allplants

Idea

Introduction

allplants is here to inspire the planet to eat more plants, making plant-based living the future.

Today, we’re an online platform and chef-to-customer service making it easy and exciting to eat more plants, and less meat, with delicious, chef-made meals delivered to your door.

Since launching in 2016, we’ve changed the conversation from eating vegan to thriving on plants, providing customers with tools, recipes and a first-of-its-kind delivery service that now cooks up over 20,000 meals every week. We believe eating more plants will play a critical role in saving the planet, while improving our health and encouraging a positive way of life.

Since day one, every allplants employee has been an owner of allplants – building a community of owners is our way of bringing you on the inside, as we continue accelerating the movement to a more plant-based world.

This is Equity for Game Changers.

Intended impact

If we can change what we eat, we will change the world.

Sounds easy, and it can be. Eating more plants, and less meat, means more water to share, a huge step down in greenhouse gas emissions, and a healthier crop of humans to lead the world like never before. It's the #1 change any person can make to beat climate change.

But eating plants is still considered a massive compromise on taste and pleasure, requiring monk-like dedication, time and effort.

We created allplants to make eating more plants a supremely positive choice that is delicious, healthy, accessible and full of joy: an inclusive celebration of food and life: a fiesta, not a fast.

Our website, kitchen and meals make it delicious and easy for anyone to make the switch towards plants one dish or day at a time. And as a B-Corp, we work hard to uphold the highest environmental, ethical and social standards across all we do.

So whether you’re a life-long vegan, or a plant-curious omnivore, you're welcome at our table.

Substantial accomplishments to date

2016

- JP and Alex go vegan and quit their jobs to inspire the planet to eat more plants
- Began hosting weekly supper clubs to test recipes and ideas
- Launched allplants.com to deliver meals nationwide from kitchen in Hackney

2017

- Built and opened the first allplants kitchen just in time to launch in our first Veganuary
- Raised £800,000 in investment from friends, family, leading angels and Felix Capital
- Added the subscribe button!
- Launched 11 new dishes, reaching 82,000 total meals cooked ever

2018

- Launched “meals for one”!
- Awarded our first two Great Taste Gold Star Awards
- Raised £7M Series A from Octopus Ventures, Europe’s leading tech angels and existing investors
- Appeared live on the BBC, SKY News, in The Times and hosted a Supperclub at Vogue HQ
- Launched 12 new dishes, reaching 370,000 total meals cooked ever

2019

- Launched 3 delicious Treats! Indulgent, plant-based desserts to heat from frozen
- Listed on the Maserati x Sunday Times Top 100 game-changing start-ups
- Our co-founder, Alex Petrides, recognised in the Forbes 30 under 30
- Built out world-class teams across the board, from food innovation to engineering to drive our growth
- Launched 7 new dishes, reaching 875,000 total meals cooked ever.

2020

- Over 900,000 meals delivered since launching
- Reached £5million in revenue since launching
- Opened our new 20,000 sq.ft kitchen and workspace
- Cooking over 20,000 meals per week
- Breakfast Pots ready to launch!
- Delivered our biggest month to date (revenue and new customers in Jan 20)
- Selected to join Tech Nation’s Upscale Growth Programme

Monetisation strategy

We generate revenue from customers purchasing our meals on allplants.com. Customers subscribe to or buy boxes of six single or double-serve meals at a time.

73% of new customers in January 2020 chose to subscribe with repeat customers contributing to 64% of monthly revenue.

Allplants meals are all vegan, made by our team of in-house chefs. Today, 2/3rds of our customers are not vegan – this number continues to grow.

We manage the journey from chef-to-customer, with 23 meals available and many more ready for launch in 2020. Several have won Great Taste awards and enjoyed accolades from food critics and press.

Recent growth has been accelerated through highly efficient digital marketing, TV advertising and the launch of ‘allplants challenges’.

In addition to our meals, we’re launching new categories and formats to serve up plant-based solutions for every food moment. This includes Treats, our hugely popular and indulgent desserts, as well as healthy Breakfasts Pots – with more to come.

Use of proceeds

We’ve got a great product which our customers love, reliable service and a superb team focussed on driving our mission forward.

Working from a stable, scalable platform with the operational setup and resources in place, your investment will go into four core areas designed to help us grow, while further establishing allplants as the UKs number one plant-based food platform. These areas are: food innovation, improving our digital and offline experience, accelerating new customer growth and preparing the company for wider distribution in the UK and internationally.

Our new kitchen and production facility provides allplants with significant headroom to continue delivering on quality and demand, while iteratively improving our margins.

In 2020, customers will benefit from an enhanced digital and doorstep experience with new dinner options, more meal occasions covered throughout the day and more flexible delivery. By 2021, we aim to increase our presence offline, abroad and with digital services.

Convertible Key Terms

Along with our institutional investors and existing angels, we’ve created a convertible facility that will help us continue on our growth trajectory and allows us to bring you on board as an investor too.

This provides early access to our Series B venture round happening later this year, with a 20% discount on the equity valuation.

EIS Relief

This investment round is being raised by way of a convertible equity investment instrument, in this case an "advanced subscription agreement" (or ASA) - which is structured to meet HMRC requirements for EIS relief eligibility.
Investors who intend to seek EIS relief on this investment should note that HMRC has recently published new guidance on claiming EIS relief on an advanced subscription agreements/convertible instruments.

The guidance provides five key requirements; no refunds; no variations, cancellations, or assignments; no interest bearing on the instrument; no investor protections; and that the agreement, must contain a Longstop Date. It also states that the Longstop Date is "expected to be no more than 6 months from the date of the agreement".

We have structured this advanced subscription agreement to meet all five of the requirements, but the Longstop Date will be 12 months from the date of the agreement.
It is important to note that this statement from HMRC is guidance only and there is no requirement in the rules or legislation that an ASA must have a 6 month longstop date. This is relatively new guidance which has not yet been tested with HMRC, so we do not have certainty on how it will be applied in practice.
Allplants has previously received advanced assurance under the SEIS, EIS and VCT schemes and previous investors have successfully sought EIS relief. We intend to claim EIS relief on the instrument upon conversion and establish that the investment meets the necessary conditions for EIS relief. However, there is a risk that EIS relief will be denied by HMRC.

Investors should seek their own advice if this is material to their investment decision. Seedrs cannot provide tax advice. Tax treatment depends on individual circumstances and is subject to change in the future.

Key Terms

The key terms that apply to the allplants advanced subscription agreement are set out in the Key Terms Document attached to this campaign in the Documents section and a summary is set out below.

Conversion of the advanced subscription agreement will take place:
• On a Qualifying Equity Fundraise of £6,000,000 or more, at the lower of (i) a 20% discount to the share price paid by investors in the Qualifying Equity Fundraise, or (ii) £35.02 per share, which equates to a fully diluted pre-money valuation of £62,595,448 (and is not subject to the Discount).

• If no Qualifying Equity Fundraise has occurred, on the “Longstop Date”, (which will be 12 months from the date of the agreement), or a winding up event, conversion will happen on the Longstop Date or the winding up event at a share price of £17.51 (this was the share price of the company's last funding round and equates to a current company valuation of £31,297,724), or, if lower, the price per share issued after the date of the deferred subscription agreement.

• If a change of control or IPO occurs prior to the above events, conversion will automatically trigger at a price per share which is the lower of (i) the lowest price per share issued or sold as a part of an IPO or change of control, discounted by 20%, or (ii) the share price based on a valuation cap of £35.02 per share (the discount does not apply to this valuation cap).