Snakehive designs premium leather phone cases and accessories, safeguarding your most prized possessions.
Business overview
Location | Dorking, United Kingdom |
---|---|
Social media | |
Website | www.snakehive.co.uk |
Sectors | Clothing & Accessories Non-Digital B2C |
Company number | 08246737 |
Incorporation date | 10 Oct 2012 |
Investment summary
Business highlights
- Over £26m revenue to date
- Over 280,000 website customers
- £4m annual revenue (YE 2023)
- Featured in Forbes, The Independent & many more
Key features
Pitch
About the Campaign
Snakehive exists to protect the things that matter most to you. Quality driven and fast fashion-phobic, we pride ourselves on creating items designed to last.
Our tagline, “It's what's inside that counts” encapsulates our beliefs and keeps us grounded as we aim to shake up a multi-billion-pound market. However, we’re no small player; we've already shipped over 1 million products with total DTC sales of over £26m to date, having amassed over 50,000 website reviews.
Market Opportunity
Snakehive has been bootstrapped so far. However, to exponentially grow in a market aligned with conscious customer preferences, we're seeking to onboard investors for the first time to supercharge our growth and further capitalise on our brand strength/community.
Since July 2023, we've embarked on developing our accessories range, guided by customer feedback. Whilst we’re beginning to gain traction in this area, we recognise the need for further investment.
Traction & Key Accomplishment
We are driven by the fuel from our amazing customers, over 280,000 who are central to our future growth plans.
Over £26m in revenue across our own website and Amazon. £4m annual revenue (YE 2023). *
280,000+ international website customers
100,000+ active email subscriber list
New customer acquisition profitable (UK website)
UK conversion rate of 5.23% (2023)
40%+ return customer rate (UK website)
50,000+ website reviews across reviews.io and trustpilot
* based on unaudited accounts.
Multi-regional Shopify Plus sites in place
Featured in the likes of Forbes, the Independent, Tech Radar and many more.
2021: Launched our "Almost Perfect" range aimed to reduce landfill waste, saving 7,300 phone cases from landfill to date.
2022: Initial expansion of our product range to include accessories; including Apple Watch Straps and Airtags.
2023: Re-launched our localised EU Shopify site and achieved >€138,000 in sales (growth opportunity). Further product line expansions into the lifestyle accessories category.
Team
The team is led by Tim Thorp, a former Credit Suisse banking graduate who has since been operating in the eCommerce sector, focused on developing and growing the Snakehive brand. Tim has experienced both the highs and lows of what works, and, more importantly, what doesn't (we've made our share of mistakes), as well as the nuances of the eCommerce sector.
Our dedicated team of 13, based in Dorking, Surrey, work in-house across Operations, Marketing, Customer Service, Finance, and Warehousing.
Business Model
We are an eCommerce business selling through our DTC websites and Amazon. There's an opportunity for us to increase the growth of our website sales, but how?
We are acquiring customers profitably with good unit economics:
One growth bottleneck is our average order frequency value (1.6x) over a 10-year period. Improving this metric could significantly expedite our growth.
Our current product lines exemplify exceptional quality, ensuring longevity and reducing the need for frequent replacements. Our cases often outlast the phones themselves. We are now focusing our efforts on building traction on our new lines.
Use of Funds
Based on our strategic growth objectives:
Aim: Improve order frequency and customer LTV.
How: Further invest in NPD and launch a customer loyalty scheme.
Aim: Increase international revenues and profitability.
Strategy: Replicate UK website success across international websites.
How: Hire dedicated marketing resources to localise websites and marketing for these sites.
We have observed traction on our EU and USA websites, indicating growth potential. Investment is needed to unlock further international growth.
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. 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
Group Structure
Investors in this round are investing in and will become shareholders of Radstow Group Ltd 08246737. This is the holding company for the group.
The group structure is as follows:
Radstow Group Ltd, which operates under the name Snakehive, fully owns Woodspex, which is an additional DTC brand that focuses on and sells wooden sunglasses.
Material Debt
The company has the following outstanding loans:
£112,500.00 loan from PayPal UK. The loan is to be repaid via a 30% commission charged only on Snakehive’s paypal daily revenue with a minimum amount due of £6,104 each 90 day period. There is £89,701.48 left on this loan.
£80,000.00 loan from Wayflyer. The loan is to be repaid by 6.5% of total daily revenue. There is £59,104.60 left on this loan.
£49,000 loan from Shopify. repaid via commission charged on Snakehive’s daily revenue through its Shopify UK store which stands at a 13% remittance rate. There is £45,845 left on this loan.
£56,500.00 director’s loan from Timothy Thorp at an interest rate of 0% per annum. There are currently no plans to repay this loan.
The funds raised from this investment round will not be used to repay these loans.
Open an account to get access to the team members of Snakehive
Already have an account? Log in
To comply with financial regulations, we can only show full campaign details to registered users.
Only shareholders can access this page
If you successfully purchase a share lot of this business, you will be granted access.
Buy sharesOnly shareholders can access this page
If you successfully purchase a share lot of this business, you will be granted access.
Buy sharesOnly shareholders can access this page
If you successfully purchase a share lot of this business, you will be granted access.
Buy sharesOnly shareholders can access this page
If you successfully purchase a share lot of this business, you will be granted access.
Buy shares