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Heard

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A Social network for people who want to be social again. Real people, real connections.

100%
 - 
Funded 5 Oct 2020
£50,000 target
£52,191 from 133 investors
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Business overview

Location Stockport, United Kingdom
Social media
Website heardnetwork.com
Sectors SaaS/PaaS Digital Mixed B2B/B2C
Company number 10592427
Incorporation date 31 Jan 2017
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Investment summary

Type Equity
Valuation (pre-money) £750K
Equity offered 6.26%
Tax relief

SEIS

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Business highlights

  • Over 11,000 downloads across iOS and Android
  • Worked with several high profile bands and events
  • Finalists in the Great British Entrepreneur awards 2019
  • SEIS eligible with £120,000 of our allocation left
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Key features

  • Secondary Market
  • Nominee investment min. £10.50 +
  • Direct investment min. £5,000.00 +
  • Idea
  • Team
  • Updates
  • Investors 133
  • Discussion
  • Documents

Idea

Introduction

Most social networks are designed to connect you with the people you already know, but what about the people you could know?

Heard shows you what's going on around you, wherever you are. Everyone you interact with is nearby - a possible real-life connection. From reconnecting with old friends, to meeting new people that share your passions or discovering a new area, Heard is about people, not followers.

You can see who else is the in the area, and your friends list shows you which of your friends are nearby - no more missed connections. Create new friendships and find people in your area that share your passions.

Messages on Heard only last a few days before they disappear. It keeps things simple, relevant and focused. Talk, make plans and meet up, just like real life. Not everything you do needs to stay online forever.

Privacy and safety are at the heart of everything we do. Only people on your friends list can send you a private message, so you control exactly who can contact you.

Intended impact

We want Heard to be the way people make new connections, share experiences, create communities and enhance social experiences.

We believe current social media is broken. Real-life relationships are being forsaken for chasing followers, likes & retweets. It's affecting peoples mental health, attempting to live up to impossible standards. Loneliness & isolation are on the rise too. We want to change the way people interact online. Your online life should be used to enhance existing relationships, not replace them.

Despite the fact that social media is a massive part of our lives, in our experience there's still no easy way to go somewhere, like a festival, and connect with people online, share your experiences, and make new relationships.

• Get recommendations for new music at a festival

• See if any of your friends are nearby

• Stay up to date with what's happening in your area

• Create communities and friendships with people in your area

Substantial accomplishments to date

• We've had over 11,000 downloads across iOS and Android

• We worked with The Charlatans on their North by Northwich festival, using the app to organise events across the town. It was a multi-day urban festival, so we used Heard to let everyone know what was going on around Northwich all week

• Heard was accepted onto the Natwest business accelerator

• We were finalists in the Great Britsh Entrepeneur awards 2019

• We launched Mercury Climbing, our first multi-day music and arts festival, which was used to promote the app and show its potential. Mercury Climbing is provisionally arranged towards the end of 2020, with an expanded festival and outdoor arenas set for 2021.

Monetisation strategy

We will have two revenue streams, one of which is also one of our biggest USPs

Differential privacy in advertising; keeping your private data private

We will show ads based on messages in the public timeline, not your private data. So for example, someone posts asking for a recommendation on which local restaurants are the best, and which are doing deliveries. We'll use that information to show ads targeted around restaurants and delivery services in the area. User privacy is protected, and their data is never sold or shared with third party advertisers, and never will be.

Enhanced Moments

Moments are free to set up, and will sit in the main timeline, but companies will pay for an Enhanced Moment. An Enhanced Moment will give you all the benefits of your own app such as branding, real-time monitoring, push notifications and more - at the fraction of the cost. We plan for set up will typically take less than a day, not weeks or even months like creating your own app often can.

Use of proceeds

We already have our SEIS approval, with £120,000 of our allocation left.

With Stewart Hamilton-Arrandale onboard as Technical Director all future app development will be handled in-house, with monthly updates and new features planned.

The majority of the money will be used to promote the app, and help us to reach a wider audience. We want to increase our awareness across existing social media to drive downloads.

We are engaging respected social media agency Social Republic to handle a new social campaign, increase our social media awareness and expand our presence across other channels.

We will also retain a PR agency to promote us to raise our profile in our key areas such as the music industry and students.

Since the outbreak of Covid-19 we have seen more people use Heard in their local surroundings, and usage has gone up. This is where we will focus our advertising for the next few months, and we have been sending in-app messages encouraging users to use Heard to see what’s happening in their neighbourhoods. After that we will focus our attention on students returning to University in September - helping them to get the most out of their new surroundings and helping them to stay safe.

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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

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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 Heard has been approved by Seedrs Limited (trading as Republic Europe) ("Republic Europe", "us" or "we"), as of 22 June 2020 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 £750,000

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

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.

Warning

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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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