There is consistent proximity throughout the logotype. The negative space forming the "N" makes sense with the name because looking at the logotype engages the audience when locating the "N". I also think the logotype font works well bold.
This teal coloured logo belongs to the business 'The Paper Factory' and was designed by Biesmans Antoine. This logo is very well done, the designer has incorporated a piece of paper and a factory which of course = The Paper Factory!