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Bullet & Bone

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Functional premium skincare that enhances sports performance. Tested & endorsed by top athletes & celebs.

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Funded 16 May 2023
£80,007 target
£100,229 from 0 investors
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Business overview

Location London, United Kingdom
Social media
Website www.bulletandbone.com/
Sectors Home & Personal Non-Digital B2C
Company number 10693686
Incorporation date 28 Mar 2017
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Investment summary

Type Equity
Valuation (pre-money) £1.5M
Equity offered 5.06%
Tax relief

EIS

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Business highlights

  • Listed by a leading sports e-retailer Pro:Direct Sports
  • High-profile supporters include Prof. Greg Whyte OBE & TeamGB
  • PR Features in GQ, T3, Coach & Planet Football
  • Sales across 3 key routes to market: D2C, international & retail
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Key features

  • Secondary Market
  • Nominee investment min. £16.63 +
  • Direct investment min. £10,000.00 +

Idea

Introduction

From recreational athletes to high-level sportspeople, we all want to up our game & achieve our personal best.

With 15 yrs+ in the personal care industry, chemist Ian Murphy saw his teammates applying various creams & rubs to their skin & muscles to try & improve performance. Some of these products were designed for medical treatment not improving performance & often had the overpowering smell you are likely imagining now.

Active Body Care is a rapidly growing segment within the huge personal care category, with 48% of consumers expressing interest in such products (Mintel). Other Sports ranges offer fragrance & packaging tweaks, but Bullet & Bone offers functional performance benefits for athletes.

So Ian created Bullet & Bone: 7 UK-made premium skincare formulas with natural active ingredients. They are kind to skin, 100% vegan & in 100% recyclable packaging.

This range of products is specifically designed to optimise your preparation, your session & your recovery.

Substantial accomplishments to date

From launch in late 2019:

- Established a team of experienced experts & key partners
- Established a network of Brand Ambassadors & Affiliates across the sports & fitness space
- Fully developed & tested Direct-to-Consumer e-commerce website - high-margin + strong repeat purchase rate
- Fully tested & operational 3rd Party Logistics partner for order fulfilment
- Positive PR coverage across trade & consumer publications, including GQ
- Universally positive feedback from Sports Scientists, Physiotherapists, Professional Athletes, Journalists, Fitness Influencers, and most importantly, consumers.
- Confirmed listings with Pro:Direct (a major online sports retailer gaining 1.5m monthly impressions)

In a short space of time and through difficult circumstances key milestones have been passed, giving Bullet & Bone a strong foundation from which to grow. Looking forwards, partners in the following areas will be targeted:

- The Health & Fitness Industry, including the larger fitness chains & independent gyms
- Specialist Sports Retailers with a relevant and engaged following
- Health & Beauty Retailers and Pharmacies with a specific interest in natural performance products

Monetisation strategy

To date, with minimal budget, the demand has been proven through organic customer acquisition & strong repeat purchases.

This raise focuses on growth, starting with the Pro:Direct opportunity. Their premium positioning & customer base serious about sports draws in 1.5m monthly website impressions, so working with their brand communications team we will promote the listings to their 3.5m+ social media followers.

We will also invest in a full digital marketing campaign to drive traffic to bulletandbone.com, aiming to deliver high margin sales with strong repeat purchase rates, as well as leveraging the prestigious listing with Pro:Direct Sports to attract new retail partners.

Already in the pipeline:
- 3 tested & approved innovative new products
- International expansion through existing leads

The UK Skin Care Market is worth $3.9 billion in 2022 (+6.22% CAGR) and by 2026 the Global Functional Cosmetics market will be worth $4.1b.

Use of proceeds

This EIS funding round will go on scaling the business and 3 key areas:

Marketing 60%
Ramping up data-driven performance marketing, driving awareness & education about the product benefits, and acquisition of new high-lifetime-value customers.

Team 30%
Recruitment to assist with brand and growth, including a Digital Marketing and Social Media Manager, with further recruiting only as growth allows.

New Product Development 10%
Range expansion & improvements to expand the pool of potential customers and brand acquirers.

With the right team and resources in place, ambition will be matched with a clear path for scaling.

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Key Information

Capitalised loans

This company will convert the following three loans into equity concurrently with this round and at the same share price of this round - they will not be factored into the Pre-Money Valuation and these have not been reflected as part of the progress bar:

- A director’s loan of £119,491.84 from Paul Wilson. This will be converted into equity as Ordinary shares.
- A director’s loan of £79,465.29 from Ian Murphy. This will be converted into equity as Ordinary shares.
A non-current loan of £44,070.62 from an individual investor. This will be converted into Preference shares.

Share classes

The company currently only has Ordinary shares in issue, but will be creating a new Preference share class as part of this round, into which the investor loan above will be converted. Please note that all investors, including Seedrs, will be receiving Ordinary shares in this round. The rights for Ordinary and Preference shareholders are set out below:

Preference shares:

1x non-participating preference on exit (see further below);
Voting rights
No rights to dividends
Capital distribution rights on liquidation and exit (subject to the preference above / below)

Ordinary shares:

Voting rights
Dividend rights
Capital distribution rights on liquidation and exit (subject to the preference above / below)

Exit preference:

The Preference shares carry a 1x non-participating preference on exit.

On an exit event, the proceeds will be distributed as follows:
Any holder of Preference shares will first receive an amount equal to the aggregate issue price of all shares held by them (i.e. a sum equal to the investor’s loan principle divided by the share price of this round)

The remaining proceeds will be distributed to all Ordinary shareholders pro rata to their shareholding.

Debt

The company has the following outstanding loans:

- £16,100.00 Bounce Back loan from NatWest at an interest rate of 2.5% per month. The current outstanding balance is £14,209.94, with the final repayment date being May 2029.

- £25,000.00 Business Loan from Natwest at an interest rate of 7.51% per year. The current outstanding balance is 12,725.90, with the final repayment date being October 2024.

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 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 £1,500,026

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.

Learn more about pitch type on Seedrs

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).

Learn more about investing and pre-emption rights.

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.

Learn more about Custodian here

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.

Learn more here

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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