A zero-friction network of companies, workers and recruiters aiming to revolutionise the world of work.
Business overview
Location | London, United Kingdom |
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Social media | |
Website | myn.co.uk/ |
Sectors | Recruitment & Procurement Digital Mixed B2B/B2C |
Company number | 10888914 |
Incorporation date | 28 Jul 2017 |
Investment summary
Business highlights
- Strong traction in a Market valued over $171.5BN.
- Seasoned Team with multiple Exits, including one over £1BN
- Own AI Models trained on 4BN Words from 100M+ Jobs and Profiles.
- Building cutting-edge Deep Learning Models in HR for 10+ years.
Key features
Idea
Introduction
“The largest taxi company has no taxis, the largest hotel network has no hotels…” - imagine a dynamic market network for employment services.
Myn is an innovative source-to-pay platform with a vision to create a zero-friction network that connects companies, workers, and recruiters seamlessly.
Our end-to-end solution is powered by AI, enabling intelligent talent sourcing and matching. The platform offers self-service talent acquisition, fully funded payrolling services, digital compliance solutions, job boards, and enticing employee benefits.
With a clear focus on transforming the world of work, Myn aims to streamline processes and drive transactional costs to a minimum.
In a fragmented and costly market, we want Myn to stand out as an innovating force, addressing the growing need for on-demand talent and revolutionising the way we approach employment and workforce management.
Substantial accomplishments to date
We prioritise employee well-being and strive to eliminate the frustrations of the zero-hours contracts, offering every worker a sense of belonging and a harmonious work-life balance.
Driven by innovation, we have achieved many game-changing accomplishments within our marketplace:
- Overcome the major challenge with any AI model, making it explainable!
- Developed several sophisticated proprietary AI models. This technology gives us the capability to automate Search, score any candidate profile against any job, summarise job adverts and candidate profiles
- Continuous automated scanning and analysis of 10M live UK jobs, linked to a vast database of 1.2M+ UK companies and 20M+ candidate profiles. This allows us to serve customers across all verticals
- Created software specifically to provide workers with advance payment without waiting for their time sheets to be approved.
- We have raised £325,000 during the first close of this round
- Building strong partnerships with renowned brands like Coupa, Fielglass and Bullhorn.
- Trusted by global clients like Tapfin|Manpower, GSK, HSBC, Absa Bank
- Currently are on a number of Procurement Frameworks like YPO and Proactis
- Total existing candidates userbase of over 150k individuals
- 6,000 jobs registered on the platform.
- Over 1,300 hires made through the platform
Monetisation strategy
Myn's monetisation strategy offers a variety of service fees to different Stakeholders, ensuring a seamless source-to-pay experience for all parties involved.
1. Fully integrated - typically for large enterprises, 7%-12% of hired candidates salary. (Fee may be generated from integration also depending upon the scale).
2. Self-Service - Fees from 7-10% for talent pooling, funding and payrolling of candidates.
3. Independent recruiters - 30%-50% of the income generated by independent recruiters.
4. Marketplaces & Partners - We will charge 5%-10% depending upon the volume and margin minus the partner’s fees.
Use of proceeds
The world of AI is growing, and we continue investing in our capability to leverage the latest advancements, ensuring Myn remains at the forefront of innovation.
The funds raised during this crowdfunding campaign will be allocated to the following main channels:
1. Fully-Integrated Channel (50%)
Building UPSs to increase conversion at the large enterprise level
integrations with social networks, like WhatsApp, and Facebook.
Partnering with job marketplaces, including Linkedin.
Improving compliance solutions with partners such as Onfido and Yoti.
2. Self-Service (20%)
Expanding marketing reach
automating credit checking for cost-effective customer acquisition,
streamlining employer sign-up processes for higher conversion.
3. Independent Recruiters Network (20%)
Supporting Acquisition/Onboarding Costs.
Investing in Marketing, Training, and Branding Support.
4. Marketplaces & Partners (10%)
Expanding Marketplace Integrations (10%)
Enterprise Marketplaces: Salesforce, Office365
Come and Join the Myn Revolution!
Key Information
Outstanding Debt
The company has the following outstanding loans:
- £45,000 loan from Laurence Seward. The loan is to be repaid on 31 Oct 2023. Interest at 8% per annum if payment is made after 31 Oct 2023.
- £38,216 Unsecured loan from Santander Bank at an interest rate of 2.5% per annum. Monthly repayments with final payment on 11 May 2030.
-£466,000 of trade creditors (primarily HMRC)
The Company has also capitalised director loans of £374,965 into Redeemable Preference Shares. These are non-voting and are in all material respects a loan interest structured as equity. The capital rights are limited to the nominal value of the Redeemable Preference Shares (£374,965). These are repayable at the Company’s discretion, or on a liquidation or exit etc. As a result, these shares have not been factored into the share price for this round.
The funds raised from this investment round will not be used to repay these loans.
Share classes
The company currently has 2 classes of shares, Ordinary shares and Redeemable Preference shares. All investors in this round, including Seedrs investors, will be receiving Ordinary shares, which have voting and dividend rights. As mentioned above, the Redeemable Preference shares have 1x non-participating preference on exit or liquidation to effect the loan repayment.
Founders interest
Paul Donoghue, a director of the company, is also a founder and owner of a financial services company Delphic Financial Planning Limited, with no related transaction with Work Perks Group Limited. Paul has an advisory role with no daily function in the business.
Group Structure
Investors in this round are investing in and will become shareholders of Work Perks Group Limited (10888914). This is the holding company for the group.
The list of 100% subsidiaries of Work Perks Group Limited:
- Networker Global Limited
Company no. 11111493
- Knownetwork Limited
Company no. 11111234
- Work Perks 4 U Limited
Company no. 11112634
- Advance Wages Ltd
Company no. 11705946
Investment reflected
£445,000 of the investment reflected in this campaign was received by the company between February and April 2023, and the Company has started putting it to use according to the use of proceeds section of this campaign.
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