about €0.4M of funding and the new VALO Hotel & Work sites will require approximately €2,6M of equity funding.

Additional to the funds collected in this funding round, Business Finland has already provided VALO Group Oy with a R&D loan up to €830,000 and that funding shall be aimed at the VALO Platform and concept development regardless of the success of this growth funding round. To date, VALO Group Oy has raised the first €251,000 and the rest of the loan will be raised during 2023 and 2024.


VALO Hotel & Work's market positioning

VALO Hotel & Work is a forerunner in space adaptability and digitalisation and sees itself clearly stand out from its peer group of hotels with its integrated workspace functionalities. VALO Hotel & Work pioneers in the dual-use hospitality market. The level of technology, digital platforms, space, and furniture adaptation is unique and sets itself apart from other hotel and workspace providers offerings. VALO Hotel & Work concept contributes directly to multiple prevailing key hospitality market trends, by:

  • Creating social community spirit with communal interior design
  • Reducing the size of hotel guest rooms to encourage guests to use the public spaces and amenities at the hotel, facilitating greater interaction and a more well-rounded experience
  • “Space-as-a-Service” membership model offering members access to workspaces, a common set of amenities, community teams, value-added offerings and services such as wellness and a member experience powered by technology

VALO positioning

Based on VALO’s market research

Workspace service providers

Workspace service providers on the market offer flexible alternative for workers, typically through pay-as-you-go models or via short-term lease. Other workspace providers do not have dual-use capabilities, and their focus is on daytime use of the facilities. In relation to competitors VALO Hotel & Work offers top-grade workspace solutions coupled with hotel services, leading to superior building utilisation, possible revenue generation, customer experience and sustainability – instead of having two buildings, one for working and one for accommodation, VALO Hotel & Work covers both with one facility.

Hotel service providers

Hotels are gradually integrating coworking within their scope of services by introducing coworking. Hotels aim to increase utilisation by activating for example lobbies for daytime use. Moreover, hotels aim to address the needs of the Millennials, the next generation of workers who travel the most and enjoy collaborative and communal environments. VALO Group Oy does not see hotels integrating workspace solutions as a direct threat to VALO Group Oy and it’s VALO Hotel & Work concept as competing concepts usually lack dual-use capabilities which ultimately makes creating coherent customer experiences difficult.

Financial figures & growth

Issuer key figures (actual and forecast)

All figures are rounded to the nearest thousand and presented in thousands of euros.

2020 2021 2022 2023 2024 2025 2026
Revenue 1.157 6.436 10.500 15.500 25.960 47.274 70.408
Costs of materials + external services [COGS] -356 -1.213 -964 -1.193 -1.789 -3.220 -4.508
Gross profit 801 5.223 9.536 14.307 24.171 44.054 65.900
Personnel expenses/staff costs -761 -1.976 -2.900 -3.455 -5.227 -9.911 -14.004
Other operating expenses 1 -1.595 -5.369 -3.649 -5.710 -8.182 -12.247 -17.192
Other operating expenses 2 -1.227 -1.280 -3.764 -3.906 -6.895 -15.012 -20.073
Financial subsidiaries related to COVID-19 N/A 2.236 N/A N/A N/A N/A N/A
EBITDA -2.782 -1.167 -777 1.237 3.866 6.884 14.631.982
Depreciation -2 -85 -413 -413 -581 -581 -580.580
Operating result [EBIT] -2.784 -1.252 -1.190 824 3.285 6.303 14.051
Interest income/interest result 0 0 -136 -127 -117 -95 -81
Taxes 0 0 0 0 -205 -1.242 -2.794
Net income after taxes (NIAT) -2.784 -1.252 -1.326 696 2.964 4.967 11.176

Further explanations regarding the financial figures

VALO´s vision is to become a leading dual-use hospitality service operator in the Nordics, Europe and ultimately worldwide. The vision shall be executed through rapid and well controlled expansion into identified areas with favourable demographics where growth companies and business travelling are driving demand.

The basic assumptions of the financial planning are based on the results of running VALO Hotel & Work Helsinki since September 2020 and related investments carried out by VALO Group Oy. The essential growth drivers of VALO Group Oy are developing VALO Hotel & Work Helsinki and other upcoming VALO Hotel & Work facilities in Finland and abroad. Maximizing the long-term returns to all stakeholders is a core strategic element for VALO Group Oy. The historical financial figures are consolidated from VALO Operator Group Oy and VALO Group Oy. VALO Operator Group Oy and VALO Group Oy merged in 2022 and form the current VALO Group Oy.

The first two years of operations were heavily affected by the global COVID-19 pandemic. VALO Group Oy received €2,2M in governmental financial subsidiaries related to the COVID-19 pandemic in 2021. These subsidiaries were used as follows: €1,23M for marketing and sales and other costs in “Other operating expenses 1” and €1,0M for fixed rent and rent related costs in “Other operating expenses 2”. In addition to these subsidiaries VALO used the VAT payment terms offered by the Finnish Tax Authorities to a sum of €1,34M. These payment terms were offered as a loan with 3 % interest and a payment time starting at 22.7.2021 and last payment scheduled 22.9.2023 The monthly repayment of €55,900 leads to full repayment of the loan by September 2023. In addition, VALO Group Oy also has a loan in the amount of €3,87M from SSA Group Oy. The maturity of the loan is 10 years with an interest rate of 3,5 % + Euribor 12 month.

VALO Hotel & Work Helsinki reached one million euros in revenue in August 2022 and is expected to turn profitable in early 2023. The management expects that VALO Group Oy will have a revenue of €15,5M with EBITDA of €1,23M and a net profit of €696,000 in 2023. The growth in revenue is driven by opening new VALO Hotel & Work facilities as well as increasing sales in the current VALO Hotel & Work Helsinki. The management expects that COGS will drop below 8 % of revenue in 2023 and further below 7 % in the years 2024 to 2026. The management expects that personnel expenses will drop to around 20 % of revenue by 2024 while OpEx 1 and OpEx2 are expected to reach a level around 30 % and 25 % of revenue respectively. OpEx 1 consists of marketing and sales and other costs while OpEx 2 consists of a real estate rent and rent related costs.

The management expects that both EBITDA and EBIT profitability will be reached in 2023 with EBITDA of 7,9 % and EBIT of 5,3 % of revenue. These figures are expected to increase to EBITDA 20,78 % and EBIT 19,96 % of revenue driven by efficiency and cost savings due to scalability. The management expects that the net revenue is 4,5 % in 2023 while increasing to 15,87 % by 2026.

VALO Group Oy is constantly looking into new facilities in the most lucrative locations attracting business and leisure travellers. VALO Group Oy is currently in active discussions regarding potential new VALO Hotel & Work locations in Helsinki (Conversion project), Espoo (Conversion project), Vantaa Aviapolis (new building project), Oulu (Conversion project), Turku (new building or Conversion project) and Tampere (new building project). The potential additional revenues from these projects are strong growth drivers for VALO Group Oy.

The financial planning for the years 2024 and forward is based on the management's expectations of 1 – 2 new VALO Hotel & Work facilities starting to generate revenue already in 2024. These facilities are conversions projects in already existing buildings. In 2025 VALO Group Oy aims to further open two additional new facilities adding revenue streams and cost savings. Thus, the financial planning for the years 2025 – 2026 is based on VALO Group Oy opening a total of 4 new VALO Hotel & Work facilities. With these new facilities and the already existing VALO Hotel & Work Helsinki VALO Group Oy expects to reach a total revenue of €47,2M with €6,3M EBIT in 2025 and €70,4M revenue and €14,5M EBIT in 2026 respectively.

At the moment, the development costs and operative costs of VALO Hotel & Work Helsinki are practically in the same P/L statement. Over time with new VALO Hotel & Work facilities launched to the market, one top organisation shall serve all the facilities in terms of technology, business and concept development. These top organisation costs will be allocated to the business units in proportion with their revenues.

2020 2021 2022 2023 2024 2025 2026
Revenue Growth % N/A 456 % 63 % 48 % 67 % 82 % 49 %
EBITDA % -240 % -18 % -7 % 8 % 15 % 15 % 21%
Number of employees 57 57 70 80 120 200 300


The financial planning is based on the experience of opening of VALO Hotel & Work Helsinki, and the understanding of the management team and the board members, how to scale up the business volume by opening new facilities and developing VALO Hotel & Work concept.

The expansion is well on its way in Finland as VALO is already in process of actively preparing the opening of 2-3 new facilities in the most thriving business areas and ecosystems of the country. These activities are expected to lead to opening of two new VALO Hotel & Work facilities by the end of 2024. The more detailed financial plan is shown above in the table.

Loans outstanding

All figures are rounded to the nearest thousand and presented in thousands of euros.

Capital Interest Total payable
Cash reserves 28.9.2022 1.508 0 0
Total loans outstanding 28.9.2022 4.541 136 136
Of which repayable within 12 months 764 127 891
Of which repayable within 24 months 94 117 210
Of which repayable within 36 months 507 95 602
Of which repayable within 48 months 507 81 588
Of which repayable within 60 months 507 68 575


Company valuation

The basis for the valuation of VALO Group Oy is based on the assets and investments already made in the company. These assets include the VALO Hotel & Work concept, the VALO brand, the highly scalable VALO technology enabling efficient usage of multifunctional facilities and the multi-skilled team of VALO. The best understanding of the company is that these brands create strong barriers to entry for potential competitors as entering the market requires substantial investments. The management strongly believes that VALO brands and technology allow for high scalability.

The valuation is also strongly based on expected future cash flows of the current VALO Hotel & Work Helsinki and additional planned VALO Hotel & Work facilities. The management estimates that the profitability of VALO Group Oy to significantly exceeds the market average of comparable competitors as soon as the planned VALO Hotel & Work facilities reach the steady state. The management expects that the steady state for each new VALO Hotel & Work is reached within the second year from opening. The management expects that the growing revenue and increasing profitability will increase the enterprise value of VALO Group Oy. The management estimates that potential investors could see the company as an increasingly attractive investment opportunity as revenue and profits increase. The management currently estimates that the next financing round could be arranged at verge of expansive internationalisation.

The competitive advantages of VALO Group Oy’s concept specialities are key drivers for the valuation. The management estimates that dual use of facilities enabled by the VALO Hotel & Work concept potentially leads to higher revenues with lower costs from a single facility allowing for double profits. These competitive advantages as well as the sustainable aspects offered by the VALO Hotel & Work concept also make it an extremely attractive concept for any real estate developer. In addition to new building projects the VALO Hotel & Work concept can also be fitted into an existing hotel or office building.

Exit Scenarios

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Industrial buyers

Large hotel chains and workspace operators both in the Nordics and in the global marketplace are increasingly looking for new concepts and business areas in order to find new growth opportunities driven by megatrends such as activity-based working and sustainability. VALO Group Oy has already entered into such discussions with significant players in hospitality and workspace operator markets in the Nordics. VALO Group Oy could also be an attractive target for global workspace operators and real estate companies thanks to enhanced profit generation capabilities, competitive advantages, and a strong focus on sustainability.

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​Financial buyers​

Large Nordic and Northern European PEG companies could be interested in acquiring VALO Group Oy thanks to its unique concept with enhanced profit generation capabilities, competitive advantages, and a strong focus on sustainability.

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Given VALO Group Oy's unique story and concept, enhanced profitability, competitive advantages and strong focus on sustainable development, the management expects that an IPO could attract strong interest. Management therefore considers the IPO as a possible exit plan.

Issue Terms

In this funding round a minimum of 444 445 (EUR 1 000 001,25) and a maximum of 1 333 334 (EUR 3 000 001,50) new shares of VALO Group Oy (Company ID 3233337-9) are offered for subscription. If less than 444 445 shares are subscribed, the company has the right to cancel the issue, in which case paid investments will be refunded to the investors. No interest is paid to the refunded subscriptions. The Board of Directors reserves the right to raise the maximum amount of the funding round. The shares entitle their holder to dividend and other shareholders’ rights from the moment the shares have been registered to the trade register and have been added to the shareholder list.

The subscription price per share is €2.25 and the minimum subscription is 100 shares corresponding to €225,00. The Subscription Price for the new shares must be paid in full to the customer deposit account pointed by Invesdor in accordance with the instructions given by Invesdor, or in case of external investments to the bank account appointed by the Board of Directors of the company.

The subscription period starts on 5.10.2022 and ends preliminary on 9.11.2022. The subscription period on Invesdor’s platform starts on 5.10.2022 and ends preliminary on 9.11.2022. The Board of Directors reserves the right to extend the subscription period. In case of oversubscription of this share offering, the Board of Directors may decide to suspend the issue. In case of an oversubscription the shares shall be allocated in the order of subscription (“first come, first served”). The capital gathered in this share issue will be recorded entirely to the reserve for invested unrestricted equity.

The shares will be subscribed by making a subscription commitment on Invesdor’s online platform and by approving Invesdor’s applicable terms and conditions, and adhering to company’s Minority Shareholders’ Agreement, or otherwise as indicated by the company’s Board of Directors. Subscribing via Invesdor’s online platform requires the investor to agree to the terms of use of the platform and the terms and conditions of the funding round and to provide Invesdor with the requested identification data. The Board of Directors shall approve share subscriptions made in accordance with the subscription terms and laws and regulations applicable to the offering.

The Company currently has 10 000 000 registered shares. The company has one (1) series of shares, and thus all of the shares carry equal rights. Transferability of the company’s shares is restricted as follows:

  • The transferee must adhere to a company’s Shareholders’ Agreement
  • Redemption clause in the Articles of Association The company does not have any outstanding options, convertible bonds or other agreements that might lead to a situation where the shareholders’ ownership would dilute.

When investing, the investor must adhere to the company's Minority Shareholders’ Agreement (dated 14 September 2022), which is attached to the end of this pitch page, unless the investor is already a party to the company’s Shareholder’s Agreement. Adhering to the Minority Shareholders’ Agreement is a mandatory part of the investment process. In the Minority Shareholders’ Agreement, the investor: • Undertakes not to require any certificates for the shares

  • Undertakes not to sell, transfer or otherwise dispose the shares to any party who has not adhered to the Agreement as a minority shareholder
  • Undertakes not to pledge or otherwise lodge the shares or any rights related to the shares as security without prior written consent of the company
  • Commits to vote in favour of any decisions required to the future financing rounds and shall also sign and execute any shareholders’ agreement and other agreements required for completion of the above actions in accordance with the instructions received from the Board of Directors of the company, as long as all shareholders are treated fairly and equally

In addition, the shareholders

  • Have a Drag-Along and Tag-Along right
  • Undertakes to, in connection with an exit, take all necessary and requested actions and support all decisions necessary to consummate the exit

Please familiarize yourself with the attached Minority Shareholders’ Agreement carefully before investing.

The company’s current shareholders have a separate Shareholders’ Agreement in place. Even though the investors investing in this offering do not join this Agreement, some provisions may be of interest to them (terms written with capital letters having the meaning set forth in the Agreement):

  • The shareholders' intention is to approve an incentive scheme for the company's key employees. The incentive scheme may include the issue of shares and special rights entitling to shares.
  • The parties to the Agreement have agreed that for a period of 5 years from the signing of the agreement (20 April 2022), the company's profits will be used primarily for the development of the company's activities.
  • SSA Group Ltd has the right to appoint four (4) members of the Board of Directors and the Investors have the right to appoint one (1) member of the Board of Directors.
  • Certain resolutions of the General Meeting of Shareholders require at least 67% of the votes cast / votes cast at the meeting / of all shares / shareholders of the company.
  • Certain decisions of the company's Board of Directors require the support of at least 67% of all Board members.
  • The parties to this agreement have broader rights to the company's books, contracts and other material than those who invest in this share issue.
  • No shares, options, warrants or other special rights entitling to shares of the company may be pledged, attached, encumbered or otherwise transferred without the prior written consent of the Board of Directors of the company.
  • Options and other special rights entitling to shares of the company are subject to restrictions on sale and transfer as specified in the Agreement.
  • Right of First Refusal
  • Drag-Along and Tag-Along rights
  • The parties undertake not to invoke the right of redemption under the company's Articles of Association in connection with the sale or transfer of shares under the terms of the Agreement.
  • The parties representing at least 67 % of the total number of shares in the company are entitled at any time to require the parties to appoint an investment bank with sufficient experience and expertise to examine the conditions for the company's listing and to act as the organiser of the listing.

The Articles of Association of the company include a redemption clause which affects to the transferability of the shares. The Articles of Association can be found attached to this pitch page.


Various risk factors associated with investing in the company may be significant if realised. Many of the company’s risk factors are part of the nature of its business and are typical for the industry. Each risk may have an essential effect on the company's business, profits, and the potential ability to achieve its financial objectives. The risks presented are not ranked in order of importance nor does the order in which they are presented, reflect the likelihood of their occurrence.

Risks related to the share issue and the company's shares

  • Various risk factors and circumstances can lead to a fall in the market price of a share and therefore there is a risk of losing some or all of the capital invested. 
  • There may be no return at all on the investment.
  • The company's shares are not publicly or multilaterally traded on any marketplace and therefore there is no active or liquid secondary market for the shares. The risk in this case is that the security may not be sold at the desired time or at all, or that the price offered may be lower than its subscription price or actual value.
  • The transferability of the shares is limited by a redemption clause in the Articles of Association and by the obligation to enter into a shareholders' agreement with the company.

Macroeconomic risks 

  • Uncertainty in the company's core markets and in the global economy and financial markets may adversely affect the company's business and operating results. 
  • The demand for the company's products and services and thus its business performance is affected by, among other things, the general global market situation, the competitive situation and technological developments. The company and its business are therefore exposed to market risks that are largely independent of the company's own actions.

Risks related to the company's business

  • Failure in national and/or international marketing may adversely affect the company's customer relationships and service demand.
  • The company may be unable to implement its expansion strategy and take full or timely advantage of new business opportunities.
  • The company may raise less capital than planned. This may result in the company not being able to successfully implement its business activities due to a lack of funds.
  • If the company’s business idea does not assert itself on the market or if the planned business development cannot be implemented as hoped, there is a risk of the company becoming insolvent.
  • If the company is unable to compete effectively with existing and potential new competitors or to respond to changes in the competitive environment, it may adversely affect its turnover, profitability, and customer loyalty. Competition may become significantly more intense if competitors with more capital enter the market.
  • There is a risk that the company will get negative media attention. This may lead to significant declines in sales and losses for the company because there is insufficient demand for the company’s products and services as a result of the negative media attention. 
  • The company’s business concept relies considerably on its platform. Playing in a highly tech-oriented environment always creates decencies and thus risks as well. 
  • The risk that the change of ownership of the real estate of VALO Hotel & Work Helsinki will not take place in the planned schedule of 2022/2023, may adversely affect the profitability of the business.
  • The opening of new facilities may require investments to Furniture, Fixtures & Equipment and/or collateral to be given to the landlord, which may cause the need of additional funding.

Risks related to management and staff

  • The company is dependent on its management and qualified personnel, and the loss of such personnel could be detrimental to the business.
  • Failure to recruit and retain qualified personnel may adversely affect the company's business performance.
  • Increasing the number of staff may harm the company's profitability.

Legal and regulatory risks

  • Failure to comply with laws, regulations and general social responsibility relating to the company's activities, products and services may result in sanctions and damage the company's image with its customer groups.
  • The company has no pending lawsuits or other open litigation, but as the company's operations expand, legal risks become more significant.
  • The company may be subject to claims or lawsuits that could harm the company and require management resources.
  • The company's legal regulatory environment may change, potentially making it more difficult for the company to conduct its business.
  • The commercialisation of intellectual property rights, the distribution of products and the launch of new products involve various liability risks, such as third-party claims for alleged infringements of intellectual property rights or claims for product quality or product damage.

Financial risks 

  • Fluctuations in foreign exchange rates may harm the company's operations.
  • The company is exposed to changes in interest rates on loans.
  • The company is exposed to credit and counterparty risks.
  • The company's financial projections are subject to risks, as forward-looking estimates, targets, and other statements always involve uncertainty, and they are only predictions, not guarantees of the future.

The risks listed above are not the only risk factors affecting operations of the company. Other risks and uncertainty factors that the company currently does not identify or currently considers to be irrelevant may also have an integral effect on the business operations, business result, and financial standing of the company.


Update 21.11.2022

The company's parent company SSA Group Oy offers the right to purchase VALO Group Oy shares to investors investing EUR 99,999.00 or more under the following conditions:

Subject of the transaction: shares in VALO Group Oy held by SSA Group Oy

Amount: The number of shares corresponding to the number of shares that the investor has committed to purchase in the financing round organised by Invesdor Oy in this share issue

Seller: SSA Group Oy (2510722-6)

Price: á EUR 1.125 per share

Start and end of the right to purchase: the right to purchase starts when the funding round organised by Invesdor Oy is closed and ends 30 days after the closing

Update 15.11.2022

VALO organises an investor event

Where and when: 
VALO Hotel & Work in Helsinki on 21.11.2022 at 17-18. The event can also be attended remotely, please register using the form below.

The theme of the event is: This time, VALO will be heard directly from the investor's mouth, and participants will have the opportunity to discuss VALO Group Oy as an investment target with members of the Board of Directors of VALO Group Oy.

The panel will include Jarkko Härmälä (Member of the Board, VALO Group Oy), Teemu Saari (Chief Development Officer, VALO Group Oy), two VALO investors Joona Suomala from Easoft Oy and Petri Mertanen from Mertanen Analytics (TBA), and moderated by Erno Launo (CEO, VALO Group Oy).

The event will include: an introduction to VALO's dual-use concept and the pilot site VALO Hotel & Work Helsinki. On-site coffee breaks.

Sign up for the event

Update 7.11.2022

The company has decided to extend the subscription period until 25 November 2022.

Update 28.10.2022

VALO's investor event 7.11.2022 (In Finnish)

VALO Group Oy will organise an investor event in connection with its growth financing round at VALO Hotel & Work Helsinki on 7.11.2022 at 17-18.The event will provide an opportunity to learn more about VALO's dual-use concept and the VALO Hotel & Work Helsinki pilot site, and coffee will be served on site. You can also participate remotely, please register using the form below.

Sign up to join VALO's investor event.

Recording (in Finnish)

Update 26.10.2022

VALO's investor event 26.10.2022 (In Finnish)

VALO Group Oy will organise an investor event in connection with its growth financing round at VALO Hotel & Work Helsinki on 26.10.2022 at 17-18.The event will provide an opportunity to learn more about VALO's dual-use concept and the VALO Hotel & Work Helsinki pilot site, and coffee will be served on site. You can also participate remotely, please register using the form below.

Sign up to join VALO's investor event.

Recording (In Finnish)

Update 20.10.2022

Questions to VALO, asked by investors

QUESTION: Why does Valo Group Oy's information use Valo Operator Oy's information? Although it is stated that VALO Operator Oy is a subsidiary of VALO Group Oy, what guarantees are there that this VALO GROUP Oy is not just an intermediate company and that all the financial benefits go to the owners of VALO Operator Oy? 

ANSWER: VALO Operator Oy is 100% owned by VALO Group Oy. So all the benefits remain with the VALO concern (VALO Group Oy). VALO Group Oy's value and profits are naturally affected by the success of VALO Operator Oy. The companies have slightly different functions. VALO Operator Oy operates VALO Hotel & Work Helsinki and future sites while VALO Group Oy owns not only the operator company but also the VALO Hotel & Work concept with its intangible rights and is responsible for the further development of the concept. In addition, VALO Group Oy will lead the VALO Hotel & Work project development. This structure is intended, on the one hand, to make the monitoring of the business activities of VALO Hotel & Work properties transparent and, on the other hand, to keep the costs of the concept and projects and the operating business separate. Investors will benefit from the growth and appreciation specifically in VALO Group Oy shares.

Update 17.10.2022

Statement from investor Sakari Perttunen

Sakari Perttunen from Jupperi Invest tells about why he thinks it's a good idea to invest in VALO Group Oy.

Update 14.10.2022

The General Meeting of Shareholders of SSA Group Oy has decided to extend its financial period until 31 May 2023. According to Chapter 6, Section 5, paragraph 1 of the Accounting Act, a Finnish subsidiary consolidated in the consolidated financial statements must have the same accounting period as the parent company, unless the Accounting Board grants an exception (Accounting Act 6:5.1 §). For the above reason, VALO Group Oy has also decided to extend its accounting period until 31 May 2023. The extension of the financial period is also appropriate from the point of view of creating a "corona-free" 12-month period from 1 June 2022 to 31 May 2023 before the financial statements, which could be compared with future financial periods and the first 12-month period of future hotels.

Update 13.10.2022

Questions to VALO, asked by investors

Who owns the VALO Hotel & Work property on Mannerheimintie and who owns the land?

The property at Mannerheimintie is jointly owned by the shareholders of the KOY real estate company and they are represented by the KOY Board of Directors. The KOY information is as follows:
KOY VALO Helsinki c/o Kiinteistö-Tahkola Helsinki Oy
Itälahdenkatu 15-17 Helsinki
Business ID: 2906394-5

KOY is renting the plot of land owned by the City of Helsinki.

Update 7.10.2022

The Board of Directors of SSA Group Oy has convened a General Meeting of Shareholders on 14 October 2022 and proposes that the company's financial period will be extended until 31 May 2023. This may result in a corresponding extension of VALO Group Oy's financial year, since according to Chapter 6, Section 5, paragraph 1 of the Accounting Act, a Finnish subsidiary included in the consolidated financial statements must have the same financial year as the parent company, unless the accounting board grants an exception (Section 6:5.1 of the Accounting Act). From VALO Group Oy's point of view, the extension of the financial year would result in an "corona-free" 12-month period from 1 June 2022 to 31 May 2023 before the financial statement, which could be compared with future financial years and the first 12-month period of upcoming hotels.