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Renude

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Renude.co is an award-winning, AI-powered, skincare concierge service

253%
 - 
Funded 8 Sep 2022
£325,012 target
£824,815 from 210 investors
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Business overview

Location Canterbury, United Kingdom
Social media
Website renude.co/
Sectors Healthcare Digital B2C
Company number 12368798
Incorporation date 18 Dec 2019
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Investment summary

Type Equity
Valuation (pre-money) £5M
Equity offered 14.14%
Tax relief

EIS

Co investor Antler

Antler is a global early-stage venture capital firm that invests in the defining technology companies of tomorrow.

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Business highlights

  • Proprietary AI built on 1M data points, 90% see results in weeks
  • 54% avg growth in new monthly members, 87% retention after 12M
  • Team: ex-Beauty Pie, Boots, Estee Lauder + Deep AI expertise
  • Backed by Antler VC, Founders Factory and Startup Funding Club
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Key features

  • Secondary Market
  • Nominee investment min. £16.38 +

Idea

Introduction

Powered by our aestheticians and cutting-edge Computer Vision AI, Renude matches products from an expertly curated selection of the world's best-loved, results-driven skincare brands, delivering them to your door.

We’ve achieved incredible results for our users with 90% seeing improvements within weeks.

Our research shows 62% of products purchased don’t work well enough for consumers to buy again and half are discarded before they're finished.

Private skin specialists come at a premium, in-store advisors are swayed by sales targets, and products seen online are often just adverts in disguise. Who has time for this!

Powered by almost 1 million data points and built with almost 50 years of clinical expertise, our proprietary computer vision AI analyses your skin whilst machine learning instantly tailors recommendations based on:

✅ AI Image Analysis of Skin
‎‎‎✅ Skin Type and Concerns
✅ Sensory/Texture Preferences
✅ Ingredients Preferences
✅ Allergies and Intolerances
✅ Medical Contraindications

Substantial accomplishments to date

🙌 We’re growing fast
With an average 54% increase in new members, every month, over the last 6 months

🧴 Business is Booming
Quarterly revenue is up 132% since our public launch, and we've shipped more than 2,000 orders!

🏆 Winning
Renude won Tech Nation’s Rising Stars 2022 and their prestigious Applied AI Award

❤️ “You Like Me, You Really Like Me”
Leading beauty press are “genuinely really impressed with Renude” and the positive reviews keep on coming

Monetisation strategy

We generate revenue from product sales. Each customer joins as a member and every 3 months, they top up their Renude account by £20.

This £20 is fully redeemable against product purchases, gaining them access to our incredible service and unlimited advice for no additional cost – and paying no more than RRP for their products!

We take a wholesale margin of 35-50% on product sales, which continue to improve over time as order volumes increase.

We are also in advanced discussions with one of the world’s largest luxury online retailers to licence our service B2B, providing even more revenue opportunity.

Use of proceeds

🎯 Continue Membership Growth
Hit our ambitious growth and revenue targets

🤖 Expand AI skin diagnostics
Reduce the time required by our experts by a targeted additional 80%

⭐️ Launch B2B Partnerships
Aim to licence our AI to leading, global ecommerce companies

📣 Shout from the rooftops
Boost our organic search and social reach to a targeted 40% channel mix

💊 Explore skin prescriptions
Aim to partner with online pharmacies to trial a prescription offering

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 and listed above. 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

The company has the following loans:

1. £6,200 PAYE loan from HMRC. The loan is being repaid in six monthly instalments of £1,000. The first repayment was in June 2022.

2. £20,267 R&D loan with an interest rate of 16% per annum. The loan is due to be repaid on the 28th Feb 2023. It will be repaid through our R&D rebate which we will process directly after the Company's year end (31st August).

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

Share Classes

The company has two share classes - Ordinary, and A Ordinary.

Seedrs will be receiving A Ordinary shares, which have a 1X non-participating preference on exit only.

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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 Renude has been approved by Seedrs Limited (trading as Republic Europe) ("Republic Europe", "us" or "we"), as of 21 July 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 £5,000,306

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).

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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