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savvy navvy

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The 'Google Maps' for boats. Charts, weather, tides... Everything you need in one place.

243%
 - 
Funded 5 Jun 2024
£500,008 target
£1,232,893 from 716 investors
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Business overview

Location Borehamwood, United Kingdom
Social media
Website www.savvy-navvy.com
Sectors Travel, Leisure & Sport Digital B2C
Company number 10919572
Incorporation date 16 Aug 2017
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Investment summary

Type Equity
Valuation (pre-money) £14M
Equity offered 8.00%
Share price £12.1
Tax relief

EIS

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Business highlights

  • +1,600,000 App Downloads
  • $2.9M ARR (USD)
  • Won British Marine business of the year 2023
  • The company continues to have zero debt
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Key features

  • Secondary Market
  • Nominee investment min. £24.20 +
  • Direct investment min. £50,000.00 +
  • Pitch
  • Key Information
  • Team
  • Updates
  • Investors 716
  • Discussion
  • Documents

Pitch

About the Campaign

savvy navvy is akin to 'Google Maps' for boats, offering the first comprehensive solution for leisure mariners and watersport enthusiasts in an easy-to-use app.

The app has experienced phenomenal growth and proven product-market fit, boasting over 1.6 million downloads worldwide. From the proverbial "zero to one," savvy navvy is now poised to scale up dramatically, aiming to go from "one to a hundred."

Market Opportunity

The leisure marine industry is worth an estimated €100B annually, with €20B spent on boating equipment and accessories. With 185 million watersports enthusiasts, we are ready to scale.

Go to Market Strategy

In 2023, we bolstered our team by appointing our first C-level hire, Alex Ostler, as our new Chief Marketing Officer. She hit the ground running and produced a go-to-market strategy that will see us stack a variety of marketing initiatives to grow our brand awareness and increase our market share.

Traction & Key Accomplishment

Our business has seen tremendous growth, and we have consistently delivered outstanding figures, quadrupling our annual recurring revenue in the last two years alone.

Some Numbers

• More than 1.6 million app downloads

• 4.7 (US) / 4.6 (UK) star rating in the Apple App Store

• With users across more than 100 countries worldwide

• Plotted more than 262 million miles of routes around the world

• Tracked more than 10 million miles of GPS tracks

• Collectively, that is more than 17 million hours of ‘on the water’ data

• Increased Average Annual Revenue Per User to £74 *

• Resulting in an associated projected Customer Lifetime Value of £347

• Quadrupled ARR over the last two years ($2.9M ARR in Q1 2024) *

* based on unaudited management accounts.

Some Awards

• We were featured on national TV in Australia (2023)

• Won the British Marine Business of the Year award (2023)

• Won the Great British Entrepreneur of the Year Award (Best Scale Up 2022)

• Nominated for the Barclays Entrepreneur of the Year Award (2022)

• Won the Seedrs Entrepreneur of the Year Award (2019)

Team

The crew at savvy navvy is a fully remote, diverse team with representatives from five countries across two continents. Our backgrounds include Google, Clipper Yacht Race and Daimler Benz.

In late 2023, we strengthened our team by adding Bart, head of Engineering; Surya, redesigning our routing algorithm to its second incarnation; and Alex, our Chief Marketing Officer.

These changes have allowed Jelte, our founder, to focus on the strategic goal: taking us from “one to a hundred”.

Business Model

Since our last funding round, our subscription-based model has been refined to optimise revenue. Premium in the USA now costs $99, and subscription prices in the UK range from £45 to £89 annually.

These price increases reflect our deepened understanding of market dynamics and have increased the projected Customer Lifetime Value to £347. Resulting in a 6:1 LTV to CAC ratio, showing headroom to expand.

We have two additional revenue streams: a data insights platform and a B2B advertising vehicle.

Use of Funds

1. Expand our marketing efforts across influencer marketing, invest in programmatic SEO, grow our instructor program and extend our paid advertising channels

2. Continue to invest in RnD work, producing high-resolution bathymetry using satellite, Lidar and AI

3. Invest in several integration projects with various manufacturers in the industry. We are already in discussion with a handful of manufacturers to, for example, but not limited to, improve electric boating and reduce range fear

Key Information

Share Classes

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

The rights attached to the share classes are as follows:

A ordinary shares:

• Each share is entitled to one vote in any circumstances. Each share has equal rights to dividends. Each share is entitled to participate in a distribution arising from a winding up of the company.

B ordinary shares:

• Each share has equal rights to dividends. Each share is entitled to participate in a distribution arising from a winding up of the company.

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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

Share on:

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 savvy navvy has been approved by Seedrs Limited (trading as Republic Europe) ("Republic Europe", "us" or "we"), as of 29 April 2024 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 £13,999,301

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.

Warning

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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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