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Pixii, A NEVA Group Brand

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We make electric boats with recyclable materials.

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Funded 10 Jun 2022
£350,003 target
£392,992 from 0 investors
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Business overview

Location Christchurch, United Kingdom
Social media
Website www.pixii.co.uk
Sectors Automotive & Transport Non-Digital B2C
Company number 12971363
Incorporation date 18 Oct 2020
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Investment summary

Type Equity
Valuation (pre-money) £6.4M
Equity offered 5.19%
UK tax relief

SEIS

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Business highlights

  • Leisure boat market is worth $41bn, electric marine vehicles market worth $4.2bn expected to double by 2027.
  • Early adopters of our Pixii's show market fit (2 sold already).
  • Founders steering toward growing maritime electric age.
  • 100% Ownership Pixii Ltd, Hippo Commercial Ltd, Lyte Drive Ltd.
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Key features

  • Secondary Market
  • Nominee investment min. £12.80 +

Idea

Introduction

The maritime industry contributes 2.5% to global Co2 levels. NEVA Group aims to bring new, sustainable tech to this category and act as a guiding light for the sector while the market grows.

Our founder, Charles Hall, was frustrated by the lack of choice for sustainable leisure boats. This led him to meet NEVA's other co-founders Daniel Simpson & Paul Luscombe.

The leisure boat market is worth around $41bn. The zero carbon portion is valued at around $4.9bn and growing, taking market share from the combustion propulsion market.

NEVA Group Ltd has three subsidiaries:

1.Pixii - currently trading and producing electric leisure boats using recycled materials.

2.Lyte Drive - not yet trading but our mission is for Lyte Drive to redesign electric jet propulsion.

3.Hippo Commercial - not yet trading but our aim is to bring to market and sell electric, commercial boats.

Our business model is to design and sell electric propulsion vessels. We are currently outsourcing the production.

We aim to sell our boats with regional dealers. We also aim to develop synergies with international supercharging partners.

Substantial accomplishments to date

In a year we have:

Sold two Pixii vessels already, with revenue to date of £327k (YE Dec 21 revenue of £263k with profit of £71k)*.

*Revenue figures are based on unaudited management accounts.

We gained £84k in grant funding for our prototype vessels.

We have had articles written about Pixii's SP 800 in Motor boat / Yachting magazines and featured online on maritime industry sites.

We have created and trademarked our brands.

We have built the first vessel which is due to be on the water in Q2 of 2022.

Our second vessel with design upgrades from our first vessel has been designed and is about to go into production.

Monetisation strategy

NEVA generates revenue by designing and selling Pixii electric boats. The sales strategy is to work with international marine dealerships to aid in gaining international market traction and after-sales care. We have an average margin of 40% on our vessels and are competitively priced compared to the current electric boat market.

Use of proceeds

Fundraising to:

1.Build the team in the sales department
2.Build demo vessels
3.Launch at international events building sales and international brand recognition

More detailed information on use of proceeds can be requested in the Documents section.

Key Information

Group Structure

Investors in this round are investing into and will become shareholders of NEVA Group Ltd (no.12971363). This is the top company under which there are three wholly owned subsidiaries:

Pixii Ltd 12970614 - currently trading
Hippo Commercial Ltd 13295527 - not yet trading
Lyte Drive Ltd 13319616 - not yet trading

Tax Relief

£230K reflected in the round from direct investors isn't eligible for SEIS tax relief. The company has £125K of their SEIS allowance remaining, which means that investments up to £380k will be eligible for SEIS tax relief.

Investments made over £380k will be eligible for EIS tax relief.

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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 Pixii, A NEVA Group Brand has been approved by Seedrs Limited (trading as Republic Europe) ("Republic Europe", "us" or "we"), as of 25 April 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 £6,400,000

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 Republic Europe.

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 Republic Europe 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).

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Nominee investment

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Custodian

If you invest in this Campaign, Republic Europe 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 Republic Europe will not benefit from any rights under a shareholder agreement. As a result, Republic Europe 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

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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 or using funds in your investment account. 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 Republic Europe. 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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