Jump to:

Cushon (formerly Smarterly) hero image
Pre-emption

Cushon (formerly Smarterly)

Follow

Helping people save and invest direct from payroll, promoted by many of the UK's leading employers

View more details of this business.
109% allocated
 - 
Closed 1 Jun 2021
£243,763.93 max allocation
Sold out

Business Highlights

Fundraising history This round
Type
- Equity - Pre-emption
Last price changed
18 Jun 2020 21 May 2021
Valuation
£29,172,967.07 £40,001,170.68
Share price
£13.39 £18.36
Share price change (%)
33.90% 37.12%
Tax relief
- EIS
More
Less

 

Total raised

£6M

Campaign funding history

  • Funding round
    Raised
    Equity
  • 31 Jan 2022
    £3,894,895
    4.64%
    View pitch
  • 1 Jun 2021
    £5,999,993
    13.04%
    View pitch
  • 11 May 2020
    £2,169,702
    9.25%
    View pitch
  • 10 Sep 2019
    £2,572,422
    13.33%
    View pitch
  • 11 Oct 2018
    £1,625,570
    13.15%
    View pitch
View more details of this business.

Idea

Preemption details

Cushon has secured an offer of £5m of capital from a new institutional investor at a £18.36 share price. This campaign allows investors the ability to participate in this round.

The new investor will receive a new class of share that carries a non-participating, 1 times investment preference right. That means the investor would receive their investment back first if the company sold at a lower share price than this round. The share class also benefits from a broad based weighted average antidilution right in the event of future funding rounds at a lower valuation. This new class of share is not eligible for EIS. Seedrs investors will receive Ordinary shares that are eligible for EIS tax relief, at the same price of £18.36 per share.

Investment in this round is restricted to existing shareholders only and shares available for subscription are allocated on a pro-rata basis.

This information has not been reviewed or approved by Seedrs. More information can be found by reviewing the business's post investment page.

Open an account to get access to the team members of Cushon (formerly Smarterly)

Sign up

Already have an account? Log in

To comply with financial regulations, we can only show full campaign details to registered users.

Only shareholders can access this page

If you successfully purchase a share lot of this business, you will be granted access.

Buy shares

Only shareholders can access this page

If you successfully purchase a share lot of this business, you will be granted access.

Buy shares

Only shareholders can access this page

If you successfully purchase a share lot of this business, you will be granted access.

Buy shares

Only shareholders can access this page

If you successfully purchase a share lot of this business, you will be granted access.

Buy shares

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 Cushon (formerly Smarterly) has been approved by Seedrs Limited (trading as Republic Europe) ("Republic Europe", "us" or "we"), as of 21 May 2021 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 £40,001,171

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 Republic Europe.

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 Republic Europe

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 Republic Europe 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.

Warning

You are following a link outside of europe.republic.com.

None of the information in constitutes part of the campaign and it has not been approved or reviewed by Republic Europe.

ContinueCancel