Riley is a female health brand disrupting the period care market with eco-friendly and healthier options.
Business overview
| Location | Cork, Ireland |
|---|---|
| Social media | |
| Website | weareriley.com/ |
| Sectors | Healthcare Mixed Digital/Non-Digital Mixed B2B/B2C |
| Company number | 685489 |
| Incorporation date | 7 Jan 2021 |
Investment summary
Business highlights
- 10.4x Revenue Growth YoY from 2021 to 2022*
- 100+ enterprise clients providing Riley in the workplace
- Building a scalable direct-to-consumer business with a CAC of £39
- 4.8 on Trustpilot. EY Entrepreneur of the Year Finalist 2023.
Idea
Introduction
We believe female health shouldn't be a mystery, especially when it comes to the products we put in our bodies on a regular basis.
Our 100% certified organic cotton period care is designed with your body and our planet in mind, with zero harmful chemicals or toxic ingredients. The applicators on our tampons are bio-based, derived from sugar-cane which is a renewable resource. All of our pads and tampons are wrapped using wood pulp.
We're also on a mission to fight period poverty along the way, which is why we work to provide products to those that need them most and why we fund doctor-led menstruation programmes at schools. To date, we've donated almost 44,000 period products and educated almost 3,000 students in Kenya.
Substantial accomplishments to date
- Revenue-to-date is €1.34m* and our previous Trailing Twelve Month revenue is €1.13m* (April '22-March '23).
- We launched to market 2 years ago (April 2021) and saw a growth rate of 10.4x from 2021 to 2022.*
- With over 100 enterprise clients, including Accenture, Deloitte, and Sky to name a few, we're aiming to expand our B2B channel even more.
- We're building a scalable direct-to-consumer business with over 2.2k active subscribers and a CAC of £39.
- Riley has won multiple awards since launching, including the Tatler Women of 2022 Innovation Award and the Feminine Care Award in the Health & Wellbeing Awards 2022.
- Most importantly, our customers are delighted with our service. We have a 4.8 star rating on Trustpilot and have received glowing testimonials from our enterprise clients.
- With coverage across LadBible, the Business Post, RTE, the Irish Times, the Irish Independent and many more, our brand story is resonating with both readers and journalists alike.
- We've built a community of over 40,000 followers who actively engage with our high quality female health content. Our founder-led brand is more than just a product.
* Based on unaudited management accounts.
Monetisation strategy
Riley operates across two key channels: business-to-business and direct-to-connsumer. We're also exploring a third channel having secured listings with two key Irish retailers.
B2B: We believe period care should be treated like toilet paper and made readily available wherever its needed. We provide our high quality eco period care in bulk to employers, businesses, universities and schools to supply in their staff, customer or student bathrooms. Our tampons and pads are supplied in Riley branded dispensers that are wall-mounted.
D2C: We found that 93% of participants in our survey ran out of period products when they needed them so we decided to create a subscription service with a convenient home delivery. Our customers can create a custom box with the right mix of prroducts to suit their flow. We have over 2.2k active subscribers with an average 12 month LTV of €180 and an average CAC of €44, meaning the LTV:CAC ratio is over 4:1.
Retail: We're exploring retail as a channel with two upcoming contracts.
Use of proceeds
We have exciting plans and intend to accelerate our growth by using the capital raised the following ways:
Growing the team: We now are a team of six full-time staff and are actively recruiting for a number of key roles to help fuel our growth.
IT Infrastructure: We will implement a thorough tech-stack to ensure we can scale the business efficiently.
R&D: We are constantly looking at new ways to improve female health. We launched 10 new products last year and have a clear product roadmap for the upcoming 12 months.
Market Expansion: We have validated the market in our home market and, as we already ship throughout Europe, will use the capital raised to expand further into overseas markets. We're looking at solutions like localised websites and on-the-ground sales staff.
Marketing Costs: This will continue to be a key capital expenditure to increase brand awareness, acquire new and retain existing customers, with the ultimate aim of growing the business at the same fast speed.
Key Information
Outstanding Debt
The business has the following loans.
1. A Loan of €100,000 from Allied Irish Banks (AIB) with an interest rate of 5.5%. The loan is to be repaid in monthly instalments of €1451.48, with the final repayment due on 22/12/2028.
2. A Loan from Wayflier with €75,596.50 outstanding, with an interest rate of 5.5%. The loan is to be repaid in weekly instalments of €3,104 with the final repayment due on 31/07/2023.
3. A Loan of €25,000 from Microfinance Ireland with an interest rate of 4.5%. The loan is to be repaid in monthly instalments of €805.82, with the final repayment due on 15/11/2024.
The funds raised as part of this round will not be used to repay these loans.
Convertible Loans
The company has the following outstanding convertible loans, which may convert to equity after this round and dilute existing shareholders:
€300,000 aggregated in loans from three private lenders, with the following key terms:
• Interest rate: 8% per annum (payable only in the event of a redemption, whether at maturity or earlier by agreement, and not on a conversion)
• Conversion triggers:
- voluntary election after the maturity date, or
- automatic conversion on a qualifying equity financing of not less than £1.5m
•Conversion price:
- if a voluntary election after the maturity date then the market value of such shares to be issued;
- if automatic on a qualifying equity financing then at a 15% discount to market value of such shares
• Valuation Cap: n/a
• Share class: highest ranking class of share then in issue
• Repayment / maturity date: 3 years from the date of issue of the loan notes, or earlier by agreement between the Company and the noteholder.
The conversion of these shares has not been factored into the pre-money valuation, as the target is lower than the qualifying equity fundraise amount. Should the amount raised surpass €1.5M however, then these loans will convert during this round, bringing the pre-money, fully diluted valuation to €8,355,872.28.
Investors will be updated if these loans convert during the round.
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