Dropless

Idea

Introduction

Dropless is your one stop shop for vehicle care. We offer business fleets and consumers mobile, sustainable and ethically delivered vehicle services such as waterless valeting, mobile body repair, mobile mechanic services and much more all through the convenience of our app. We operate within Greater London, Bath, Bristol & Cardiff and have over 55,000 vehicles on our platform and have an average of 4.8* from over 2,300 reviews on Trustpilot. We are raising money to enable us to continue to expand throughout the UK, to keep improving our in-house technology to facilitate a wider range of services and convenience for our customers

Our Services:

•Mobile waterless car wash - saving on average 200 litres of water per wash
•Mobile body repair - known as SMART repair
•Mobile mechanic services
•Premium valeting services - machine polish, clay bar, ozone treatment, oil change, tyre pressure refills and fluid top-ups
•Hydroloop - a closed loop cleaning system for HGV vehicles
Partner delivered services - to come in 2023

Substantial accomplishments to date

•60,000+ vehicles in the Dropless garage & 47,000+ Customers

•£200,000 revenue and growing fast*

•38,000,000 million litres of water saved (*estimated)

•42% revenue growth in 5 months*

•Service delivery margin over 40%

•CPA < £10 over the last 3 months

•Average frequency of valeting booking - 7 weeks

•AOV is £52 - using the 3-month weighted-average AOV number for May-Jul

•75+ B2B customers and growing - including Enterprise, John Lewis, Shell, Europcar, Avis, ZipCar, Red Bull, Sixt and Cadent

•2,300+ positive reviews

•Custom built in-house technology - back end portal to manage customer bookings, calendar optimisation & fleet bookings. Our service provider app which makes it easy for our operatives on the ground and for us to gather valuable vehicle data and our customer app making it quick and convenient to book

•B-Corp pending

•54% of revenue generated from new services (body repair & mechanics)*

We are proud of the problems we are solving in the industry:

Dropless solves a number of critical problems within an outdated and fragmented sector.

The car wash industry has been identified by a number of organisations as a high-risk sector for labour abuse. We employ our staff in an ethical way and provide opportunities for progression.

In addition there is a lack of trust in the vehicle aftercare market (MOT's, Servicing etc...). Dropless make it easy for customers to understand when an MOT service is due and help to deliver those services.

*based on unaudited management accounts.

Monetisation strategy

Revenue comes from Dropless delivered services, both through one off jobs and repeat bookings.

We typically have contracts with our fleet customers which guarantees stable and regular income.

There is an opportunity to license our fleet dashboard solutions and our hydroloop technology.

The first-party data that we collect through our service provider app (when we see a customers vehicle) can be monitised in the future e.g. we can predict when a tyre needs changing or what a customer should be paying for insurance based on their mileage.

Finally, we generate revenue through a commission structure from recommending alternative services (windscreen repair or tyre replacement) to partners

Use of proceeds

To continue to develop our technology and data in order to facilitate a B2C franchise offering and growth strategy in 2023, as well as to enable the cross-sell and upsell of our in-house and partner delivered services to existing customers. We will also aim to focus our tech on facilitating an improved subscription offering to enable customers to benefit from annual vehicle-care packages .

To invest in our new service lines such as SMART body repair, mobile mechanic and our novel Hydroloop fleet-washing service where we have recently won large B2B contracts with enterprise fleets. This means we can purchase new vehicles or convert existing ones, recruit and train new technicians.

Continuing to invest in digital marketing to acquire new customers on the B2C side of the business who in turn we sell additional convenient services to.

Invest in our sales team to continue winning long term B2B contracts across all of our service lines.