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Fitbakes

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Award winning low sugar high protein indulgent baked snacks. You can now have your cake and eat it!

230%
 - 
Funded 20 Aug 2021
£225,000 target
£525,866 from 313 investors
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Business overview

Location Cheltenham, United Kingdom
Social media
Website www.fitbakes.co.uk/
Sectors Food & Beverage Mixed Digital/Non-Digital Mixed B2B/B2C
Company number 11343162
Incorporation date 3 May 2018
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Investment summary

Type Equity
Valuation (pre-money) £2.9M
Equity offered 15.14%
Tax relief

EIS

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Business highlights

  • Retailers include Coop + Selfridges, with planned Tesco launch***
  • 50k Instagram following, with 30k on mailing list
  • Over 100% YOY growth since inception**
  • Over 1 million cakes sold
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Key features

  • Secondary Market
  • Nominee investment min. £11.25 +
  • Direct investment min. £15,000.00 +

Idea

Introduction

Fitbakes is a British award winning low sugar, high protein, baked snacks brand.

Imagine if a treat could taste like cake and have the nutrition of a protein bar?

Our products have 90% less sugar, 80% less fat, 60% less calories and 200% more protein than leading cakes and chocolate brands.* And we achieve that with NO artificial sweeteners, flavourings or colourings.

We believe this nutrition makes us compliant with the new government non-HFSS policy, which says that from April 2022, products that are high in fat, sugar or salt might not be able to advertise or promote in store.

We are all about healthy and and indulgent snacking... You can literally now have your cake and eat it!

*Based on company research.

Substantial accomplishments to date

- Over 100% YoY growth since inception**

- Over 1 million cakes sold online D2C

- 25% repeat purchase in store, 40% online

- Retailers include Coop and Selfridges

- Planned launch in 1,000 Tesco Express stores in Q3 2021***

- Working with over 1k micro influencers, we have grown our Instagram following to over 50k

- A mailing list of 30,000 cakeaholics' built through DTC

- Partnership with WW (Weight Watchers) started in 2020, and just renewed

- Lots of press features, including: BBC1 News, The Times, Forbes, The Telegraph, Daily Mail and The Grocer

- We are currently applying to be a certified B Corp. as we want to be a business that balances purpose and profit

- We were a winner at the Best of Health Awards, as well as being a finalist at the MidCounties Good Food Awards, and the Veggie Awards (ongoing)

**Based on unaudited management accounts.
***Subject to change by Tesco

Monetisation strategy

Currently, the majority of our revenue comes from our D2C channel, but we are intending to expand our retail offering with this investment round.

D2C revenue is a combination of Email marketing, FB and Google Ads, Social Media influencers and general press awareness. With the grocery listings now a focus we expect a bigger swing in revenue from this source moving forward in 2022 and beyond.

Currently, Our DTC channel accounts for the majority of our revenue. We have successfully grown this revenue channel through a combination of email marketing, FB and Google Ads, Social Media influencers and press coverage leading to improved brand awareness.

With stockists already including Co-op, Selfridges and the planned launch in Tesco later this year, we intend to focus on growing the stockists and grocery listings side of the business to further drive revenue moving forward.

Use of proceeds

Investment raised in this round will be used primarily to support our digital growth and the retail launch in the following stockists, more specifically in stock and marketing to support the listing (in store promotions, merchandising, sampling and OOH):

• Planned launch in 1k Tesco stores in Q3 this year*
• In discussions with another major retailer for a 2022 launch

Exit strategy: TRADE ACQUISITION

Previous discussions with Mondelez President of Northern Europe and Director of Corporate Development Ventures.KPMG M&A team are also in ongoing discussions with potential partners.

*Subject to change by Tesco.

Investor Perks

Investors in this round will have access to buy the latest Fitbakes product, Millionaire Caramel Cakes, before the official public launch.

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

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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 Fitbakes has been approved by Seedrs Limited (trading as Republic Europe) ("Republic Europe", "us" or "we"), as of 22 July 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 £2,909,700

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

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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.

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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.

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Secondary market

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Direct investment

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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.

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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

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Security Token

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