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Fussy

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Fussy is the sustainable personal care brand on a mission to banish single-use plastic from your bathroom

190%
 - 
Funded 20 Nov 2022
£700,001 target
£1,361,174 from 1,677 investors
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Business overview

Location London, United Kingdom
Social media
Website www.getfussy.com
Sectors Home & Personal Mixed Digital/Non-Digital Mixed B2B/B2C
Company number 12462889
Incorporation date 22 Feb 2020
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Investment summary

Type Equity
Valuation (pre-money) £6.2M
Equity offered 17.69%
Tax relief

EIS

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Business highlights

  • £3.8 million in annualised revenue after just 1 year of trading*
  • x18 growth in monthly reoccurring revenue in last 12 months*
  • Over 96,000 customers and 29,000 subscribers
  • Named The UK's Best Refillable Deodorant and best Eco-Deodorant
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Key features

  • Secondary Market
  • Nominee investment min. £17.03 +
  • Direct investment min. £100,000.00 +

Idea

Introduction

We are Fussy…Fussy about everything in our mission to banish single-use plastic from your everyday bathroom routine with sustainable personal care products that are convenient, effective and desirable.

As seen on Dragons’ Den and having launched just over 12 months ago, Fussy has already scaled to over £2m in gross revenue and recently achieved annualised revenue of £3.8m (based on Aug 2022 sales)*.

Our first product, named ‘The UK’s Best Refillable Deodorant’ by The Independent as well as ‘The Best Eco-Deodorant’ by Glamour, is now the UK’s highest-rated refillable natural deodorant.

And it’s easy to see why. With plastic-free refills delivered straight to your armpits every month via a flexible subscription model and a science-backed probiotic formula that eats sweat for breakfast…saving the planet has never smelt so good.

Fussy aims to be the authority figure in sustainable personal care globally and to set a new standard for the experience that sustainable products deliver.

Substantial accomplishments to date

In just over 12 months Fussy has achieved results across all areas of the business:

Growth And Marketing

📈 7.8X revenue growth between Aug '21- Aug '22 and 18x growth in recurring revenue*.

👌 69% of customers make a return purchase within 12 months.

🙌 Achieved over £2m in sales and £3.8m annualised revenue*.

💪 97,000 customers and 29,000 subscribers with 5% monthly churn.

Awards And Reviews

⭐️ The highest-rated UK based refillable natural deodorant on Trustpilot with over 3,500 reviews.

🏆 Multiple award-winning product design, winning the prestigious Red Dot Design Awards and Silver and Gold at The International Design Awards.

Sustainability

🌍 Over 100,000kg of single-use plastic saved.

🌍 Bcorp Pending.

🌍 A member of 1% For The Planet.

🌍 Certified Carbon Neutral.

Operations

🇪🇺 Built a stable and scalable supply chain.

🛒 Launched into retail including Urban Outfitters.

👃Doubled the scent range and developed a strong NPD pipeline.

Investment

💼 Secured backing from one of the UK’s most active Seed funds and notable angel investors in the D2C space.

🔥Won investment on Dragons’ Den.

Community

👨‍👧‍👧 Built an engaged community of over 150,000 Fussers across email, Instagram and Tiktok.

Team

🏢 Put in place an experienced senior management team.

🏆 Founder Matt is a finalist for Entrepreneur of the Year at The Great British Entrepreneur Awards and nominated for Start-Up of the Year.

*Based on unaudited management accounts.

Monetisation strategy

Focus has been on building a direct relationship with customers, selling direct via the Fussy website (D2C), whilst continuously learning and improving the product.

Over 40% of sales are generated through a flexible subscription service, providing a predictable income stream and a higher customer lifetime value (LTV). Customers can also choose to purchase as a one-off if they wish.

Revenue growth will be driven via omnichannel distribution, international expansion and new product development.

This includes both bricks and mortar as well as online retailers such as Amazon to increase physical availability. Fussy launched recently into Urban Outfitters, Naturisimo and Amazon with numerous large retailers in the pipeline.

International expansion will focus on the EU in 2023 first with USA and AU to follow. Fussy's supply chain has been built to allow this.

Fussy intends to position itself across multiple product verticals launching new revolutionary products in the next 12 months

Use of proceeds

Proceeds will be used to scale Fussy's distribution, territory expansion and new product development with approximately the following splits:

Growth & Marketing 40%

Data-driven performance marketing function will continue to drive acquisition across multiple channels and expand into new channels. Will also allow Fussy to continue to build the brand as a content destination.

New Product Development 25%

Building out an internal 'Fussy Lab' function, partnering with some of the best product developers in the UK and EU allowing Fussy to innovate across multiple product verticals.

Operations And Sales 10%

Continue to build a stable and scalable supply chain, undertake improvements to the existing product to improve margins. and building out the technology stack to allow efficient deployment of resources.

Team 10%

Recruitment within sales, finance, brand and growth but will continue to operate a lean team, recruiting only as growth allows.

Inventory 15%

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 and listed above. It is the company’s responsibility to honour such discounts, rewards and/or offers and Seedrs does not take any responsibility for them.

Key Information

Share Classes

The company currently has three classes of shares, Ordinary Shares, Ordinary A Shares and Ordinary B Shares.

All share classes receive the right to dividends and to vote, except Ordinary B Shares which will only be awarded from the option pool and are non-voting. On a winding up, all share classes participate pro rata. On an Exit, the Ordinary A shares have a 1x non-participating EIS eligible preference.

All investors in this round, including Seedrs investors, will be receiving Ordinary A Shares.

Investment Disclosure

£549,895 of the investment being reflected as part of the amount raised was received by the company between 03/04/22 and 03/06/22. The investment is on the same terms as the Seedrs investment.

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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 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 £6,212,084

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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