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Onoco

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AI-powered parenting app. VC-backed startup building a super-app for parents.

106%
 - 
Funded 21 Aug 2023
£180,002 target
£191,137 from 174 investors
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Business overview

Location London, United Kingdom
Social media
Website www.onoco.com/
Sectors SaaS/PaaS Digital Mixed B2B/B2C
Company number 12397107
Incorporation date 10 Jan 2020
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Investment summary

Type Equity
Valuation (pre-money) £3.5M
Equity offered 5.13%
Tax relief

EIS

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Business highlights

  • Onoco became Apple’s “App of The Day” in 2023
  • Strong traction with more than 4.5m feedings logged in the app
  • Released own AI - a neural network recommending optimal nap time
  • Backed by an institutional investor
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Key features

  • Secondary Market
  • Nominee investment min. £10.50 +

Idea

Introduction

Onoco is a leading parenting super-app that provides a comprehensive solution for every type of family. The app has merged the most common app categories in the parenting space - including baby trackers, family organisers, baby journals and child development plans - into one platform.

Onoco's ambition is to create a hub for the whole family, a platform that leverages the power of data science and applies it to health and development.

The parent tech market, with a total addressable market of $46 billion, is highly fragmented. We believe most available tools only focus on one area and are not designed for every type of family, rarely considering collaborative caregiving and instead reinforcing the outdated traditional expectation of one key carer.

Onoco enables parents to add their full village - securely to their profile, giving everyone equal access to a child’s health and development journey so they can make informed decisions, together.

Substantial accomplishments to date

Since we ran our Seedrs campaign in March 2022, we have:

• Welcomed thousands of new families, with registrations growing >3x from 12,000 to 50,000

• Released Onoco AI which powers the optimal nap time predictor

• Been selected as an App of the Day on the App Store

• Featured on the homepage of the App Store with Onoco’s founder story

• Integrated with Apple Watch

• Been named a startup to watch by Sifted

• Gained coverage in publications including Parents.com, Deutsche Welle, Daily Mail and Baby Magazine, demonstrating that our brand story is resonating with both readers and journalists alike

• Released significant features based on user feedback including the Onoco AI-powered Optimal Nap Time Predictor; Live Activities for iOS 16+; Shared Timers; Lifetime statistics; Custom Logs and Customisable Menus; and Medicine Tracking

• Seen 40% of our monthly active users using our product every day

• Achieved an excellent NPS of 77 in our latest user survey

• Been shortlisted in three categories in 2023 Loved By Parents Awards

Monetisation strategy

1) Subscriptions
We offer monthly (£6.99) and annual subscriptions (£48.88) that provide families with a set of more advanced personalisation options across their accounts in addition to the free-to-access features including Onoco AI, Custom Logs and our Routine Planner / Shared Schedule.

2) Workplace benefits
Onoco has been made available as a workplace benefit, in response to the growing demand for more innovative tools to support the return to work period for parents and to help organisations demonstrate support through the first five years of a parent’s journey.

Use of proceeds

Your investment will help us to fuel further growth and continue developing even more family-focused features. The first six months alone would include:

• The release of a Knowledge Hub for Onoco Premium users, giving parents access to scientifically supported insights and advice on topics including sleep, nutrition, behaviour, and postpartum health

• Onoco AI v2 which is undergoing continual growth and training to become more efficient at sleep predictions, plus application to feeding times

• Offline mode so parents can truly take Onoco anywhere

• International expansion and increased language adaptivity, to support even more parents

• Acquisition: All while allowing us to work towards our goal of reaching hundreds of thousands of new users.

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

Debt

The company has the following outstanding loans:

The director's loan stands at £11,847.00 with an annual interest rate of 5%. Repayment, including accrued interest, will be made by the Company from its revenue once the business is financially capable.

The funds raised from this investment round will not be used to repay these loans.

Investor Perks

Please note that any discounts, rewards and/or offers listed by a company in its campaign are subject to the terms and conditions applied by that company. It is the company’s responsibility to honour such discounts, rewards and/or offers and Seedrs does not take any responsibility for them.

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If you successfully purchase a share lot of this business, you will be granted access.

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Only shareholders can access this page

If you successfully purchase a share lot of this business, you will be granted access.

Buy shares

Only shareholders can access this page

If you successfully purchase a share lot of this business, you will be granted access.

Buy shares

Only shareholders can access this page

If you successfully purchase a share lot of this business, you will be granted access.

Buy shares

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 webpage has been approved as a financial promotion by Seedrs Limited (trading as Republic Europe) ("Republic Europe"), which is authorised and regulated by the Financial Conduct Authority with firm reference number 550317. It is not intended to be a promotion of any individual investment opportunity and is not an offer to the public. The summary information provided about investment opportunities on this webpage is intended solely to demonstrate the types of investments available on the Republic Europe platform, and any investment decision should be made on the basis of the full campaign. Full campaigns are available to investors who have become authorised to invest on the Republic Europe platform. All investment activities take place within the United Kingdom, and any person resident outside the United Kingdom should ensure that they are not subject to any local regulations before investing.

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 £3,533,670

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.

Learn more about pitch type on Seedrs

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.

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

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.

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.

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