Pluto is the home for all your travel plans. Discover, organise and protect your next trip.
Business overview
| Location | London, United Kingdom |
|---|---|
| Social media | |
| Website | pluto.travel |
| Sectors | Travel, Leisure & Sport Digital B2C |
| Company number | 10252067 |
| Incorporation date | 26 Jun 2016 |
Business highlights
- 55% month on month new user growth
- 5x increase in total users in 12 months to over 7,000 users
- 3.5x increase in revenue since our last crowdfund in Sept '19
- 4.9/5 rating on the App Store and Trustpilot
Key features
Learn more about convertible campaigns.
Idea
Introduction
Pluto helps travellers escape the hassle that comes with travelling by providing a home for all of their travel plans.
We started Pluto to help fellow travel lovers make the most of every moment they get away.
From our experience — and by talking to lots of travellers — we realised that although travelling is great, sometimes bad stuff can get in the way.
The pains of deciding where to go. The unnecessary burden of organising a trip. Things going wrong whilst you're away. We exist to help you escape this bad stuff. So you're free to have the best possible trip.
Our beautiful and social platform helps you organise a trip, get inspiration and protect yourself. All in one app.
We're growing quickly with over 7,000 travel lovers in our community who love what we're doing.
Despite COVID-19, travel is still an enormous market and the most important thing in the world for under 40s. History has shown how quickly travel bounces back, and we're confident this time will be no different.
Substantial accomplishments to date
2018
- Raised our pre-seed round of £130k
- Partnered with Zurich Insurance Group and became FCA regulated
- Alex and Harry launch Pluto's hassle-free travel insurance product
2019
- Covered by TechCrunch, BBC, Monocle, Which, Mashable, InsuranceTimes and many more
- Ran a subscription pilot with Monzo
- Nominated for Best Newcomer in the Insurance Choice Awards and are a finalist for the Insurance Times' Tech & Innovation Awards
- Won the British Airways' Future of Travel Tech competition
- Ranked in the top 3 UK travel insurers on Trustpilot
- Duncan McIntyre (multi-exit founder, lead Farewill angel) joins as board advisor
2020
- Hired Head of Design and Head of Growth
- Growing policy sales 60% month on month (between Dec 2019 - Feb 2020)
- Sold over £140k of travel insurance, a 3.5x increase from our crowdfund in Sept 2019*
- Won Best Travel Insurance Provider at the Insurance Choice Awards
- Accelerated product strategy during COVID pandemic to become "the home of all your travel plans"
- Launched hassle-free planning tool
*Based on unaudited management accounts
2021
- Launched Booking.com integration and partnership
- 5.5x increase in total users in the last 14 months to over 7,000 users, despite the pandemic
- Growing quickly, with 55% month on month new user growth from Oct 20 to Jan 21
- Incredible reviews from our users and a 4.9/5 rating on the App Store and Trustpilot
Monetisation strategy
Travel is a huge market. With 1.5bn international trips in 2019 by under 40s. And 75% of the market's spend expected to come from this audience by 2025.
There's a real opportunity to build a consumer travel unicorn in the next 5 years.
We generate revenue in two ways.
1) Providing access to relevant and integrated travel services.
E.g. buying insurance or booking accommodation and transport. By integrating with providers, like Booking.com, we allow users to discover but also to book their trips. We'll earn a fee from the partner when users book through Pluto.
2) Pluto Premium, our monthly subscription service.
This freemium model allows us to offer our most engaged users additional features to help them get more out of their time away. This will launch later in 2021 and include benefits like flight tracking, automatically importing bookings from your emails and virtual doctor access when you're ill abroad.
There's also huge potential to expand into other travel services and partnerships.
Use of proceeds
Travel is expected to rebound quickly this summer, with bookings surging since the UK government's lockdown roadmap announcement.
Now is the time for a new, social, travel platform.
We’ll be investing new funds in three areas:
1) Product
We believe even more will change in the next 6 months than it did in the last. We'll be focused on new social and community-focused features. Helping travellers to discover, follow and share travel content.
2) Growth
We hope to quickly grow our market share via our product and paid channels. Increasing month on month towards summer.
3) New revenue
We'll make it even easier to book accommodation through Pluto. And we'll launch our premium subscription product, driving recurring revenue.
— Investor perks —
We won't be offering additional perks this time around. We believe the ultimate reward we can provide is using your investment to grow the business. Also, all our investors get a quarterly report and can ask the founders questions at any time, so you're always kept up-to-date.
Key Information
Key Terms
This investment round is being raised by way of a convertible equity investment structure, in this case an "advanced subscription agreement".
The key terms that apply to the Company’s advanced subscription agreement are set out below. See also attached Key Terms document for further details.
• Discount – 20%
• Valuation cap: £6,000,000
• Longstop Date is 1st September 2021
• Conversion is triggered by ("Trigger Events"):
o An Equity Fundraise – defined as the Company raising investment capital of at least £500,000 from one transaction or a series of transactions, in exchange for the company issuing of ordinary shares;
o a share sale or asset sale of the company (“Exit”); or
o An IPO – being a listing of the company’s shares on a recognised stock market.
On a Trigger Event, your investment will convert at a 20% discount to the price per share for the relevant Trigger Event.
• If conversion has not been triggered by the Longstop Date shares will be issued on the Longstop Date at the Default Share Price, which is a price per share on a company pre-money valuation of £4,500,000. Please note that this valuation is higher than the company’s last round Please note that this valuation is higher than the company’s last round which was at a pre-money valuation of £2,000,485.
• The convertible would also convert to equity at the Default Share Price in the event of winding up or liquidation of the company.
Outstanding debt
The company has an outstanding bounce-back loan of £50,000. This loan has an interest rate of 2.5% per annum. This loan is to be repaid monthly period starting from July 2021, to June 2026.
None of the funds raised will be used to repay this loan
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