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Pleesecakes

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Pleesecakes is a cheesecake business producing innovative fmcg products including Freezecakes & Chuffles

103%
 - 
Funded 4 Sep 2022
£300,006 target
£361,032 from 452 investors
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Business overview

Location Redhill, United Kingdom
Social media
Website www.pleesecakes.com
Sectors Food & Beverage Mixed Digital/Non-Digital Mixed B2B/B2C
Company number 12302199
Incorporation date 6 Nov 2019
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Investment summary

Type Equity
Valuation (pre-money) £6.2M
Equity offered 4.77%
Tax relief

EIS

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Business highlights

  • 30% YOY growth, expanding UK reach through food service & retail
  • £2 million revenue generated
  • Growing a social media community of over 2 million people
  • Appearance on Dragons Den. Offer received politely declined
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Key features

  • Secondary Market
  • Nominee investment min. £12.40 +

Idea

Introduction

We believe that Pleesecakes is a dessert company like no other. We’re here to bring the humble cheesecake into the 21st century & bring some much needed disruption to the dessert category. The business was incorporated in late 2019, by then painter-decorator Joe Moruzzi. Initially a passion project, Joe realised the opportunity for his creations & quickly went full time.

Joe has become a two times published author & regularly appears on TV and across social media channels. His profile & the ridiculously delicious Pleesecakes products mean that the brand has amasses an incredible 2M+ engaged followers across Tiktok & Instagram.

The focus is to produce the highest quality, exciting products, that push the boundaries of innovation. After continuous demand over the last 12 months, we have now expanded our DTC offering into retail, and the initial uptake has been nothing short of incredible.

We are now ready to bring our most exciting products to mainstream mass retail & scale the business.

Substantial accomplishments to date

-£2M+ revenue generated since launch

-£1M+ revenue in 2021

-2M+ followers across TikTok and Instagram

-2x world first products: Freezecakes & Chuffles

-2x ‘cheesecake expert’ spots on ITV This Morning

-1x offer from Touker on BBC’s Dragons Den (politely declined)

-Built out retail ‘proof of concept’ this year in Selfridges (beacon), Deliveroo (on-demand), Amazon Fresh (grocery), Slim Chickens (foodservice)

-We are in talks with major national retailers around our 2023 national retail launch plans

Monetisation strategy

Currently we operate a blend of D2C and B2B with a fairly even split over those two channels. Our strategy is to now build on the early foundations laid in retail to scale the brand nationally, followed by international expansion in the EU, UAE and USA. With our new Freezecake products we now have a product that truly works in mass retail and want to follow in the footsteps of brands like Little Moons who have shown how ripe the category is for disruption. We are also able to monetise our social media following with paid brand collaborations and sponsorship deals.

Use of proceeds

This raise will be used to support the growth of the products into retail, this will include new hires, marketing and working capital.

Key Information

Debt

The company has the following outstanding loans:

1. £46,001 Bounce Back loan at an interest rate of 2.5%. The loan is to be repaid over monthly instalments of £552.00 until October 2030.

2. £44,444.48 Bounce Back loan at an interest rate of 2.5%. The loan is to be repaid over monthly instalments of £522.00 until October 2030.

3. £60,000 loan from an individual. The loan is to be repaid in monthly instalments until May 2023.

4. £28,000 Iwoca loan at an interest rate of 4.3%. The loan is to be repaid in monthly instalments of £3,650 until February 2023.

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

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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 Pleesecakes has been approved by Seedrs Limited (trading as Republic Europe) ("Republic Europe", "us" or "we"), as of 31 May 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 £6,200,000

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 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).

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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.

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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