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EVO

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EVO is making housing repairs easier, faster and fairer for everyone in the UK's property rental sector

131%
 - 
Funded 14 Apr 2023
£1,000,001 target
£1,318,455 from 276 investors
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Business overview

Location Bromley, United Kingdom
Social media
Website evo-pm.com
Sectors Property Mixed Digital/Non-Digital B2B
Company number 11453099
Incorporation date 6 Jul 2018
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Investment summary

Type Equity
Valuation (pre-money) £7.3M
Equity offered 15.38%
Tax relief

EIS

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Business highlights

  • £744k revenue in CY22, £100k MRR projected in March 23*
  • 5,500+ properties already using the Evo Platform
  • Property maintenance market opportunity worth £30bn
  • Working in partnership with 20 London Boroughs
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Key features

  • Secondary Market
  • Nominee investment min. £10.90 +
  • Direct investment min. £25,000.00 +

Idea

Introduction

The Rental Property Sector is Broken

In a digital world, where nearly everything can be done online, the rental experience for tenants, landlords and service professionals feels like going back in time.

❌ Tenants are less patient and are demanding a better way to report repairs, manage appointments, pay rent and find information.

❌ Landlords and Property Managers agree that arranging property repairs and staying on top of compliance is a time-consuming process, with a lack of cost transparency.

❌ Trades and Service Professionals are thwarted by poor information on repairs booked and a lack of service history information, reducing their ability to fix problems first time.

EVO's Solution

✅ A digital property management solution that seamlessly connects landlords, tenants and tradespeople with simple, easy to use technology, to drive customer satisfaction whilst dramatically reducing cost to serve.

Substantial accomplishments to date

📈 Monthly revenue run rate expected to reach £100k in March 2023*

💷 Delivered £744k revenues for year to 31 December 2022*

🏠 5,500+ properties on the Evo Platform

🏢 Service plan with British Land portfolio over 3 years

📝 Contract with Capital Letters for 20 (out of 32) London Boroughs

🤝 Partnership with Storm Housing Group

📆 Expected Lifetime Value per property is £1,903 over 7 years

🛠️ First time fix rates >95% to date

😀 Customer retention >97% to date

📊 Probability adjusted sales pipeline estimated to be valued over £40 million

👷 >6,000 vetted trades people, including partnership with Orderwork

📋 ISO 27001/45001/14001/9001 accreditations

📺 295k+ YouTube views in 2 months

Monetisation strategy

EVO charge a fixed-price subscription, eliminating surprise costs and providing a reliable 24/7 response, so repairs are quick, easy and transparent for everyone.

There are over 10 million rental properties in the UK and renters are expected to outnumber homeowners by 2039. Landlords currently spend c.£30 billion on repairs, maintenance and compliance, and an additional c.£20 billion on management annually.

Millennials shoulder the largest rental cost increase and many believe they’ll never be able to own a home. This 'Generation Rent' have understandably higher expectations of how rental homes should be maintained.

EVO aims to onboard 300k+ properties by 2026 which equates to ~3% UK market penetration.

To do this EVO is targetting 3 key verticals:

1. Private landlords
2. Major lettings agents and aggregators
3. Social housing providers and large scale property investors

Use of proceeds

Evo has raised £1.2 million to date and is now seeking to raise £1,000,000 with a pre-money valuation of £7.25 million.

We are seeking investment to further develop the EVO platform, roll out our subscription plans and shake-up the rental service market.

Funds will be primarily be used for sales and marketing. Product development will focus on 3rd party integrations and multi-tenant solutions with the aim of delivering a pure SaaS digital product for the UK's rental sector, broadening our customer reach with property management software off the shelf.

Through comprehensive property knowledge, smart repairs diagnostics and augmented reality remote visual assistance, our goal is to continue improving first-time fix-rates as well as assisting, landlords, tenants and tradespeople to reduce waste, lower energy consumption and mitigate fuel poverty.

*Based on unaudited management accounts

Key Information

Lead Investment

Please note, £657,000 of the raised funds reflected in the campaign were received by the company in August and September 2022. These investments are a part of the same round and are on the same terms as Seedrs investors.

Runway

The funds from this campaign are expected to give the Company at least 9 months runway based on their current sales profile & expected income from an R&D tax credit due in May.

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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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 EVO has been approved by Seedrs Limited (trading as Republic Europe) ("Republic Europe", "us" or "we"), as of 3 March 2023 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 £7,251,465

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

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