Occuity

Key Information

Material debt

The Company has the following outstanding loans:
£24,476.00 founder loan with no interest rate.
£20,388.00 founder loan with no interest rate.

The funds raised as part of this round will not be used to repay these loans, which are currently being repaid and included in monthly cash burn.

Outstanding creditors

The company currently has £277k of trade and other creditors outstanding.

Cash runway

The company is planning to raise £2m or more through a variety of sources. As one of the sources in this round, the company aims to raise a minimum of £1.1m via its Republic Europe campaign, representing at least 6 months of runway. In addition to this, and any overfunding from Republic Europe, the company anticipates further capital will be raised from additional investors.

Share classes

The company currently has 4 classes of shares: Ordinary Shares, A Ordinary Shares, B Ordinary Shares and Preferred Ordinary Shares. Prior to the current investment round, no A Ordinary have yet been issued.

The majority of offline investors in the round, including Republic Europe investors, will be receiving Ordinary Shares. £127,000 from offline investors have chosen Preferred Ordinary Shares, although these do not have EIS eligibility.

The rights attached to the share classes are as follows:

Preferred Ordinary Shares:
• Voting rights
• On a liquidation or exit:
- If the proceeds per share are £48 or less, Preferred Ordinary Shareholders will receive a 1 x participating preference.
- If the proceeds per share are between £48 and £72, Preferred Ordinary Shareholders will receive a ratcheted participating preference of 1x or less.
- If the proceeds per share are £72 or more, Preferred Ordinary Shareholders have no preference and will participate pro rata with the Ordinary and A Ordinary Shareholders.

B Ordinary Shares (Growth Shares):
• No voting rights
• On a liquidation or exit: an amount per share equal to the proceeds per share less £8.8125 i.e if on an exit, proceeds per share were £70, B Ordinary Shareholders would receive £61.1875 per share (after the Preferred Ordinary Shareholders had received 0.833 x their initial investment amount).

Ordinary Shares:
• Voting rights
• No preference on liquidation or exit, right to participate pro rata after the Preferred Ordinary and B Ordinary preferences.

A Ordinary Shares (Staff Option Scheme):
• No voting rights
• No preference on liquidation or exit, right to participate pro rata after the Preferred Ordinary and B Ordinary preferences.

Convertible Loan Notes

As part of this funding round, two existing Convertible Loan Notes (CLNs) are converting from debt into company shares. The shares being issued for these converting loans have already been included in the pre-money valuation shown for this investment offer. The number of shares these loans will receive were calculated using a "maximum case scenario." This means we have assumed the highest likely number of shares to be issued, ensuring the valuation you see already accounts for this and there’s no hidden future dilution from these CLNs.