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A-dam

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An overachieving underwear brand for men focused on responsible future fabrics. New target set at €1M.

168%
 - 
Funded 9 Apr 2024
€500,000 target
€847,470 from 342 investors
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Business overview

Location Amsterdam, Netherlands
Social media
Website a-dam.com
Sectors Clothing & Accessories Non-Digital Mixed B2B/B2C
Company number 61494526
Incorporation date 19 Sep 2014
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Investment summary

Type Equity
Valuation (pre-money) €10.1M
Equity offered 7.71%
Share price €10
Tax relief N/A
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Business highlights

  • Revenue x10.9 since 2017, CAGR of 59%*
  • Gross profit margin of 50%*
  • Focused on responsible future fabrics
  • 115,000 D2C customers, 46 countries, 600+ stores
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Key features

  • Secondary Market
  • Nominee investment min. €20.00 +
  • Direct investment min. €50,000.00 +
  • Idea
  • Investors Perks
  • Key Information
  • Team
  • Updates
  • Investors 342
  • Discussion
  • Documents

Idea

Introduction

OVERFUNDING IN PROGRESS: Still open for investment

We are delighted that we have smashed our target, but the round isn't over yet! We will continue to overfund in order to achieve our goals quicker, so don't miss out.

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A-dam is an overachieving underwear brand focused on responsible future fabrics. Our goal is to remove virgin materials from our production process completely, make innovative products that for 100% rely on (re)using waste and by doing so becoming the first circular underwear brand in the world.


Our mission is to make the world extraordinary in every way, starting with the first thing you put on every day.

What makes good underwear?


We believe we can confidently say we're one of the best when it comes to sustainable practises. Using only GOTS certified organic cotton is a good start, though it’s not enough.

It’s why we’re going bananas.

Banana fibre production has a negligible impact on the environment. This fabric is derived from what would otherwise be a waste product, so we’re turning it into something useful: our underwear. Apart from being equally comfortable to organic cotton, banana waste uses zero new land, water, energy and chemicals and that is what in our eyes makes good underwear.

Substantial accomplishments to date

1.) Next to our own e-commerce platform, which is built and monitored in-house, we are now available in over 600 stores in the Netherlands, Germany and the rest of Europe.


2.) We’ve already sold more than 1.100.000 boxers and over 700.000 socks.

3.) Between 2017-2023 we’ve multiplied our revenue by 11 and experienced an average annual growth of 59%.*

4.) We have 115.000+ paying customers with an YTD average basket value of €58,- per order


5.) All our underwear is carbon neutral and offset through various projects such as reforestation, providing clean water to communities and generating renewable energy.

* based on unaudited management accounts

Monetisation strategy

A combination of Direct-To-Consumer and Business-to-Business

A-dam business model is based on various sales channels to provide a unified and cohesive shopping experience for customers (omni-channel). By adopting an omni-channel business model, we can enhance customer satisfaction, increase brand loyalty, and maximise sales opportunities across diverse channels such as: Wholesale and Webshop.

Our Online Flagship Store is fully controlled in-house. The Netherlands and Germany are serviced through our own dedicated sales team. For wholesale we’re working closely together with agents in Belgium, France, Switzerland, the UK and Spain.

Growth through Marketplaces


In the last quarter of 2023 we’ve closed partnerships with various Marketplaces such as Zalando and bol.com. These already have had a substantial impact on sales, so we’ll continue our collaboration with these parties as well as closing new partnerships, that will help strengthen sales in European Markets.

Use of proceeds

1.) Research and Development
We will invest heavily in R&D, so we can revolutionise real sustainability in underwear. We’re in the middle of our research process already and are optimistic about the results so far. Now we’re looking to speed up this process, so with your investment our first banana boxer can still hit the shelves this year.


2.) Scale European Markets through Marketing and Sales
Growth will only come from being disruptive. Apart from introducing a disruptive product that will shake up the market, we’ll invest part of the funding in more Sales and Marketing, to get our banana boxer visible and on as many butts as possible.


3.) Hiring and Payroll
It’s a cliche, but teamwork makes the dream work. It’s why we want to keep investing in new talented people as well as investing in the team we already have. We’re proud of the accomplishments we have achieved together as a team and like to keep growing and cultivating it.

Investors Perks

Please note that any discounts, rewards and/or offers listed by a company in its campaign are subject to the terms and conditions applied by that company. It is the company’s responsibility to honour such discounts, rewards, and/or offers, and Seedrs does not take any responsibility for them.

Key Information

Company Structure:

A-dam Underwear Holding B.V. is the TopCo, and there is one wholly owned subsidiary, A-dam Underwear B.V., which is used for operations. Investors into this round will be investing in A-dam Underwear Holding B.V.

Material Debt:

The Company has the following outstanding debt:

1. A loan of €338,272 from ABN AMRO Bank at an interest rate of 4.15%. The loan was entered into in October 2022 and is currently being repaid through monthly instalments of €8,332.

2. A loan of €400,000 from ABN AMRO Bank at an interest rate of 5.15%. The loan was entered into in October 2022 and will be repaid in quarterly instalments of €20,000, commencing in November 2027

3. A private loan of €421,753 at an interest rate of 7%. The loan was entered into in August 2023 and is being repaid across 60 monthly instalments.

4. A Director’s loan of €411,644 at an interest rate of 7%. The loan was entered into in August 2023 and is being repaid across 60 monthly instalments.

2. A loan of €289,851 from Belastingdienst at an interest rate of 1.73%. The loan was entered into in October 2022 and is being repaid in quarterly instalments of €6,349.

The funds raised in this round will not be used to repay these debts.

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Only shareholders can access this page

If you successfully purchase a share lot of this business, you will be granted access.

Buy shares

Only shareholders can access this page

If you successfully purchase a share lot of this business, you will be granted access.

Buy shares

Only shareholders can access this page

If you successfully purchase a share lot of this business, you will be granted access.

Buy shares

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Investing involves risks, including loss of capital, illiquidity, lack of dividends and dilution, and should be done only as part of a diversified portfolio. Please read the Risk Warnings before investing. Investments should only be made by investors who understand these risks. Tax treatment depends on individual circumstances and is subject to change in future.

This campaign for A-dam has been approved by Seedrs Limited (trading as Republic Europe) ("Republic Europe", "us" or "we"), as of 15 February 2024 as a financial promotion. Republic Europe is authorised and regulated by the Financial Conduct Authority with firm reference number 550317. In approving this campaign, Republic Europe has concluded that the information, taken as a whole, is "fair, clear and not misleading." This means that for factual statements we have reviewed evidence of their accuracy, and that for aspirational statements we believe they are phrased appropriately in light of their speculative nature. You should note that in the case of factual statements, the evidence we review is provided by the business, and we do not audit it, which means that we may not be able to identify forged or altered evidence. You should further note that in the case of aspirational statements, the nature of the type of businesses presented on the Republic Europe platform is such that they are likely to have high ambitions, and we may approve statements that convey those ambitions even where we do not believe, or we do not have a view on whether it is likely, that they will be fully realised. The pre-money valuation and investment sought in the campaign are those set by the business: they are not reviewed or established by us, and the valuation is not an independent view of what the business is worth. Given the nature and type of businesses presented on the Republic Europe platform, it is possible that the business has very little cash remaining prior to receiving this investment, and the investment sought may be necessary for the business's on-going existence.

Republic Europe does not make investment recommendations to you. No communications from Republic Europe, through this website or any other medium, should be construed as an investment recommendation. Further, nothing on this website shall be considered an offer to sell, or a solicitation of an offer to buy, any security to any person in any jurisdiction to whom or in which such offer, solicitation or sale is unlawful. Republic Europe does not provide legal, financial or tax advice of any kind. If you have any questions with respect to legal, financial or tax matters relevant to your interactions with Republic Europe, you should consult a professional adviser.

Tax Relief (SEIS)

This business is eligible for SEIS relief - providing qualifying investors with income tax relief of 50% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Tax Relief (EIS)

This business is eligible for EIS relief - providing qualifying investors with income tax relief of 30% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Valuation (pre-money)

Valuation rounded from €10,109,940

This is the fully-diluted pre-money valuation of the business (i.e. before the new investment comes in and including issued options and other equity interests). In contrast, the post-money valuation is based on inclusion of the new investment in the value.

It is calculated as the pre-money valuation plus the amount of new investment. e.g. If Company A is ascribed a pre-money valuation of £1,200,000 by prospective investors investing £300,000, its post-money valuation is £1,500,000.

The investee business is responsible for setting its own valuation, it has not been prescribed by Seedrs.

Pitch type

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Equity Offered

The equity offered is the percentage of the company’s shares being issued in return for the amount of investment raised.

When the amount raised is less than 100%, the equity offered is based on the target raise. Once the company has raised over 100% it is based on the total raised.

In some scenarios, entrepreneurs may accept additional direct investment after closing their Seedrs campaign. Provided this is within 6 months of the closing and on the same terms, we do not typically offer pre-emption rights on that extra investment (where you have the opportunity to invest again to maintain your percentage shareholding).

Learn more about investing and pre-emption rights.

Nominee investment

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Custodian

If you invest in this Campaign, Seedrs will act as Custodian rather than provide our standard nominee service. This is due to the fact that the business is not directly involved in the share sale and Seedrs will not benefit from any rights under a shareholder agreement. As a result, Seedrs will handle administrative tasks as we do normally, but you will not have information or voting rights, updates from the business, preemption on future fundraising, or ongoing support about business trading activity.

Learn more about Custodian here

Secondary market

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Direct investment

This is an option to invest and hold shares 'directly' in the company (rather than via the Nominee investment). This option is only available to those investing over the threshold amount, which is determined by the fundraising company.

If you choose to hold your shares directly, you will be responsible for any contractual or administrative arrangements with the company you are investing in.

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Payment options

We are not able to accept card payments for investments into this sector. You can pay for your investment by creating a bank transfer, using funds in your investment account or create a Pay by Bank payment. Your investment will only be completed once the funds have reached our account.

Business Involvement

This Campaign offers shares for sale in business that is not directly involved in this Campaign or the sale. As a result, the Campaign and post-investment experience, including investor rights, will differ from a business-led campaign on Seedrs. Most notably, the business will not engage with investors in the discussion forums both during and after the sale or provide any updates to investors.

Learn more here

Payment options

We are not able to accept Pay by Bank payments for investments into this sector. You can pay for your investment with a card payment, by creating a bank transfer or by using funds in your investment account. Your investment will only be completed once the funds have reached our account.

Drawdowns

This campaign offers the ability to pay for an investment by drawdowns.

Security Token

A security token is a digital asset that represents ownership or other rights. It is a digital form of traditional investments. In the future, you may be able to trade your investment through compatible exchanges.

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