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Nomnom

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Helping people get healthier through our social community and marketplace app for health & fitness.

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Funded
£100,009 target
£104,311 from 0 investors
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Business overview

Location London, United Kingdom
Social media
Website www.nomnom.info
Company number 09083410
Incorporation date 12 Jun 2014
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Investment summary

Type Equity
Valuation (pre-money) £1.2M
Equity offered 7.69%
Tax relief

EIS

Idea

Introduction

Nomnom makes it easier for people to be fit & healthy. We are a social community & marketplace for health & fitness.

We have 50K+ users across web and mobile and are revenue generating (Oct 15).

Our app is designed like traditional social networks (Facebook/Instagram) but with a built in eCommerce platform where people can buy fitness plans, recipes guides and personal training services directly from other people.

Our users share their goals, daily meals & workouts, message & learn directly from other people just like them to be healthier.

What’s unique about us:

-INSTANT INSPIRATION: Be inspired to be healthy within seconds for free.
-UNIQUE TECH: We match you to people just like you and professionals.
-MARKETPLACE: A Person to Person health & fitness marketplace and software impacting the industry. People no longer need to be alone when wanting to be healthier. We are helping people through a mobile and web intuitive solution.

Intended impact

1 – People
We make it easier for people to be healthier through our approach and technology.

We found current methods involve reading ready-made stale information (one size fits all) or following crash diets & extreme measures. Additionally we believe people often feel alone & confused as there is too much contrasting information online & in the media.

Nomnom simplifies this as we give people an easy way to connect to people just like them. Our technology matches people with the same goal and characteristics, such as someone looking to lose fat from London & works full time will be matched to someone similar or someone who’s been through it before. We allow them to share their knowledge, ask questions and feel supported so they can begin to achieve goals together.

We have kept our design and UX similar to social media apps so it gives people instant familiarity & ease of use prompting them to use it regularly.

2 – The Industry
We are aiming to impact the whole industry with Nomnom.
As far as we know many personal trainers and other health professionals still use diaries, notepads on tablets to track, manage and work with their clients. Our platform is changing this as we give them tailor made software from which they can generate income, manage clients and grow their business.

To our knowledge, the health & fitness industry is still being operated the same way as it was 10 years ago and we aim to impact the market with bringing a mobile and web platform that gives the industry its own network that they all can benefit from. Such as:

- Getting unique and relevant data for companies (health habits, exercise choices, types of food, clothing, most common issues).
- Health information data for the government, no of people diabetic, lactose intolerant etc.
- Direct access to thousands of health & fitness enthusiasts in one place to market their products, communicate and get feedback from.
- Tailored advertising.
- Recruitment and many more.

We provide them with a complete end-to-end solution and are an early mover with our product.

Substantial accomplishments to date

We have done well in the last 6 months at Nomnom:

• All development, design and technology made and completed by the team with no external help.
• Released our iOS App on the App Store on 17 Feb 2015.
• 50K+ users across web and mobile.
• App users from 132 countries.
• Revenue generating with monetisation started late October 2015.
• More than 10,000 social media fans.
• More than 20,000 people have visited our web blog and store.
• Secured trademark for Nomnom in the UK.
• In talks with NHS, Amir Khan's agent & have worked with numerous health brands such as Savse, Protein Bakery, Wheyhey etc.
• October 2015 – Updated our app to include Video, Multiple Images and many more features.
• October 2015 – Launched the Nomnom Web Store and Web Version.

Monetisation strategy

Our primary revenue stream comes from our marketplace. Professionals sell fitness plans, recipes guides, information and services directly to other people on Nomnom for which we charge 20% fee on each transaction.

To put this into context professionals are selling and making millions each month online. Also if you check your Instagram or Facebook you will see professionals selling health & fitness services and products instantly.

Our model is capitalising on this huge trend and providing a much better, intuitive, simple way for professionals to sell manage and grow their businesses. We have already started this and generating revenue.

We believe current experience is broken, complex and time consuming and the problems people are faced with are:

1 - Where do I sell? - Website? Social? Email - Requires knowing SEO, Design, Marketing skills and often hard to manage.
2 - How do I get paid? Paypal, Stripe, Cash? Confusing! Low conv %.
3 - Manage my clients? Write in a notepad? Text/Whatsapp/Email. Tough to manage so many channels and manage thier business.

Our model offers a complete way to SELL, MANAGE, GET PAID and GROW your business. All automated, available on Web and Mobile and as far as we know first to market.

Future revenue streams will include:

-SAAS: Monthly Fee for using our software for health & fitness industry
-Data: Unique health & fitness data for health & fitness brands
-Advertising: Targeted for health and fitness industry.

Use of proceeds

The funds raised will be used in the following areas:
1 – Grow our marketplace and improve its features by adding messaging and a dashboard for sellers.
2 – Launch Apple Watch version with Healthkit integration to capture data.
3 – Develop Android Version.
4 – Develop tablets versions for iPad, Android and Windows.
5 – On-going improvements to our iOS App.

Market

Target market

We target both sides of the health & fitness market with Nomnom.

1 - People

In general these are people that like to share their health & fitness online. As we have a live app with thousands of users we know the target market for our product:

- Split between 87% Female – 13% Male
- Aged between 18-26
- UK 32% US 31% AUS 6% and ROTW 31% – currently with us looking to expand into US and Asia through language localisation and support.

Our users have a huge interest in living a healthy lifestyle. They consist of people who want to be healthier, currently preparing for a marathon or competition, bloggers or already are healthy and like to help others.

They generally share their meals, workouts and goals with each other. Our research revealed that most users who join us are the ones who like to shop at ASOS, NIKE, use the latest brands and go to a health club/gym regularly. As we have been live for 6 months+ we have enough data to profile and understand our users.

Additionally we are targeting people who actively look to spend online on food, health & fitness to be healthier. This includes people that are interested in buying fitness plans, recipes guides and information to be healthier. We see all of our user base and other health & fitness enthusiasts as the target market.

2 - Industry

Nomnom is a great place for brands, personal trainers, nutritionists and health companies. We provide them a way to connect to health & fitness enthusiasts directly, build a relationship and showcase their content.

To our knowledge we are the only product in the health & fitness space offering both brands and professionals the opportunity to sell and grow their business.The same people currently use Google Adwords and Social network to try and target health & fitness enthusiasts which we believe leads to low conversion rate and high advertising spend.

We're already working with 20+ health brands in Europe and many personal trainers across the world.

Characteristics of target market

The global digital health market is valued at $60 billion, with the UK market value at £2 billion.

Smartphone market share continues to rise with projections are for approximately 2 billion users worldwide this year. Additionally social media users keep growing which are expected to be around 2.13 Billion this year due to people in Asia joining social and mobile platforms. All this combined with the fact that E-Commerce sales in the UK alone this year are reported as to be £60 Billion.

The opportunity is HUGE. We believe with Nomnom we are capitalising on this and are well-positioned to take significant market share.

Other market highlights:
-My Fitness Pal was recently acquired for more than $475 Million.
-Runtastic bought by Adidas for $240 Million.
-#healthy #fitness #nomnom combined have more than 150 Million pieces of content on Instagram.

Due to these acquisitions, we believe there is a great exit opportunity for a large exit for Nomnom and its investors.

Marketing strategy

As we have a live App on the App Store we are currently using these methods to acquire users & partners.

-Instagram: We currently have around 100 Instagram accounts all based on Health & Fitness.

-Facebook: Actively Share in 100+ Facebook groups.

-Social Media Influencers: We are working with people who have huge followings already & getting their help in pushing people towards Nomnom. In our view we have a unique proposition for them that we can both benefit from.

-Marketplace Sellers: We are currently speaking to people who fit our criteria to be sellers in our marketplace. We are showing them how it can help them increase their sales & why Nomnom is a great platform for them. As the industry learns more about the advantages of using Nomnom we expect it will help bring others to the platform.

-Blog: We actively write content, feature people, interview people & share their stories. This has been a great success for us. This content is then shared everywhere online from Reddit, Facebook to smaller fitness communties.

-Popularity of “Nomnom”: As our name is a buzzword, we believe this automatically helps us on social media & other places to get interest & users.

-Viral Loop: We are currently building new sharing features in our app which would allow people to invite users, take part in competitions which would help organically create small viral loops.

-Partnerships: We are in talks with gyms, health brands, chefs, restaurants & athletes as we all have great synergy & are working towards a similar goal. We believe that these would make us impact the market in a large & wide scale.

-PR: We are starting our rounds with press as we have already helped thousands become healthier and in our view have a unique product for press to write about.

Planned acquisition Method:
Instagram: 52%
Facebook: 24%
Blog: 15%
App Store Organic: 9%

Competition strategy

Our largest USP is our marketplace. As far as we know we are the first in the market to add such an eCommerce element and believe this to be the main way we will succeed against our competitors as we are bringing something new, exciting and valuable to the industry. We are giving the power to the people to make their own decisions, build their own brands and in return help people become healthier.

Other differentiators between Nomnom and its competitors is that we are offering user added content only whereas all other offer ready-made content from 3rd party sources which devalues the content and is not applicable to make people healthier.

From a technology perspective, as we have built our back-end stack and do not use 3rd party services we believe it gives us the ability to move fast, scale quickly and keep costs low. We found most competitors outsource development and use ready-made tools which lead to, and can make it difficult for them to scale.

Additionally we believe our knowledge of the industry, our relationship with our community, and experience in the team sets us apart from our competitors.

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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 Nomnom has been approved by Seedrs Limited (trading as Republic Europe) ("Republic Europe", "us" or "we"), as of 13 November 2015 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 £1,199,998

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.

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Equity Offered

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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.

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