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Snakehive

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Snakehive designs premium leather phone cases and accessories, safeguarding your most prized possessions.

102%
 - 
Funded 22 Jul 2024
£100,003 target
£102,431 from 148 investors
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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
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Investment summary

Type Equity
Valuation (pre-money) £1.6M
Equity offered 6.01%
Tax relief N/A
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Business highlights

  • Over £26m revenue to date
  • Over 280,000 website customers
  • £4m annual revenue (YE 2023)
  • Featured in Forbes, The Independent & many more
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Key features

  • Secondary Market
  • Nominee investment min. £22.70 +
  • Direct investment min. £50,000.00 +

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.

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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 webpage is issued by Seedrs Limited (trading as Republic Europe) ("Republic Europe"), and has been approved as a financial promotion for the purposes of s.21 of the Financial Services and Markets Act 2000 by Prosper Capital LLP ("Prosper") which is authorised and regulated by the Financial Conduct Authority with firm reference number 453007 on 6 August 2024. It is not intended to be a promotion of any individual investment opportunity and is not an offer to the public. The summary information provided about investment opportunities on this webpage is intended solely to demonstrate the types of investments available on the Republic Europe platform, and any investment decision should be made on the basis of the full campaign. Full campaigns are available to investors who have become authorised to invest on the Republic Europe platform. It is not for distribution in the United States of America and all investment activities take place within the United Kingdom. Any person resident outside the United Kingdom should ensure that they are not subject to any local regulations before investing.

Neither Republic Europe nor Prosper provide advice or recommendations in relation to any investment on this site. 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. Neither Republic Europe nor Prosper provides 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 £1,601,712

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.

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