ARMD

Idea

Introduction

Tradespeople are significantly under-protected and underserved, representing a £6.5B+ market opportunity in the UK alone. Our research shows that less than half of tradespeople have tool insurance, and for those that do, it can take weeks for insurance companies to settle claims, often leaving them unable to work.

We founded ARMD to better protect the livelihoods of tradespeople. Fundamentally, we believe we have made the grudge act of buying insurance easier by seamlessly embedding it to what they already need and buy – their tools!

Our unique proposition consists of 4 core elements:

Record – A free tool inventory app for tradespeople to digitally record their tools

Protect - The ARMD Guard smart van alarm (launching 2022)

Insure - Digital tool insurance that’s easy to buy and submit claims

Replace - An online shop selling over 20,000 tools from the major brands

We call this completing the loop, it’s all designed to keep tradespeople working whilst providing maximum protection & peace of mind.

Substantial accomplishments to date

○ Conducted comprehensive market research including surveys, focus groups and 1-to-1 interviews with tradespeople. ARMD concept validated by over 200 tradespeople and met with widespread approval.

○ Assembled an experienced team consisting of seasoned co-founders and insurance industry innovators and advisors.

○ Secured FCA approval as an Authorised Representative*.

○ Insurance capacity provided by RSA, one of the oldest insurance companies in the world.

○ Partnered with one of the UK’s leading tool distributors providing both tools and access to over 1,400 tool outlets through which we can sell our insurance and alarm.

○ Scoped, designed and built a unique ecosystem of products and services for tradespeople.

○ MVP website and apps went live October 2021.

○ We have agreements in place with a number of ambassadors who have reach of over 60,000 tradespeople for initial sales outreach.

○ Positive PR coverage upon going live across insurance, fintech and tradesperson press.

○ 60% of initial sales have included both tools and tool insurance, further validating the concept.

○ Built and currently testing IoT smart alarm prototype in vans.

Early customers love us:
“Recently purchased a battery and van alarm. Very seamless transaction and can highly recommend. I also have the tool insurance.” – Richard Lowe, RJL Chimneys.

“I’ve been meaning to get tool insurance for tools kept in my van for a while now. Was really easy to do and the guys were very responsive.” – James Flamson, JF Installations.

*See 'Key Information' for more details on ARMD's FCA regulatory approval structure.

Monetisation strategy

ARMD currently generates income from 3 core revenue streams:

1.Tool insurance commission
2.Van security sales (launching 2022)
3.Tool sales

This is all part of one ecosystem with the advantage of having multiple entry points, including our free inventory app, so customers can initially come in via one element of the product and then go on to buy more. This ability to easily cross sell our other products and services, reduces overall Customer Acquisition Cost and increases Customer Lifetime Value.

This concept seems to be working with 60% of existing customers buying more than one product.

In future we plan to offer the essentials tradespeople need in order to work, together with seamlessly embedded protection, and all for one simple monthly fee. This not only makes it easier and more affordable for the tradesperson, but also generates a more regular and reliable monthly income stream for ARMD.

Use of proceeds

Now that we are live and selling, we are raising capital to execute our next phase of growth. This can be broadly split into three key areas:

Research & Development (45%)
- Start production of the ARMD Guard smart van alarm
- Develop and launch v2 itemised tool insurance policy

Sales & Marketing (25%)
- Focus on customer acquisition and referrals
- New trade association partnerships
- Build new B2B2C sales channels

General & Administration (30%)
- Build on the strength of our existing team by hiring key members across sales, marketing and administration.

We have achieved a lot until this stage in our journey with a very limited budget, and we intend to continue maximising our resources post fundraise. Thankfully we have done this before in our previous business and we’re looking forward to doing it again, only this time much bigger! We look forward to having you join us.