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Honestly Tasty

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Our mission is to become the market leader for high quality plant-based cheese.

183%
 - 
Funded 8 Jul 2022
£450,005 target
£825,295 from 512 investors
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Business overview

Location Enfield, United Kingdom
Social media
Website honestlytasty.co.uk/
Sectors Food & Beverage Non-Digital Mixed B2B/B2C
Company number 11728863
Incorporation date 14 Dec 2018
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Investment summary

Type Equity
Valuation (pre-money) £9M
Equity offered 8.40%
UK tax relief

EIS

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Business highlights

  • Multi-award winning products, used by Michellin star chefs.
  • Growing market worth over £1.93bn globally
  • Over 11k DTC customers & 75+ B2B customers.
  • State-of-the-art facility ready to support growth to 2024.
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Key features

  • Secondary Market
  • Nominee investment min. £11.58 +
  • Direct investment min. £10,000.00 +

Idea

Introduction

Our mission is to create great tasting products in a sector with an infamously bad rep.

Whilst consumers increasingly turn towards flexitarian and plant-based diets in a bid to reduce their environmental impact, plant-based alternatives for milks and meats are tasty and widely available. Unfortunately, that is not the case for cheese, and this is the problem we want to solve...

After recognising this problem when adopting a plant-based diet in 2018, I began experimenting to create a novel production technique by combining starch & hydrocolloid technology with traditional cheese making techniques, with some of our cheeses aged up to 4 weeks. This results in cheeses that can melt but also mature to develop flavours and textures associated with dairy cheese.

The range currently includes an award winning plant-based Veganzola Blue cheese, alongside Camembert (Shamembert), Brie (Bree), and Boursin (Herbi) alternatives.

Substantial accomplishments to date

Since starting as a one man band in 2019, we've made a lot of progress:

Sales:

· Grown revenues by >11x between Y1 and Y3*

· Over 11,500 online customers with a repeat customer rate of 24%

· A total of 75+ regular B2B Customers (last 6 weeks)

*based on unaudited management accounts.

Reviews & Recognition:

World Plant-Based Taste Award - Cheese Alternative Category - Winner (Blue)

World Plant-Based Taste Award - Cheese Alternative Category - Finalist (Shamembert)

Production Capacity

We have established a state of the art, plant-based cheese kitchen in North London, which we believe gives us the capability to support the next 24 months of expansion (up to £4m revenue PA).

Investors & Advisors:

JP & Alex Petrides (AllPlants Founders) as Investors, offering their support and network as a plant-based manufacturing business based in North London.

Tim Rowcliffe (Rowcliff & Son) as an investor & sales adviser drawing on his years of experience and network.

As well as our backers, we are also working with some fantastic food scientists with backgrounds at M&S and the Coconut Collaborative.

Monetisation strategy

Our core business is the development, production and sale of plant-based cheese.

Market Opportunity:

The plant based cheese market in the UK was estimated at just over £225m back in 2019, and £1.93 billion pounds globally in 2021, with studies estimating between an 8.1 and 15.5% Compound annual growth rate through to 2027.

Channel Growth:

Our current revenue split (FY 2022) is predominately direct B2B (independent retailers and food services) at ~40% and D2C (online shop and markets) at ~55%. The remaining ~5% is the nurturing of initial wholesale relationships which we plan to grow over the next 12 months and beyond as we look to move into National Wholesaler relationships.

Support by New Product Development:

We're excitedly working towards launching Cheddar, Feta, and Stilton alternatives over the coming months to support our growth over the next 12 months.

Use of proceeds

With target funds being reached, we intend to spend investment on:

· 38% New Hires (Spanning Sales, Operations, Marketing, technical and Admin functions)

· 25% Marketing Inc. Trade shows

· 20% NPD & Food Safety

· 8% Rebranding; a new visual identify to really bring our brand and mission to life.

· 6% working capital

· 3% Professionalising Governance

We will use any additional funds to accelerate our NPD pipeline.

A portion of the investment reflected in this campaign was received by the Company in the 6 months prior to the launch of the investment round on Seedrs and the Company has started putting this to use.

Key Information

Size of Fundraise:

The Company are currently in ongoing negotiations with investors who may participate in this round. The Company is looking to raise up to £1M in this round.

Material Debt & Finance Facilites:

The company has the following outstanding loans:

1. £15,000 non-interest bearing Founder loan from Beth Moore. The loan is bing repaid in monthly instalments of £500.

2. £25,000 loan from Natwest at an interest rate of 11.38% per annum. The loan is to be repaid by August 2024. The outstanding balance of the loan stands at £13,840, and is being repaid in monthly instalments.

3. £50,000 bounce back loan from Natwest at an interest rate of 2.5% per annum. The loan is to be repaid by May 2026. The outstanding balance of the loan stands at £41,795, and is being repaid in monthly instalments.

The company has the following financing facilities:

4. £9,565.20 Lease Purchase Agreement from Lombard. The debt is to be repaid by May 2023. The outstanding balance stands at £7,725, and is being repaid in monthly instalments of £305.

5. £31,304 Lease Purchase Agreement from Lombard. The debt is to be repaid by September 2023. The outstanding balance stands at £27,558, and is being repaid in monthly instalments of £976.

6. £9,000 Lease Purchase Agreement from Lombard. The debt is to be repaid by February 2025. The outstanding balance stands at £8,778, and is being repaid in monthly instalments of £285.

7. £69,800 Lease Finance Facility from DLL Financial Solutions. The debt is to be repaid byAugust 2026. The outstanding balance stands at £65,000, and is being repaid in monthly instalments of £1,285.

8. £22,000 Advanced Payment Facility from PayPal Finance. The outstanding balance stands at £17,000, and is repayable through 30% of PayPal revenues.

9. £45,000 Advanced Payment Facility from You Lend. The outstanding balance stands at £36,000, and is repayable through 17% of online revenues.

The funds raised from this investment round will not be used to repay these loans.

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. 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

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 Honestly Tasty has been approved by Seedrs Limited (trading as Republic Europe) ("Republic Europe", "us" or "we"), as of 1 June 2022 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 £8,995,448

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 Republic Europe.

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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 Republic Europe 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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Secondary market

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Direct investment

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Business Involvement

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