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HairFare

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A platform that connects beauty professionals to salons, studios and barbershops across the UK

115%
 - 
Funded 9 Apr 2021
£50,001 target
£57,736 from 147 investors
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Business overview

Location London, United Kingdom
Social media
Website www.hairfare.co.uk
Sectors SaaS/PaaS Digital B2B
Company number 11805803
Incorporation date 4 Feb 2019
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Investment summary

Type Equity
Valuation (pre-money) £700K
Equity offered 7.61%
Tax relief

SEIS

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Business highlights

  • Dedicated end-to-end hair & beauty chair rental platform
  • 700% increase in the number of hosts since pre-launch
  • Grown to be active in 5 cities in the UK with no marketing budget
  • 150% increase in users since November last year
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Key features

  • Secondary Market
  • Nominee investment min. £14.00 +
  • Direct investment min. £20,000.00 +

Idea

Introduction

HairFare is an end-to-end hair & beauty chair rental platform, which has been designed to open up more flexible working options and greater earning potential to hair and beauty professionals across the UK. The HairFare platform offers a convenient and reliable way for freelance hair and beauty professionals to connect to premises around the country, and serve their clients efficiently.

Business owners are struggling to find staff, while on the other hand, professionals are stuck on fixed term contracts and tied down to a single location. Furthermore, in the current climate where the hair & beauty industry has been one of the hardest hit by Covid-19, both business owners and professionals need to bounce back and ensure they capitalise on the demand for their services.

Substantial accomplishments to date

HairFare launched in October 2020.

Created platform with support from established barbers, hairdressers and make up artists to produce a service which identifies and caters to their needs

Positive feedback from hosts and professionals with ongoing development dependent on requests

Expanded to 5 cities within the UK with no marketing budget

700% increase in the number of hosts since pre-launch

150% increase in users since November last year

Featured as a face of innovation and solutions provider, within the hair and beauty industry by many magazines and news articles

Featured in a number of news outlets/magazines including The Barber Magazine, Islington Gazette, Startups of London, The Successful Founder, Techround, Business Daily, ITProPortal, ExBulletin, Compsmag, Business in the News and LinkedIn News.

Monetisation strategy

Our current monetisation strategy consists of taking a commission from each booking that takes place.

We also plan to create additional revenue through the HairFare academy. This will consist of an academy which trains aspiring hair and beauty professionals, enabling them to start their career within the hair and beauty industry. As part of this plan, we will create a personalised and virtual syllabus for students.

As well as releasing HairFare merchandise and supplies which will consist of aprons, combs, gowns etc.

Further into our journey we aim to create a subscription package, for both business owners and beauty professionals, whereby users will be able to pay a monthly subscription fee and not need to pay commission on each booking. Within these packages there will be specific benefits and perks for the type of user which will increase the retention rate.

We believe there are further avenues for revenue growth including project management of businesses, marketing as well as partnerships with hair and beauty brands.

Use of proceeds

40% will be used for the creation of the app - with the aim of increasing adoption, and making the platform easier to use. Our plan is to enable professionals to be truly freelance by allowing them to book quickly and securely through their phone.

40% will be used for marketing to increase the amount of business owners and beauty professionals on the platform.This will involve targeted marketing through social media as well as working directly with hair and beauty colleges.

10% will be used for the foundation of our merchandise line - this will allow both hosts and professionals to service their clients with the most up to date equipment and allow those looking to freelance to equip themselves.

10% will be used for the initiation of the HairFare Academy - this will allow us to build the foundation to train aspiring hair and beauty professionals in order to reach their qualifications and start working professionally.

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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.

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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 £700,000

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.

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).

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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.

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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.

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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

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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