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NuroKor Limited

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NuroKor is harnessing bioelectronic treatments with ultra-wearable technology for the global marketplace.

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Funded 11 May 2022
£600,001 target
£626,684 from 0 investors
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Business overview

Location London, United Kingdom
Social media
Website www.nurokor.com/
Sectors Healthcare Mixed Digital/Non-Digital Mixed B2B/B2C
Company number 11328713
Incorporation date 25 Apr 2018
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Investment summary

Type Equity
Valuation (pre-money) £50.8M
Equity offered 1.17%
Tax relief

EIS

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Business highlights

  • Patent-pending pain relief and physical performance technology
  • Sales operations already in 6 countries
  • Significantly scalable business with 6 existing subsidiaries
  • 2nd generation products in development
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Key features

  • Secondary Market
  • Nominee investment min. £11.60 +

Idea

Introduction

Since 2018, NuroKor has harnessed bioelectronic technology for pain management, recovery, and physical performance.

Our goal is to disrupt the clinical and consumer markets with our groundbreaking KorOS treatments and ultra-wearable technology. Our formulations are non-invasive, highly effective and include patent-pending multiwave microcurrent. Successful and impactful, we are committed to developing effective products with a unique value proposition.

Our ambition is to grow and create specialised verticals for anaesthetics, wound care, and aesthetics.

With sales already in 10 countries, we are expanding to strengthen our presence and bring improved quality of life to consumers globally.

Substantial accomplishments to date

Monetisation strategy

- Currently, revenue is generated through our 1st generation LifeTech technology.

- Our aim for the next generation of our human technology is to feature app-based adaptive algorithm software with integrated recurring revenue subscription. The first stage of this activity is to design the data collection template as this will allow us to gather test data for data scientists to create machine learning algorithms which will be embedded into the next gen devices.

- Our Animal HealthTech vertical is releasing the next generation equine technology and is in pre-launch.

- We are receiving orders in the USA for clinical distribution in the prescription chronic pain market. For that, we have a sales and reimbursement strategy.

- Healthy product margins help us to provide distributors, wholesalers and resellers with attractive revenue streams. Building on our growing sales channels and user base, we will add to those margins with recurring subscriptions and consumables.

- Growth opportunities exist by scaling distribution and entering new sector markets. Two new international territories will be added to the current six.

Use of proceeds

NuroKor is developing next-generation technology designed to be hyper-personalised, bespoke, and miniaturised.

Funds raised will be used to explore new avenues of research and development, data collection & analysis - essential for refining algorithms and treatment modes.

Further patient trials will be conducted to gain new clinical approvals providing critical information for design optimisation.

As we expand, NuroKor will employ additional expertise to take products from concept to production.

Our platform technology is designed for optimal functionality and scalability supporting numerous sub-brands. This will strengthen our global identity while maximising sales potential across all channels via the latest digital strategies focused on customer experience.

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

Outstanding debt

The company has a Bounce Back loan with an outstanding balance of £22,754, and an interest rate of 6%. This is to be repaid over 60 months from July 2021.

None of the funds raised will be used to repay this loan.

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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 NuroKor Limited has been approved by Seedrs Limited (trading as Republic Europe) ("Republic Europe", "us" or "we"), as of 24 March 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 £50,816,494

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.

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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.

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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.

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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.

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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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