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DeadHappy

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We are DeadHappy. Home of the deathwish and changing attitudes to death... one deathwish at a time.

109%
 - 
Funded 10 Jan 2022
£5,100,007 target
£5,643,051 from 1,067 investors
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Business overview

Location Leicester, United Kingdom
Social media
Website deadhappy.com
Sectors Finance & Payments Digital Mixed B2B/B2C
Company number 08624700
Incorporation date 25 Jul 2013
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Investment summary

Type Equity
Valuation (pre-money) £35M
Equity offered 13.80%
Tax relief

EIS

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Business highlights

  • One of Europe's top insurtech startups.
  • Over 213,000 customer deathwishes made.
  • Award winning with 18,600+ life insurance plans sold to date.
  • VC backed by Octopus, Headline, 4Ventures, Verso, and Volution.
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Key features

  • Secondary Market
  • Nominee investment min. £12.08 +
  • Direct investment min. £90,000.00 +

Idea

Introduction

We are home of the deathwish. Not the desire for self-annihilation, but our way of helping people understand what they want to happen when they die.

Our proprietary deathwish technology platform allows people to make, share, and fund deathwishes.

For some, deathwishes might be about what they want people to wear at their funeral. For others, they might be more fundamental like paying off the mortgage, or funding someone's education.

Life insurance is a £3.7bn market prime for disruption. Traditional life insurance products are complex, expensive, inflexible, and boring. We redesigned it so that it’s affordable, accessible, and fully integrated into our deathwish platform.

Features include:

· Super-fast application: life insurance in under 5 minutes
· Payouts that can flex up and down to match your circumstances
· Rolling extendible 10 year guarantees

Customer feedback is overwhelmingly positive, with NPS of 83 & Trustpilot score of 4.9/5 from 1200+ reviews.

Substantial accomplishments to date

2018

· Launched MVP life insurance product.
· Raised £1.5m seed venture capital (Octopus Ventures).
· Partnership agreed with AA-rated insurance providers.

2019

· Full launch of life insurance product.
· 3000+ life insurance plans sold
· Raised £4m Series A venture capital (Octopus Ventures and Headline).
· Invested in team and technology increasing in size from 6 to 21.

2020

· 120,000+ deathwishes made.
· 6,700+ life insurance plans sold
· 255% revenue growth (July-20 vs. July-19)*.
· Launched second product NearDeath insurance
· Secured first third-party distribution partnership.
· Launched first sponsored deathwish.
· Runner up in Global Insurtech NY 2020.
· Launched first TV advert.
· Tech Nation's top 15 fintechs to watch in 2020.
· Raised £4.7m loan note funding from existing investors, new VC Funds (Venture Founders & 4Ventures Limited) and Seedrs
· Won Protection Review Innovation Award

2021

· 213,000+ deathwishes made.
· 18,600+ life insurance plans sold (to date)
· 184% revenue growth (Oct20-Oct 21)*
· Revised commercial deal with insurers increasing day one revenue by 50%
· Developing new ‘Price Comparison’ product
· Rated excellent on Trustpilot (4.9*) with 1,200+ reviews.
· NPS of 83 (industry average of 11)
· Nominated for 3x Protection Review Awards – (results in Dec)
· Ranked #2 in the list of Top 50 UK Insurtech’s

*based on unaudited management accounts

Monetisation strategy

Revenues are generated through:

Commissions (live)
We earn upfront commission revenue for every Life Insurance and NearDeath plan sold. We earn additional commission revenue when customers extend their plans annually.

Sponsorships (live)
Our platform allows businesses to advertise their product by sponsoring a “deathwish”. We charge a fixed fee each time a sponsored deathwish is selected or insured.

Distribution partnerships (live)
Our platform supports co-branding of our products, for which we charge a fee each time a DeadHappy product is sold. As we take on more partners, this capability will be extended to full white labelling for big household names.

Digital wills (MVP live)
Our will product allows customers to legalise their “deathwishes”. Revenue is earned through an upfront fee and will be supplemented with a small annual charge.

Use of proceeds

Growth (15%)

· Launch our products on price comparison sites.
· Develop our deathwish platform into a full retail experience.
· Embed deathwishes onto third party sites to drive organic traffic.

Technology (35%)

· Further development of our underwriting engine, to take advantage of our unique data capability and further enhance pricing competitiveness.
· Improvements to UX to further streamline journeys and processes.
· Grow the tech team to accelerate delivery of more products and features.

Product (25%)

· Launch our price comparison site extended term product.
· Develop and launch our blockchain-powered wills proposition.

Partnerships (25%)

· Further develop our white-labelling technology solutions and platform to deliver our SAAS model to insurers.
· Build the partnership team (business development and account management capability.)
· Accelerate the on-boarding of deathwishes for sponsors and charities.

Key Information

Share Classes

The company has three existing classes of share. Ordinary shares, A Shares and Preferred B shares. A shares and Preferred B Shares both hold a 1 x non-participating preference right and anti-dilution rights in the event of a downround. Preferred B shares rank higher than A Shares.

Seedrs investors in this round will receive Ordinary shares as the company will be seeking EIS tax relief on the investment.

Lead Investor

The Lead Investors in this round are Octopus and Verso Holdings who have participated for a total of £5m. This investment is on different terms to the other investors in the round and is included in the 'investment already funded' amount at the top of the campaign.

The Lead Investors in the round will be participating for Preferred B shares at the same share price as Seedrs investors.

Seedrs investors in this round will receive Ordinary shares as the company will be seeking EIS tax relief on the investment.

Debt

The company has the following outstanding loans:

1. £56,000 Director's loan at an interest rate of 10% per annum. The does not carry a fixed repayment date and is due to be repaid in Q1 2022.

2. £50,000 bounceback loan at an interest rate of 2.5% per annum. The loan is to be begin monthly repayments Feb 22 until Feb 27.

The funds raised from this investment round will not be used to repay these loans.

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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 DeadHappy has been approved by Seedrs Limited (trading as Republic Europe) ("Republic Europe", "us" or "we"), as of 10 December 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 £35,001,728

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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