The order round has closed.
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Lildog – A new Norwegian technology adventure.
Fremdrift for investering
Investert: 36.320.875 kr av 61.256.957 kr (59%) Ant.tegninger 540
Valuation: 114,980,459 NOK
Shares for sale: 140,737,886
Remaining shares: 89,138,169
Minimum subscription: 17,238 shares (4,999.02 NOK)
Max subscription: 100,000,000 shares (29,000,000.00 NOK)
Update :
- The order round is extended from July 20 to 29, given that the general meeting was set for July 30 for formal reasons.
- Lildog AS acquires a customer portfolio from a large competitor.
Invested so far
Units sold
Outlets
Norwegian company
Why invest?
Why invest?
The company is aiming for a stock exchange listing. This provides a clear capital strategy and a concrete goal for investors. See national prospectus.
Lildog is a technology company with proven product-market fit - in a huge and growing global pet market.
With over 50,000 units sold and high customer satisfaction, we have proven that the product solves a real need. Lildog 2 has been launched, tested and ranked as one of the world's best GPS products for dogs based on feedback on a number of feedback services such as Google , Trustpilot , Stamped and more - and we have established distribution in several of Europe's largest markets. Production capacity is in place, and the next phase is to scale sales in Europe and prepare for a launch in the US.
This issue is a bridge financing to maintain the growth rate during a period of increasing demand, new markets and stronger positioning.
The company has:
- An external valuation of 401 MNOK (as of June 2025)
- Existing option agreements from earlier this year worth 297 MNOK
- The current issue is priced at 115 MNOK , which provides a significant discount for new investors.
In other words: this is an opportunity to make an investment at a very advantageous valuation, with good pricing and a clear upside where Lildog is aiming for a stock exchange.
Business model
Revenue model – built for profitable growth
Lildog has three main streams of revenue:
Unit sales
The first source of income is the Lildog device itself, which gives us immediate income upon sale.
Subscription
After purchase, the most important value creation begins. Each unit sold generates subscription revenue associated with the product. This revenue accumulates month after month, year after year.
Services and data-driven revenue
Lildog has signed agreements with insurance companies and veterinary chains that want access to anonymized pet health data. In the future, we see significant value in this data base, which can be used for both product development and commercialization. In addition, our access to a loyal and engaged user base provides many opportunities for customized communication, services and recommendations - with the associated capitalization potential.
Lildog has also initiated dialogue with several telecom operators who wish to offer Lildog on their networks. Here we enter into agreements with an annual royalty fee , where the operators get access to our service platform.
The Lildog Team – Assembled for Growth and Execution
We built a solid and experienced team – both on the board and in management – with the expertise needed to succeed.
The board consists of strong profiles with a strong background in retail, international growth and technology.
We have also brought on board two of the most trusted voices in animal health and dog ownership in Norway, which strengthens both our brand and our credibility in the market.
The management team has been strengthened with key individuals who have experience from growth companies, brand scaling and effective marketing – and not least a CFO with a background from listed companies and deep experience with reporting, financial management and investor management.
The entire team is employees of the company and is working dedicatedly towards realizing the potential we now have ahead of us.
Competitors
Market and trends
Milestones
Financing
Important agreements
Economy
Strategy and objectives
Lilcat – For those of you wondering where your cat is and has been
Lildog has also launched a brand for cats – and Lilcat is already selling well. Lilcat is one of the world's smallest GPS trackers for cats, weighing only 28 grams and fitting into a matchbox. It shows you where your cat is and has been, provides an overview of its activity level and notifies you if your cat is outside on a cold winter night – thanks to the temperature sensor. Need to find your cat? Activate the light and sound in the device to make it easier, both in daylight and in the dark.
Market potential:
🐾 Norway: 750,000 cats
🐾 Nordic countries: 2.2 million cats
🐾 Europe: 110 million cats
*Nordic also includes the Netherlands and Germany
Appreciation
The company has:
- An external valuation of 401 MNOK (as of June 2025) - See conclusion in the image
- Existing option agreements from earlier this year worth 297 MNOK - See national prospectus
- The current issue is priced at 115 MNOK , which provides a significant discount for new investors.
Emissions technical conditions
The company currently has a share capital of 991,210.86 NOK , divided into 396,484,343 shares , each with a nominal value of 0.0025 NOK .
The purpose of the issue is to provide capital to the company by raising between NOK 21,356,957 and NOK 61,356,957 , by issuing between 70,493,858 and 211,575,713 shares.
The subscription price is NOK 0.29 per share . Consequently, the company is valued in this capital increase at NOK 114,980,459 before cash .
Of the shares issued and subscribed for in the capital increase, 70,493,858 shares will be subscribed for by offsetting debt against share contributions. The debt that the company has to the following parties will be converted into shares based on individual exercise prices:
The debt converted into shares in the issue is distributed as follows:
- Anthoniesen Holding AS – Exercise price: 0.36 NOK – Debt: 130,800 NOK – Shares: 363,333
- Kodeworks AS – Exercise price: 0.36 NOK – Debt: 3,909,657 NOK – Shares: 10,860,158
- MSA Invest AS – Exercise price: 0.29 NOK – Debt: 16,990,000 NOK – Shares: 58,586,207
- Lilleng Holding AS – Exercise price: 0.75 NOK – Debt: 75,500 NOK – Shares: 100,666
- Cherry Agency AS – Exercise price: 0.75 NOK – Debt: 179,000 NOK – Shares: 238,667
- Unity.dog AS – Exercise price: 0.29 NOK – Debt: 100,000 NOK – Shares: 344,827
A total of NOK 21,356,957 is converted into 70,493,858 shares.
There is an option program in the company for a total of 3,060,000 shares (approx. 0.77% pre-issue) :
- 3,060,000 options have been granted to employees and are currently not exercised. These are distributed with 510,000 options each to: Herbert Wikheim, Oskar Martinsen, Ann Veronica Rømo, Christian Strømmen, Just Andreas Salvesen and Jørgen Berg. The exercise price is NOK 0.59 , with an exercise deadline of 31.12.2025 .
As of today, no board proxies have been adopted and/or registered.
The Company will ensure the correct allocation and distribution of shares according to subscription. The Company is free to reject subscriptions received within the subscription period.
The practical implementation of the issue takes place by subscribers granting powers of attorney to the Chairman of the Board within the subscription period. The Chairman of the Board uses these powers of attorney and signs on behalf of the subscribers directly in the minutes of the general meeting.
The Company reserves the right to extend the subscription period. Any extension of the subscription period will be announced on the Company's website prior to the original closing date. The Company will hold an extraordinary general meeting or board meeting in accordance with the Board's authorization following the expiration of the subscription period for any approval of the issue.
The issue is subject to the Norwegian Money Laundering Act of 6 March 2009, number 11, and other Norwegian money laundering regulations.
Exit strategy
Lildog has signed a mandate agreement with a major investment bank and is aiming for a stock exchange listing. The goal is to secure further growth, international distribution and at the same time offer a clear exit option for both existing and new shareholders.
The IPO is not just a financial goal, but a natural extension of the company's ambition to become a leading player in digital pet technology globally. Alternative strategies such as industrial acquisition or strategic partnerships are only considered if they create greater shareholder value than an IPO.
Risk
Risk factors
Any investment in shares involves risk. Potential investors should therefore carefully consider the risk factors described below, in addition to other information in this prospectus, before making a decision to subscribe for shares. If one or more of these risk factors materialize, it could have a material adverse effect on the company's business, results of operations, liquidity, financial condition and prospects - and the value of the shares could be reduced. Investors therefore risk losing all or part of their investment. No one should invest in shares if they cannot afford to lose the entire amount. The risk factors below are not prioritized by severity - all must be considered important.
The stock
The value of the company's shares may fluctuate significantly, including as a result of:
- Expectations of future market conditions for the company's business area and competitors
- Changes in the company's operating results
- Changes in the valuation of similar companies
- Involvement in litigation or disputes
- Entry or departure of key personnel
- Changes in general economic conditions
- Low liquidity in the company's shares
Negative publicity or announcements, including those concerning shareholders or key personnel. Such matters may negatively affect the share price, and include failed acquisition attempts, joint ventures, etc.
Financial risk
There is a risk that the company will not be able to secure sufficient financing for continued operations, which in the worst case could lead to bankruptcy. The company is in an early phase with associated risks. There is no guarantee that the business will be profitable or that values will be created that cover the invested capital. Every investor must assess the risks associated with investing in an early-stage company for themselves.
Supplier and subcontractor risk
Even though the company has developed the entire product in-house and has good control, a steady supply of necessary components cannot be guaranteed. Delays or lack of deliveries can lead to reduced sales, lost revenue and, in the worst case, bankruptcy.
Market risk
There is a risk that competitors will develop better or cheaper technology, thereby out-competing the company's solution.
Turnover of the share
The company's shares are not currently listed on the stock exchange, but an IPO is planned for the fall. Until the IPO, sellers must find buyers themselves, which can make trading difficult. The shares are also not subject to market surveillance, the Securities Trading Act's insider trading rules, or the stock exchange's disclosure requirements.
The Company's shares are not listed, but the company is aiming for a stock exchange listing.
Appreciation
The valuation of the company is based primarily on the company's own figures and assumptions, based on expectations of future market and profit development. There is therefore a risk that the forecasts deviate from real market conditions and/or there may be errors or shortcomings in the data basis. Operational challenges, such as technical errors and lack of key personnel, can lead to increased costs and reduced earnings, and thus affect the company's profit development. Furthermore, it is demanding to quantify the value of intangible assets and future projects, and there is a risk that the values deviate from the real figures.