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Plateaway

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Restaurant meal kit marketplace with some of the biggest & best independent brands, delivering nationwide

120%
 - 
Funded 22 Nov 2021
£500,010 target
£771,576 from 274 investors
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Business overview

Location LONDON, United Kingdom
Social media
Website www.plateaway.com/
Sectors Food & Beverage Digital Mixed B2B/B2C
Company number 11065308
Incorporation date 29 May 2020
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Investment summary

Type Equity
Valuation (pre-money) £4M
Equity offered 13.08%
Tax relief

EIS

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Business highlights

  • £700,000 + revenue, 21,000 + kits sold, 14,000+ customers
  • Backed by the award winning Haatch Ventures leading the round
  • Partnered with 70 brands including Shake Shack & Hard Rock Cafe
  • Featured in GQ, Mail Online, Time Out, The Infatuation & more
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Key features

  • Secondary Market
  • Nominee investment min. £11.75 +
  • Direct investment min. £25,000.00 +

Idea

Introduction

Customers who don’t live in city centres have limited access to high-quality food options from the best restaurants in the UK. For these people, restaurant meal kits allow anyone, no matter where you live, to eat high-quality, restaurant-standard food at home. Restaurant meal kits take away the stress of eating out and the high price-point, and lack of quality, of a takeaway.

Restaurant meal kits are a brand new concept. Our meal kits are specially curated, hand-picked ingredients from some of the best restaurants including our exclusive partners Shake Shack, Hard Rock Cafe and Homeslice. We bring the restaurant dining experience to your home!

With the UK meal kit industry estimated to be worth 1bn a year, and 89% of customers wanting their favourite restaurant brands to continue delivering after restrictions end, Plateaway is in a great position to capitalise and become the market leader in this new and exciting space.

Substantial accomplishments to date

In our first year of trading (with limited funds) we have achieved the following*:

- £660,000+ GMV online sales
- 14,000+ Customers
- 22,500 Kits Sold
- 60k Corporate Sales
- 6,500+ Email Subscribers
- 10,300+ Instagram Followers
- 400,000+ Users Visited
- £37 Avg. Basket Spend

*based on unaudited management accounts

We have Partnered with over 70 restaurants & brands to date. These include some of the biggest brands in the UK such as:

- Shake Shack
- Hard Rock Cafe
- Homeslice
- Patty&Bun
- Burger and Beyond
- Island Poké
- Passo
- Paul
- The Cinnamon Club
- Fishworks

We have been heavily featured in the press in magazines such as:
- GQ
- Mail online
- Time out
- Independent
- Infatuation

Monetisation strategy

COMMISSION
Plateaway charges a 10-25% commission to our restaurant partners. Commission rates are dependent on a restaurant tier. We have three tiers; Gold, Silver and Bronze. These are mainly based on exclusivity to Plateaway. We plan to evolve these tiers and offer different services, perks and incentives to our partners in the future. These include access to our nationwide distribution, meal kit and packaging development and marketing support such as free content creation, homepage takeovers, paid promotions, more social media exposure, and joint marketing (email campaigns, giveaways).

REVENUE STREAMS
Plateaway currently has two main revenue streams. Online meal kit sales and corporate sales. We plan to introduce several other revenue streams in the near future, including customer memberships and meal kit subscriptions.

DELIVERY CHARGE
We offer three delivery charges on Plateaway that are charged to the customer; free delivery, £2.95 and £4.95.

Use of proceeds

The main focus of this round of investment will go torwards growing our team, evolving our Platform and implementing a very exciting marketing strategy to let everyone in the UK know about Plateaway.

GROWING OUR TEAM

New hires will grow our team’s capabilities across new business, sales, operations, marketing, technology and product development.

EVOLVING OUR PLATFORM

We are building our own bespoke microservices architecture to raise market barriers to entry and allow Plateaway technology to be scaled worldwide. We have partnered with Evolve who provide our embed software development team, who have developers who helped build Just Eat.

MARKETING STRATGEY

We have developed an exciting marketing strategy where we will start to scale our digital marketing spend, introduce customer referrals, and also continue to build our great SEO rankings as well as to grow and leverage our gold restaurant partners, benefiting from their referrals, which is a huge benefit of being a marketplace.

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.

Key Information

Outstanding debt

Please note the business has outstanding debt obligations. Please see the documents section for a summary.

Funds raised as part of this round will not be used to repay outstanding debt.

Share classes

The company currently has 2 classes of shares, A ordinary shares and B ordinary shares. All investors in this round, including Seedrs investors, will be receiving A shares.

The rights attached to the share classes are as follows:

A ordinary shares:
Full voting rights
Each share is entitled pari passu to dividend payments or any capital distribution.

B ordinary shares
No voting rights
Each share is entitled pari passu to dividend payments or any capital distribution.

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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 campaign for Plateaway has been approved by Seedrs Limited (trading as Republic Europe) ("Republic Europe", "us" or "we"), as of 5 October 2021 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 £4,000,875

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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None of the information in constitutes part of the campaign and it has not been approved or reviewed by Seedrs.

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