GeoDB is a blockchain-based Big Data Ecosystem which rewards you, the users, for the data you generate.
Business overview
| Location | LONDON, United Kingdom |
|---|---|
| Social media | |
| Website | www.geodb.com |
| Sectors | Data & Analytics Digital Mixed B2B/B2C |
| Company number | 11858893 |
| Incorporation date | 4 Mar 2019 |
Investment summary
Business highlights
- GeoDB rewards anyone around the world for the data they generate
- More than 200,000 users and active use in more than 100 countries
- +1,000,000,000 data points have already been captured from users
- Investment conditional upon Future Fund funding - see Key Info
Learn more about convertible loan campaigns.
Idea
Introduction
Big Data is becoming one of the most valuable assets in the world, being exploited by small oligopolies. While you, the USERS, the real data generators are being left out of the equation. GeoDB will reward any user around the world for the data they generate.
GeoDB is a peer-to-peer big data sharing ecosystem powered by blockchain technologies. We create bridges between current isolated participants and aim to solve the existing inefficiencies of the huge big data industry.
Users receive GEO tokens in exchange for their anonymous data, which can later be exchanged for FIAT money or other crypto-currencies or, once we launch our full network, use it to acquire goods and services.
This is a top-up round to take advantage of the Future Fund funding opportunity. We don't know how the world will look in the upcoming months, so we need to be cautious and ensure that no matter what, the company will have all the needed resources to push our business plan forward.
Substantial accomplishments to date
Since the incorporation of the company, GeoDB has been able to grow and build a strong infrastructure. We are now prepared to face future challenges with big trust:
1. Product & Technology:
Data Generator Network and Data Generator App GeoCash launched with more than 200,000 users & growing.
Android:
https://play.google.com/store/apps/details?id=c...
iOS:
https://apps.apple.com/us/app/geocash/id1490411090
2. Network Statistics:
+15,000,000 daily data points generated.
+1,300,000,000 data points stored in our database.
3. Team:
25 team members including 15 technical developers & researchers holding several PhDs in computer science.
4. Business Development:
a) Data Sellers
Through our proprietary app & partnerships with 3rd party applications, we have ensured the connection to our network of more than 12 million users, who will have the ability to sell their data through GeoDB.
b) Data buyers
We have strategic partnerships with 5 big data companies from Europe & Latin America including AboutGoods, Datalytics, Flame Analytics & others, who will be buying data from GeoDB after the main-net is launched.
5. GEO Token:
GEO token has been listed on 6 global exchanges. Growth of 600% since Sept. 2019.
6. Community:
We have +115,000 people following GeoDB on different social media channels like Telegram, Wechat, Twitter, Linkedin, Facebook, and Medium. +500% growth since the last raise.
7. Funding:
We have raised over £3m since August 2018.
Monetisation strategy
GeoDB is a complete ecosystem made to improve the current Big Data industry. It has been created with inherent monetization streams since moment 1 of its launch.
Monetization streams:
Data Selling
GeoDB is a Big Data marketplace. The network buys data from users and prepares it to later be sold to buyers. That margin between the buying price and the selling price will become our main revenue stream. Buy once, sell as many times as we want.
Transaction fee
We intend to charge a commission from each transaction in the GeoDB AppStore once the selling side of the network has been launched.
AppStore license fee
Developers willing to offer their software services through the GeoDB AppStore will have to pay an annual fee to use GeoDB.
Conversion services
In our user’s applications, once the full network is launched, we will be offering an instant conversion service of GEO tokens into traditional fiat money with a commission-based model for such an exchange.
Use of proceeds
The company is pursuing further investment in order to continue its accelerated growth as we approach full network launch, which we are aiming for during Q4 2020. With this top-up round of we will push the following areas of the company:
1. Team Building
Adding further talent in these areas: a) Tech Development with an additional 5 new members with Big Data, blockchain, and backend capabilities b) Biz&Dev, incorporating a Biz&Dev manager and a couple of sales representatives c) Marketing and growth. Two more people to manage marketing and communication strategies.
2. Marketing & BizDev
We will invest in the growth of our user base to increase our data-pool size and in the growth of our strategic partners, both in the selling side and buying side of the network.
3. Token Economy
We will continue to bet on the growth of our Token reach, increasing its visibility and presence in bigger and more liquid exchanges.
Key Information
Future Fund
Seedrs is supporting companies who are intending to apply to the Government backed Future Fund. You can read more about the Future Fund here: https://www.seedrs.com/learn/blog/the-future-fu....
In order for a company to be eligible to seek matched funding from the Future Fund, this investment round must be on the convertible loan terms that have been prescribed by the Future Fund for this purpose. These terms differ to our normal ‘advanced subscription agreements’.
Given this product differs from most campaigns on Seedrs, we urge all investors, including regular Seedrs investors, to read the information below and ensure you understand the terms in full before making your investment.
1. Key terms
You will see a term sheet attached to this Campaign in the Documents section which sets out the key terms of the convertible loan and you can see the full document prescribed by the Future Fund here: https://www.british-business-bank.co.uk/ourpart....
A summary of the key terms is set out below, but should be read in conjunction with the term sheet:
Discount: 25%
Interest: 8% per annum, non-compounding. On conversion events, the company can choose to repay the interest or convert it to equity (generally without the discount). See the Term Sheet for more details.
Redemption Premium: An amount equal to 100% of the principal loan amount
Valuation Cap: £35,000,000
Qualifying Equity Financing. The convertible loan will automatically convert on an equity financing raising at least the total loan amount, at the lowest share price of equity financing less the Discount [or, if lower, the Valuation Cap share price].
Maturity Date: 36 months from signing convertible loan agreement.
The default position is on the maturity date is that the loan will convert to equity unless the investor majority elect to redeem.
If redeemed, the company will repay the principal together with the Redemption Premium.
If converted, the conversion price will be at the most recent funding round share price less the Discount, provided that funding round happened after 20 April 2020 and was at least a quarter of the size of the convertible loan investment. If no such funding round has occurred, conversion will be at the share price of the last funding round prior to 20 April 2020 (no Discount). Or, if lower, at the Valuation Cap share price.
Other events of default or conversion: There are various other scenarios in which the convertible loan may convert or be repaid and investors should reference the term sheet:
Non Qualifying Funding Round: The convertible loan can convert on an equity financing round which does not meet the size criteria of a ‘Qualifying Equity Financing”, at the election of the majority of investors under the loan. Please see the term sheet for how this conversion is priced.
Exit: The convertible loan will automatically convert or be redeemed on an Exit, whichever would give investors the higher cash return. Please see the term sheet for how conversion is priced and payments on redemption in this scenario.
Events of Default: The convertible loan is to be repaid on the events of default, such as liquidation or winding up. See the term sheet for more details.
2. Government matched funding
The company intends to apply to the Future Fund for matched funding on the total eligible amount invested in this funding round. Subject to eligibility criteria and the Future Fund's approval, the Future Fund will “match” the funding raised via Seedrs or other eligible sources, subject to a minimum investment of £125,000 and a maximum investment of £5m. The Future Fund is to be allocated on a ‘first come, first served basis’ to eligible and approved businesses, so there is no guarantee that a company will receive the Future Fund matched funding.
This campaign is conditional upon receiving matched funding from the Future Fund. Seedrs will not complete the investment and transfer the funds raised until we have confirmation that the Future Fund matched funding application has been approved and that the Future Fund is ready to make the investment. If the application is denied, the campaign will be cancelled and funds will be returned to investors.
Because this campaign is conditional upon the matched funding, you will see that we have reflected the Future Fund investment as part of the round.
3. Conversion to equity
The convertible loan agreement prescribed by the Future Fund is equity focused and favours conversion of the loan to equity as the default position.
Redemption is only available in certain scenarios and is often subject to the vote of majority of the investors. Where a vote of investors is required, Seedrs will vote on behalf of any investors it represents as nominee.
There is a possibility that the convertible loan will convert in some scenarios without the consent of Seedrs (if we do not make up a majority of investors). It is also Seedrs’ position that this is primarily an instrument for investing in the equity of the fundraising business and our default position would be to vote in favour of converting the loans to shares in the company, unless there is a clear or compelling reason not to.
4. Risks
As always, investors should be aware of and accept the risks involved in investing in early stage and growth focused businesses: https://www.seedrs.com/pages/risk-warnings
In addition to the usual risk warnings included above, investors should be aware of and accept the following with respect to convertible loans:
The convertible loan agreement is intended as bridge funding to a future funding round, but there is no guarantee that a company will be able to secure further funding.
The Future Fund is to be allocated on a ‘first come, first served basis’ and there is no guarantee that a company will be successful in its application to receive the Future Fund matched funding.
There is a risk that the Company may not have sufficient funds to repay the loan on the maturity date, pay interest when it becomes due or pay the redemption premium included in the terms.
Convertible loans are unsecured obligations and in the event of a winding up or liquidation event will rank behind secured creditors of the Company.
5. Secondary market
Investors will not be able to sell their interest in the convertible loans on the Seedrs Secondary Market unless and until they have converted to shares in the company (and then only subject to eligibility and the terms and conditions of the Seedrs Secondary Market).
6. EIS Relief - past, current and future
As noted above, the convertible loan instrument is not compatible with EIS requirements, so no EIS applications will be made with respect to investments in the convertible loan.
The government has confirmed that investing in the convertible loan will not impact EIS relief previously claimed on investments in the fundraising company:
“The government has confirmed that such previous investments will not be affected where the convertible loan converts into shares. Where the convertible loan note redeems, we have been alerted that the government intends to make changes to the rules to clarify that this is compatible with such previous investments.”
However, investing in a convertible loan could impact your ability to claim EIS relief on future investments into the same company. The government has not clarified the position on this and has said it is a matter for HM Treasury and HMRC.
Seedrs is unable to provide tax advice. Tax treatment depends on individual circumstances and is subject to change.
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