A circular future where access to products replaces ownership. Think of us as the 'Netflix of things'.
Business overview
| Location | Amsterdam, Netherlands |
|---|---|
| Social media | |
| Website | www.biyu.world |
| Sectors | SaaS/PaaS Mixed Digital/Non-Digital B2C |
| Company number | 80174590 |
| Incorporation date | 27 Aug 2020 |
Investment summary
Business highlights
- Selected for the 2022 KPMG Global Tech Innovator Programme
- Inhouse developed software and last mile delivery service
- Service operational in Amsterdam and generating first revenues
- Great reviews in Appstore, Playstore, Google & Trustpilot
Learn more about convertible campaigns.
Idea
Introduction
Household goods, products, and consumption are linked to 72% of global emissions.
We envision a circular future where access to products replaces ownership. As a result our customers will have a wealth of possibilities, will extract less resources and have a smaller negative footprint without the waste from inferior products.
BIYU provides access to high quality products. Through our app the products are available when needed by one member and after the member is done, used by the next.
Products can be accessed on a pay-per-use basis or through our memberships. Members pay a monthly fee starting at €10, to get unlimited access to products in the catalog or pay-per-use.
Products can be picked up and returned by members at our hubs at no extra cost or delivered/picked up for a small additional fee.
Think of us as the 'Netflix of products'.
Substantial accomplishments to date
BIYU was launched on July 1st 2021 in Amsterdam, The Netherlands.
1. We provide customers with access to the high quality products, and brands with a platform to benefit from the circular economy.
We stock many household brand names, offering some of the best products across their categories, including Festool, Kärcher, Makita, STIHL and Wattsun.
We are constantly developing new brand partnerships.
2. We are fully operational in Amsterdam on a proof of concept scale.
- 5K app downloads
- 120+ different products live on platform
- 2,400+ user accounts
- Great customer reviews across Trustpilot, the App Store, and Google
- 500+ paying members
- Monthly orders have grown by 249% since the first full month of sales (September '21- April '22)*
*based on unaudited management accounts.
3. Selected to take part in the 2022 KPMG Global Tech Innovator Programme.
4. Listed as Retailtrends.nl start-up of the month.
5. In House developed proprietary eco-system consisting of:
- Member app (iOS & Android - 5 clicks to order)
- Website (www.biyu.world)
- BOB (Business Operation Backbone) ERP system for rental-asset management
- Hub and rider app UNCLE
- Amsterdam proof of concept HUB for storage, pick, pack, ship, return and preventive maintenance of products
Monetisation strategy
Active today:
1. Monthly membership fee of €10 (discount of 15% given for 6 month bundle and 25% for 12 month bundle).
2. Delivery and pick up fees. starting at €5 per ride. Rides are dynamically priced to flatten peak demand and optimise revenue on peak demand moments.
3. Extensions: The monthly membership fee allows member to have one product at the time for 24 hours. Extensions are possible at an additional fee. The pricing is based on asset value and peak demand.
4. Second product fee: Members can order a second product at an additional fee. Pricing based on asset value and peak demand.
5. Mobility partners: Add-ons to membership through partners at an extra fee. BIYU makes a margin. Live today: Felyx (Electric scooters) and Cargoroo (Electric cargo bikes).
Future:
1. Launch May 2022: Pay per use without membership (Value based pricing)
2. Consumables (e.g. rent a pizza oven buy the dough)
3. More mobility partners (Cars, electric boats, bikes etc.)
4. Long term access to products
Use of proceeds
1. Fund operations until target Series A in 2023
2. Open up full scale HUB in Amsterdam (Max capacity of 5000 members)
3. Expand team with additional skillsets
4. Marketing campaigns for brandawareness and user acquisition
5. Add more brand partnerships
Key Information
Convertible Loan Agreement
This investment round is being raised by way of a convertible equity investment structure, in this case a "Convertible Loan Agreement".
The key terms that apply to the Company’s Convertible Loan Agreement are set out below. See also attached Key Terms document for further details.
• Discount: 10%
• Interest: 4%
• Valuation Cap: €10,000,000
• Conversion is triggered by ("Trigger Events"):
- An Equity Fundraise – defined as the Company raising investment capital of at least €250,000 from one transaction or a series of transactions, in exchange for the company issuing of shares;
- Sale of all Shares (On the sale of all Shares in the Company, the loan will automatically convert to the most senior class of shares in existence in the company); or
- Maturity Date: the Pre-Money Valuation Cap divided by the number of outstanding shares in the Company.
• If a Trigger Event occurs, outstanding principal (including interest) will convert at the lower of:
(i) the lowest price per share paid in connection with the Qualifying Funding Round, less the Discount or (ii) the Pre-Money Valuation Cap divided by all issued shares and outstanding options in the Company.
• Longstop Date: 24 months from signing of instrument. (Note: this will be after the campaign closes).
• If conversion has not been triggered by the Longstop Date shares will be issued on the Longstop Date at the Default Share Price, which is:
The Pre-Money Valuation Cap divided by all issued shares and outstanding options in the Company as at the Maturity Date.
•The convertible would also convert to equity at the Default Share Price in the event of winding up or liquidation of the company.
Outstanding Debt
The business has the following two Directors Loans:
1. A Subordinated Loan from Frans Walter Biegstraaten/Firm B.V. of €82.000, with an interest rate of 5% per annum.
2. A Subordinated Loan from Martijn Tjho/Tiny Ventures B.V. of €118.000, with an interest rate of 5% per annum.
The business also has an outstanding debt of €49,000 with SMAL, which has 0% interest and is due to be repaid by 31/12/22.
The funds from this round will not be used to repay these loans.
Existing Convertible Loans
The company has the following outstanding convertible loans, which may convert to equity after this round and dilute existing shareholders:
1. €250,000 loan with the following key terms:
- Interest rate: 4%
- Discount: 15%
- Conversion trigger: on the Company raising a Qualified Financing by way of an Equity investment of at least € 250,000, the 100% sale of shares in the company, or at the Maturity date.
- Conversion price:
• Qualified Financing: a share price equal to the lower of (i) the price per share issued in the Qualified Financing or (ii) the Pre-Money Valuation Cap divided by the number of outstanding shares in the Company
• Sale of all Shares in the Company: a share price equal to the lower of (i) the price per share issued in the sale, minus the discount, or (ii) the Pre-Money Valuation Cap divided by the number of outstanding shares in the Company.
• Maturity Date: the Pre-Money Valuation Cap divided by the number of outstanding shares in the Company.
- Pre money valuation Cap: €10,000,000
- Share class: Ordinary shares
- Maturity Date: 24 months after the Loan was made (being 31/03/2023). The Lender also has the option to extend the Maturity Date – and keep the option of conversion - only in agreement with the Company.
- Repayment: on a material breach of the CLN, or the liquidation, dissolution or winding-up of the Company.
2. €250,000 loan with the following key terms:
- Interest rate: 4%
- Discount: 15%
- Conversion trigger: on the Company raising a Qualified Financing by way of an Equity investment of at least € 500,000, the 100% sale of shares in the company, or at the Maturity Date.
- Conversion price:
• Qualified Financing: a share price equal to the lower of (i) the price per share issued in the Qualified Financing minus the Discount or (ii) the Pre-Money Valuation Cap divided by the number of outstanding shares in the Company
• Sale of all Shares in the Company: a share price equal to the lower of (i) the price per share issued in the sale, minus the discount, or (ii) the Pre-Money Valuation Cap divided by the number of outstanding shares in the Company.
• Maturity Date: the Pre-Money Valuation Cap divided by the number of outstanding shares in the Company.
- Pre money valuation Cap: €10,000,000
- Share class: Ordinary shares
- Maturity Date: 24 months after the Loan was made (being 15/04/2023). The Lender also has the option to extend the Maturity Date and keep the option of conversion - only in agreement with the Company.
- Repayment: on a material breach of the CLN, or the liquidation, dissolution or winding-up of the Company.
3. €250,000 loan with the following key terms:
- Interest rate: 4%
- Discount: 15%
- Conversion trigger: on the Company raising a Qualified Equity Financing by way of an Equity investment of at least € 250,000, the 100% sale of shares in the company, or at the Maturity Date.
- Conversion price:
• Qualified Financing: a share price equal to the lower of (i) the price per share issued in the Qualified Financing minus the Discount or (ii) the Pre-Money Valuation Cap divided by the number of outstanding shares in the Company
• Sale of all Shares in the Company: a share price equal to the lower of (i) the price per share issued in the sale, minus the discount, or (ii) the Pre-Money Valuation Cap divided by the number of outstanding shares in the Company.
• Maturity Date: the Pre-Money Valuation Cap divided by the number of outstanding shares in the Company.
- Pre money valuation Cap: €10,000,000
- Share class: Ordinary Shares
- Maturity Date: 24 months after the Loan was made (being 16/09/2023). The Lender also has the option to extend the Maturity Date and keep the option of conversion - only in agreement with the Company..
- Repayment: on a material breach of the CLN, or the liquidation, dissolution or winding-up of the Company.
4. €125,000 loan with the following key terms:
- Interest rate: 4%
- Discount: 15%
- Conversion trigger: on the Company raising a Qualified Financing by way of an Equity investment of at least € 500,000, the 100% sale of shares in the company, or at the Maturity Date.
- Conversion price:
• Qualified Financing: a share price equal to the lower of (i) the price per share issued in the Qualified Financing minus the Discount or (ii) the Pre-Money Valuation Cap divided by the number of outstanding shares in the Company
• Sale of all Shares in the Company: a share price equal to the lower of (i) the price per share issued in the sale, minus the discount, or (ii) the Pre-Money Valuation Cap divided by the number of outstanding shares in the Company.
• Maturity Date: the Pre-Money Valuation Cap divided by the number of outstanding shares in the Company.
- Pre money valuation Cap: €10,000,000
- Share class: Ordinary shares
- Maturity Date: 24 months after the Loan was made (being 24/11/2023). The Lender also has the option to extend the Maturity Date and keep the option of conversion - only in agreement with the Company.
- Repayment: on a material breach of the CLN, or the liquidation, dissolution or winding-up of the Company.
5. €125,000 loan with the following key terms:
- Interest rate: 4%
- Discount: 15%
- Conversion trigger: on the Company raising a Qualified Financing by way of an Equity investment € 500,000, the 100% sale of shares in the company, or at the Maturity Date.
- Conversion price:
• Qualified Financing: a share price equal to the lower of (i) the price per share issued in the Qualified Financing minus the Discount or (ii) the Pre-Money Valuation Cap divided by the number of outstanding shares in the Company
• Sale of all Shares in the Company: a share price equal to the lower of (i) the price per share issued in the sale, minus the discount, or (ii) the Pre-Money Valuation Cap divided by the number of outstanding shares in the Company.
• Maturity Date: the Pre-Money Valuation Cap divided by the number of outstanding shares in the Company.
- Pre money valuation Cap: €10,000,000
- Share class: Ordinary shares
- Maturity Date: 24 months after the Loan was made (being 11/11/2023). The Lender also has the option to extend the Maturity Date and keep the option of conversion - only in agreement with the Company..
- Repayment: on a material breach of the CLN, or the liquidation, dissolution or winding-up of the Company.
6. €50,000 loan with the following key terms:
- Interest rate: 4%
- Discount: 15%
- Conversion trigger: on the Company raising a Qualified Financing by way of an Equity investment of at least € 500,000, the 100% sale of shares in the company, or at the Maturity Date.
- Conversion price:
• Qualified Financing: a share price equal to the lower of (i) the price per share issued in the Qualified Financing minus the Discount or (ii) the Pre-Money Valuation Cap divided by the number of outstanding shares in the Company
• Sale of all Shares in the Company: a share price equal to the lower of (i) the price per share issued in the sale, minus the discount, or (ii) the Pre-Money Valuation Cap divided by the number of outstanding shares in the Company.
• Maturity Date: the Pre-Money Valuation Cap divided by the number of outstanding shares in the Company.
- Pre money valuation Cap: €10,000,000
- Share class: Ordinary shares
- Maturity Date: 24 months after the Loan was made (being 12/11/2023). The Lender also has the option to extend the Maturity Date and keep the option of conversion - only in agreement with the Company.
- Repayment: on a material breach of the CLN, or the liquidation, dissolution or winding-up of the Company.
The company also has the following two Service for Equity agreements:
1. €263,358 loan whereby part 50% of the investor’s fee will be paid in shares, from SMAL, with the following key terms:
- Interest rate: none
- Discount: 20%
- Conversion trigger: Equity event or 100% sale of shares in the company
- Conversion price:
• Qualified Financing: a share price equal to the lower of (i) the price per share issued in the Qualified Financing minus the Discount or (ii) the Pre-Money Valuation Cap divided by the number of outstanding shares in the Company
• Sale of all Shares in the Company: a share price equal to the lower of (i) the price per share issued in the sale, minus the discount, or (ii) the Pre-Money Valuation Cap divided by the number of outstanding shares in the Company.
- Pre money valuation Cap: €10,000,000
- Share class: ordinary shares
- Maturity Date: First equity event
2. The second agreement has been agreed, but not yet signed, with Marveltest Marketing Agency.
The company pays €4,287.50 per month in cash, and the balance, €5,266.66 per month, will be structured as a Convertible Loan. By the end of the 12-months period, the total amount of the convertible loan will be €63,200. This agreement has been in place for two months so far, with the following key terms:
- Interest rate: 4%
- Discount: 10%
- Conversion trigger: Equity investment € 250,000, or 100% sale of shares in the company
- Conversion price:
• Qualified Financing: a share price equal to the lower of (i) the price per share issued in the Qualified Financing minus the Discount or (ii) the Pre-Money Valuation Cap divided by the number of outstanding shares in the Company
• Sale of all Shares in the Company: a share price equal to the lower of (i) the price per share issued in the sale, minus the discount, or (ii) the Pre-Money Valuation Cap divided by the number of outstanding shares in the Company.
• Maturity Date: the Pre-Money Valuation Cap divided by the number of outstanding shares in the Company.
- Pre money valuation Cap: €10,000,000
- Share class: ordinary shares
- Maturity Date: 24 months from first payment, which was May 2022.
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