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Private deal
Pre-emption

Equipsme

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Affordable Health insurance for more of your workforce.

View more details of this business.
82% allocated
 - 
Closed 19 Apr 2023
£75,000.00 max allocation
£13,040 still available

Business Highlights

Fundraising history This round
Type
- Convertible - Pre-emption
Last price changed
25 Feb 2022 19 Apr 2023
Discount
- 30.00%
Valuation
£13,502,828.64 N/A
Share price
£0.56 N/A
Share price change (%)
0.00% -
Tax relief
- EIS
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Key features

  • Secondary Market
  • Nominee investment min. £10.00 +
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Total raised

£403K

Learn more about convertible campaigns.

Campaign funding history

  • Funding round
    Raised
    Equity
  • 19 Apr 2023
    £399,820
    30.00% discount
    View pitch
  • 4 Dec 2021
    £569,621
    4.22%
    View pitch
  • 15 Dec 2020
    £275,155
    2.26%
    View pitch
View more details of this business.

Idea

Preemption details

The company is raising a total of £500,000 from existing shareholders in the form of an advance subscription agreement (ASA).

This is a pre-emption campaign open only to the company's existing investors in order that they take up their pre-emption rights in the round.

As this is a pre-emption campaign limited information is provided and we will release funds to the company even if it does not raise its maximum target. More information can be found by downloading the pitch deck. This information has not been reviewed or approved by Seedrs.

ASA Key Terms

The key terms of the ASA are set out below and should be read in conjunction with the ASA Term Sheet attached to the Documents section of this campaign:

- Discount: 30%
- Valuation Cap: £20m
- Default Share Price: £0.392 (30% discount to the price of the company's last equity round)
- Longstop Date: 6 months from signing of instrument (note: this will be after the campaign closes)
- Qualified Financing: equity financing raising no less than £500,000

Conversion triggers:

On a Qualified Financing, the ASA will automatically convert into ordinary shares or the most senior class of shares at the lower of
(i) a 30% discount to the price of the Qualified Financing, or
(ii) the Valuation Cap.

On a change of control, the ASA will automatically convert into ordinary shares at the lower of
(i) a 30% discount to the price of the change of control, or
(ii) the Valuation Cap.

On the Longstop Date or on a winding-up event, the ASA will automatically convert into ordinary shares at the Default Share Price.

Runway Disclosure

The company is estimating runway until July 2023, and is looking to extend this to December 2023 based on the full amount being raised.

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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 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 Convertible

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 convertible campaign allows you to invest today, with your investment converting into equity in the future, at a discount compared to other investors.

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.

Find out more

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.

Find out more

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.

Find out more

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.

Warning

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

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