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Biscuit Tin

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Biscuit Tin helps you prepare for tomorrow, today by creating a digital legacy you can be proud of.

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Funded 27 Mar 2023
£150,018 target
£171,510 from 0 investors
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Business overview

Location Edinburgh, United Kingdom
Social media
Website www.biscuittin.co.uk
Sectors SaaS/PaaS Digital Mixed B2B/B2C
Company number SC543343
Incorporation date 22 Aug 2016
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Investment summary

Type Equity
Valuation (pre-money) £3M
Equity offered 4.76%
Tax relief

EIS

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Business highlights

  • Live with 5 early adopter partnerships with > 2m potential users.
  • Appeared on Dragon's Den, won 2 and finalist in 6 Awards
  • Raised over £500k of grant and equity funding to date
  • Ranked no. 3 in TechRound UK Top Tech 100
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Key features

  • Secondary Market
  • Nominee investment min. £21.07 +
  • Direct investment min. £25,000.00 +

Idea

Introduction

We aim to make life admin easier for you now, and easier for those you love in the future, by helping you to create a digital legacy to be proud of.

Biscuit Tin is a personal, digital vault that securely holds all of your life information … accounts, documents, wishes and memories all in one place, released to those you nominate when you die.

Born from my personal experience of closing down the lives of my parents, armed with a Biscuit Tin of old papers, I found out that the way we handle ‘end of life’ today is completely broken and needs to change.

In a world where there are digital tools for many areas of our lives, not having one to help close our lives down and create a lasting legacy for our loved ones would be a glaring omission.

A sensitively designed peace-of-mind resource, Biscuit Tin aims to help you prepare for tomorrow, today. A balanced blend of the practical and personal, providing the guidance and direction needed to help your loved ones through difficult times.

Substantial accomplishments to date

· Appeared on BBC Dragon's Den February 2022.

· Raised over half a million pounds of grant and equity funding to date – key investors Velocity Capital, Scottish Enterprise.

· Travelled to Silicon Valley funded as one of Scotland’s top twenty high growth potential tech companies.

· Partnered with Scottish Building Society and the UK’s no. 1 equity release advisory, Age Partnership – customer base of over 2m potential users.

· Awarded as Business of the Year 2022 by the Association of Scottish Businesswomen.

· TechNation Rising Stars City Winner 5.0 – one of only 12 companies across Scotland.

· Shortlisted from over 5,300 business leaders as a finalist for the Start-Up Founder of the Year Award in the Great British Entrepreneur Awards.

· Ranked number three in TechRound’s top 100 Tech companies of 2022.

· Talented and growing team in place, with a wealth of industry experience.

· A ‘hands-on’ advisory panel with proven tech scale up and exit expertise.

· Working with top-class experts in Digital inheritance.

· Won Innovate UK Covid Response competition and AccelerateHer FinTech and Cyber Security Award 2020.

Monetisation strategy

Our base revenue model is a direct to Consumer Software as a Service (SaaS) subscription (annual or monthly) to the vault priced at £49.99 p.a. or £4.99 p.m.

Our initial route to market to those Consumers is via related ‘life event’ proposition partners (such as life insurance, pensions, mortgages, will providers).

Aiming to implement partnerships to drive mass market awareness in one of three ways:
1. MARKETING AFFILIATE - marketing arrangement offering the Biscuit Tin Platform to partner customers as a value add or with a % revenue share / discount.
2. SPONSORED PARTNERSHIP - bulk volume arrangement where partners offer the Biscuit Tin Platform to their customers as a gift or as part of another proposition. The payment of the subscriptions will be ‘sponsored’ by the Partner on behalf of their Customers or Employees.
3. WHITE LABEL LICENCE - longer term strategic partner branded agreement model powered by Biscuit Tin technology via a volume driven annual licence.

Use of proceeds

The funds raised from this round will be used in these key areas:

- Refining our product and partner and user experience to confirm market fit and annual recurring revenue path;

- Deliver further traction of partnerships and fuel user growth;

- Perform direct to Consumer marketing tests to confirm Cost of acquisition (CAC);

- Ensure readiness for scale up by expanding the inhouse team – tech, sales and Customer success;

- Extend the reach of the Biscuit Tin product via enhanced features, collaborations and integrations.

At this round we also intend to create a share option pool of 10% to incentivise existing and incoming management.

This seed raise will provide at least a 12 month runway to deliver sufficient traction in readiness for future funding rounds

I see a world where everyone has a digital Biscuit Tin. Where Biscuit Tin is a global household brand in digital legacy.

If you want to see that too, then I would be delighted for you to join us on our journey.

Key Information

Outstanding debt

The Company has the following outstanding loans:

1. £67,257.79 director’s loan from the Founder that is not interest-bearing and is repayable on (a) the earlier of (i) an exit; or (ii) such date when the directors of the Company determine (acting reasonably) that the Company has sufficient cashflow reserves to make such repayment; or (b) if the Founder ceases to be an employee of the Company.

2. £2,500 loan from the Founder’s husband that is not interest-bearing and is repayable on (a) the earlier of (i) an exit; or (ii) such date when the directors of the Company determine (acting reasonably) that the Company has sufficient cashflow reserves to make such repayment; or (b) if the Founder ceases to be an employee of the Company. The loan is to be repaid in Q2 of 2023.

3. £25,000 in deferred salaries accrued from September 2022. This is to be repaid by the end of 2023.

4. £35,000 HMRC Time To Pay arrangement, accrued from October 2022. This is to be repaid by the end of 2023

5. £9,520.50 UKRI overpayment made in 2021. This is to be repaid in Q2 of 2023

6. £8,896 Start Up Loan at an interest rate of 6% per annum. The loan is to be repaid in October 2024, payable in monthly installments of £404.41

7. £48,835 Bounce Back Loan at an interest rate of 2.5% per annum. The loan is to be repaid in 2030, payable in monthly installments of £538.64

Funds raised as part of this Investment Round will not be used to repay these loans.

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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 webpage has been approved as a financial promotion by Seedrs Limited (trading as Republic Europe) ("Republic Europe"), which is authorised and regulated by the Financial Conduct Authority with firm reference number 550317. It is not intended to be a promotion of any individual investment opportunity and is not an offer to the public. The summary information provided about investment opportunities on this webpage is intended solely to demonstrate the types of investments available on the Republic Europe platform, and any investment decision should be made on the basis of the full campaign. Full campaigns are available to investors who have become authorised to invest on the Republic Europe platform. All investment activities take place within the United Kingdom, and any person resident outside the United Kingdom should ensure that they are not subject to any local regulations before investing.

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 £3,000,157

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

Investing in a regular equity campaign is the simplest and most common way to invest in a startup. You decide which business you want to invest in, and if the campaign hits its funding target then you will become one of their shareholders. As the company becomes more valuable, so do your shares; allowing you the opportunity to share in the future success of the business.

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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).

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Nominee investment

This shows if you are able to choose, when making an investment, that you be represented by, and your shareholding be managed by, the 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.

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Secondary market

This shows if the business has opted-in or opted-out of allowing its shares to be bought and sold on the 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.

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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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