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iknowa

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Connecting property owners with tradespeople to create, fund and manage building and renovation projects

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Funded 20 Oct 2020
£175,000 target
£196,250 from 0 investors
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Business overview

Location London, United Kingdom
Social media
Website iknowa.com
Sectors SaaS/PaaS Digital Mixed B2B/B2C
Company number 12234230
Incorporation date 30 Sep 2019
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Investment summary

Type Convertible
Discount 15%
UK tax relief N/A
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Business highlights

  • Proprietary tech increasing safety & efficiency (3 patents filed)
  • Highly skilled & experienced team with a leading track-record
  • Featured in FinTech, Business Money & Showhouse
  • Successfully raised over £250k to date
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Key features

  • Secondary Market
  • Nominee investment min. £10.00 +
  • Direct investment min. £15,000.00 +

Learn more about convertible campaigns.

Idea

Introduction

iknowa is leveraging cognitive technologies to address inefficiencies while transforming the way building & renovation projects are procured & performed through an easy to use mobile & web-based platform.

Applying proprietary AI to assist homeowners, property developers & tradespeople in analysing project quality & performance to proactively address issues before they arise. The platform reduces time & money spent on administrative tasks, while enhancing the posting, quoting & management, for all user groups.

Benefits:

Project owners (Homeowners & Developers):
- Hire reliable & quality tradespeople (Trust, transparency & high-quality project delivery).
- Protected Payments (Safeguarding project funds).
- Manage all project processes (Knowing what’s happening and when).

Tradespeople:
- Find jobs with no financial risk (Quote for free and only pay when you win the job).
- Protected Payments (Safeguarding project funds).
- Save time & money (Manage projects & automate administrative tasks).

Substantial accomplishments to date

- Since established we have successfully raised over £250k from notable private investors.

- We have formed a team of industry experts & advisors to create iknowa.

- We have filed for three software patents & additional two are waiting in the pipeline.

- Number of building & renovation projects agreed in principle & waitlisted.

- Featured in various press publications:

Monetisation strategy

iknowa’s primary source of revenue is through the addition of Service fees on successfully started projects for both tradespeople and property owners. The fees are paid inline with the payment structure and stages outlined within each project.

The fees are scalable and vary depending upon the size of the project. The table below showcases this approach:

In this scenario, the Tradesperson’s service fee is split over two tiers. For the first £1000 of the proposal an 8% service fee is added (£80) and for the remaining £1000 a 7% service fee is added (£70), totalling £150.

Why did we choose this approach?

One of the largest complaints within the construction industry is that tradespeople have to pay for the possibility of winning work, whether that be a yearly membership or paying for a lead. Yet, these payments do not guarantee work or a regular income, instead they guarantee a regular cost. iknowa finds this model unacceptable, and therefore we have made the commitment to work on a ‘no win, no fee policy.’ This encourages Tradespeople to quote with no financial risk associated, reduce their costs and get audited on works completed whilst only ever incurring a small fee when they’ve successfully secured and completed work through iknowa.

Further revenue generation will also be possible through grey labelling (API) agreements.

Use of proceeds

iknowa has an opportunity to be the go-to support platform for all building and renovation projects. We are working on a range of new products and features that we can't wait to reveal.

iknowa will also use the funds raised to accelerate product development for its consumer and business products. The funds raised will enable iknowa to apply for key licences in order to build in-house features, which should in-turn increase profit.

Proceeds from this round will be used for the following:

50% - Further development to maintain, improve & build new features by Q1 2021:
- Home automation (IoT integration),
- Workflow management (Smart project scheduling), and
- Accounting gateways (Financial & Tax management).

30% - Operational costs including overheads & team expansion.

20% - Sales & Marketing spend to acquire new users to help to reach our target of 50k successful building & renovation projects per month by Q3 2021.

We look forward to having you onboard.

Key Information

Convertible Key Terms

This investment round is being raised by way of a convertible equity investment structure, in this case an "advanced subscription agreement".

The key terms that apply to the the Company’s advanced subscription agreement are set out below. See also attached Key Terms document for further details.

Discount – conversion at a 15% discount to the valuation set by a Trigger Event.

Valuation cap of £11,250,000.

Conversion is triggered by ("Trigger Events"):

An Equity Fundraise – defined as the Company raising investment capital of at least £500,000.00 from one transaction or a series of transactions, in exchange for the company issuing of ordinary shares;

A Change of Control of the company (transfer of more than 50% of the share capital); or

An IPO – being a listing of the company’s shares on a recognised stock market or secondary market.

Longstop Date is 12 months from the date of the advance subscription agreement.

If conversion has not been triggered by the Longstop Date shares will be issued on the longstop date at the Default Share Price, which is the lower of:

the lowest price of any shares issued after the date of this Agreement; and

a price per share based on a pre-money company valuation of £11,250,000 on a fully diluted basis.

The convertible would also convert to equity at the Default Share Price in the event of winding up or liquidation of the company.

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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 iknowa has been approved by Seedrs Limited (trading as Republic Europe) ("Republic Europe", "us" or "we"), as of 30 July 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 Convertible

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.

Pitch type

Investing in a convertible campaign allows you to invest today, with your investment converting into equity in the future, at a discount compared to other investors.

Learn more about pitch type on Republic Europe

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 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).

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, Republic Europe 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 Republic Europe will not benefit from any rights under a shareholder agreement. As a result, Republic Europe 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

If available, 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 or using funds in your investment account. 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 Republic Europe. 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 Republic Europe.

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