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Bluebell

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Designed by doctors, Bluebell is the ultimate baby monitor.

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Funded 10 Oct 2022
£500,005 target
£781,355 from 0 investors
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Business overview

Location London, United Kingdom
Social media
Website bluebellbabymonitor.com
Sectors Healthcare Digital B2C
Company number 10011792
Incorporation date 11 Feb 2016
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Investment summary

Type Equity
Valuation (pre-money) £4.9M
Equity offered 9.26%
Tax relief

EIS

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Business highlights

  • 2x annual revenue growth with run rate revenue of £0.5m+*
  • Growing customer love with 400+ 4.5 star reviews
  • Patent protected value proposition
  • Industry recognition: 12+ industry & innovation awards
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Key features

  • Secondary Market
  • Nominee investment min. £57.15 +
  • Direct investment min. £10,000.00 +

Idea

Introduction

Parenting can be tough. We are on a mission to help parents with their day-to-day challenges. Bluebell is a multi-award-winning patented baby monitor, designed to monitor more, so parents worry less.

*Data from unaudited management accounts. 2x annual revenue growth refers to growth between 2020 - 2021. The run rate is an annualised figure based on £130K revenue from Jan-March 2022.

Bluebell works through a safe and comfortable sensor that monitors the baby’s breathing, skin temperature, crying, sleep, and room temperature – data that traditional baby monitors don't always collect.

It notifies parents right away if there is anything unusual with a number of customizable alerts through the Bluebell app or Parent wristband. Knowing that Bluebell will alert parents when their baby needs them, aims to give parents peace of mind and allow them to get some well-deserved rest too. Additionally, parents can use Bluebell to gain insights and reminders to improve their baby’s routine, such as planning nappy changes, feeds, pumping, medication, bath-time, and sleep. Further practical features include a nightlight, lullabies, and white noise to soothe the baby to sleep.

Substantial accomplishments to date

Having experienced the ups & downs of parenting, and the frustration with existing baby monitors that didn't give us the reassurance we needed, we wanted to build a better solution. We set out on a mission to develop the best evidence, data and technology based support for new parents’ day to day challenges and help make their parenting journey healthier and happier.

We began testing Bluebell in 2017, combining our experience in the NHS and medical field with a sleek, user-first design provided by a world-class design agency.

Since our launch in 2019 we have:

● Won multiple industry and innovation awards
● Been featured in Women’s Health, Daily Mail, and The Independent, to name a few.
● Grown our retail presence across major retailers, e.g. John Lewis, Boots, Currys
● Received over 400 4.5 stars reviews and 95% of parents would recommend Bluebell to other parents

Monetisation strategy

Bluebell products are sold in four different bundles from £79 to £349 via retailers and online through the Bluebell website.

These bundles include a combination of our four devices: smart hub, baby sensor, parent wristband and camera.

In 2022 YTD, almost 70% of sales are through retailers and over 30% of sales are via Bluebell website & Amazon*.

We’re building a new system for the modern parent, and we have global ambitions. Our plan is to use this investment to help develop and test a new baby sleep training program available within the Bluebell app and we plan on attaining our medical device certification. We also plan to grow to other international markets, with an initial focus on European markets.

*Data from management accounts.

Use of proceeds


We intend to use the current raise to help fund the next phase of our growth. The funds raised will focus on the following key areas:

Marketing & sales – 30%
- Launch ambitious powerful advertising and promotional campaigns aiming to drive consumer awareness and acquisition

Operating & people costs – 40%
- Finance our marketing & sales to grow; and continue developing our data-based services and attain medical device certification

Stock and Working Capital – 30%
- Operating capital to support cash flow and stock requirements as we grow

Key Information

Conversion of Convertible Loan Note

This raise will trigger the conversion of the Future Fund Convertible Loan Agreement (the ‘CLN’) which was entered into on 19th February 2021, meaning shares will be issued to the loan holders at a 20% discount to the share price set by this round. Key details of the CLN terms are set out below:

Principle loan amount: £320,000

Discount: 20%

Interest: 8% per annum.

Please note that the shares to be issued on conversion of the principal loan amount of £320,000 have been factored into the pre-money valuation for this campaign. Shares relating to the 8% accrued interest, however, have not been reflected in the valuation as these can only be calculated once a completion date has been set between parties.

Any shares issued in respect of accrued interest will not benefit from the 20% conversion discount under the CLN.

Debt

The company has the following loans:

(1) Bounce Back Loan

£50,000 Bounce Back loan at an interest rate of 0% for five years. The loan is to be repaid in March 2026 and there is currently approximately £41,000 outstanding.

(2) Innovate UK Loan

The Company has taken out a secured loan of £426,373 from Innovate UK (a government backed innovation agency). This loan accrues interest of 7.4% pa, however from the earlier of 1st January 2024 or the date on which the first project is commercialised, only 50% of that rate will be payable, with the remaining 50% being capitalised and added to the loan principal on the final date of repayment (22 March 2028).

In the case of an event of default of the company the lender can (i) declare the loan and interest immediately repayable / on demand (ii) exercise its security against the Company's assets or (iii) increase the interest payable by 2% or (iv) require the transfer of any unexploited IP. Additionally, if the project fails and the company is unable to repay the loan repayments, then it will trigger the immediate repayment of the loan in full.
The lender can also convert the loan into shares at the company's then current valuation if (a) there is an event of default or (b) the project fails to bring commercial value in the form of revenue generation on the expiry of 3 years from first drawdown and (c) after consultation the lender considers that commercialisation of the project or a liquidity event appears probable in the future, with a view to selling those shares in order to recoup its loan capital and interest.

(3) Credit facility

Following the completion of this round, the Company intends to enter into a facility agreement for £400,000. The term of the facility will be 2 years from drawdown, and is expected to be secured by either a fixed or a floating charge.

Funds from this round will not be used to repay these loans.

Investor 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.

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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 Bluebell has been approved by Seedrs Limited (trading as Republic Europe) ("Republic Europe", "us" or "we"), as of 3 August 2022 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 £4,900,098

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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