Award-winning high protein, low carb health food brand. Making healthy eating EASY & TASTY
Business overview
| Location | Hemel Hempstead, United Kingdom |
|---|---|
| Social media | |
| Website | srslylowcarb.com |
| Sectors | Food & Beverage Mixed Digital/Non-Digital Mixed B2B/B2C |
| Company number | 12054962 |
| Incorporation date | 17 Jun 2019 |
Investment summary
Business highlights
- £6.5M Revenue since launch*
- Foods for weightloss, diabetes & health
- 35% Subscriptions, 79% repeat order
- NHS contract signed + first US retail purchase order
Key features
Idea
Introduction
SRSLY (pronounced “seriously”) is a leading healthy food company that has already served tens of thousands of people and is on a mission to help millions more.
Born from Andy's own need for easy nutritious food, SRSLY has already been part of 4.5 million meals.
With over £6 million in revenue to date*, marked by an 79% repeat order rate and 35% subscription rate, SRSLY are in prime position to enter both local and international retail markets.
Having recently secured an NHS England contract and our first US retail order, we are excited to deliver on our business plans, with the aim of becoming the global leader in our field.
Proven market fit:
• Our weight loss customers say they experience longer satiation, reducing snacking.
• Our diabetes customers tell us they can avoid sugar spikes, often reducing insulin and reintroducing foods like bread and pizza
• And with 70% of adults seeking healthy options for their food, there's endless opportunity for SRSLY to meet our customer's needs!
“We believe we can empower millions more families to regain control of their lives by offering convenient, healthy, beneficial and tasty food” Andy, Founder & CEO
*Based on unaudited management accounts
Substantial accomplishments to date
• Our online conversion rate stands at an impressive 12%.
• We've successfully served tens of thousands of customers all over the UK & Europe.
• £6.5 million in revenue since launch*.
• Secured an NHS Contract for 2023 - a testament to the quality and impact of our health food products.
• Our leading products have gained huge traction, with interest for retail listings in both the UK and US markets.
• Serving the health needs of thousands of people: 71% of our survey respondents said they shop for weight loss, 32% for diabetes and 39% for general health & wellbeing.
• An impressive 79% repeat order rate.
• 35% of our customers have chosen to subscribe to regular, automatic deliveries, showcasing their trust and loyalty.
• Our products have played a part in over 4.5 million meals and continue to be used daily.
• Over 10 esteemed industry awards in 2023 alone!
*Based on unaudited management accounts
Monetisation strategy
B2C: Loyal Customers
We have established B2C revenues in the UK, with a robust 79% repeat order rate and 12% conversion rate (well above industry average).
B2B: Retail & Food Service
We have a defined B2B strategy aimed at cultivating national & international partnerships with distributors, retailers, and food services. Discussions have already started with six major retailers in the US & UK, with plans to expand this to retailers in the EU.
Summary
With a concrete foundation in B2C, and an evolving B2B strategy, we aim to further our global reach and strengthen brand loyalty through focused marketing, cultivating retail partnerships, whilst sustaining quality and trust.
Use of proceeds
SRSLY's retail and international strategies have already seen traction, with a contract signed with the NHS, along with our first US retail order & interest from major UK and US distributors.
We are now raising an immediate EIS bridging round to help us deliver against our pipeline of interested retailers, ahead of a larger round planned for next year.
With the funds from this fund we aim to achieve the following:
1. Use our proven digital marketing strategies to build on our B2C traction, and cement our position as a leader in the space.
2. Cultivate retail partnerships to build on our B2B pipeline
3. Begin work on our 5 year business plan
Working with our devoted customer base, we want to continue promoting SRSLY as the trusted brand synonymous with extremely healthy food.
With over 50% of our campaign pre-registrations already coming from existing customers, we believe there is strong loyalty to support our mission to reach more people and drive down the cost through retail economies of scale.
Key Information
Material Debt
The Company has the following outstanding loans:
1.£197,000 Directors Loan with zero interest and no repayment date. This loan is to be repaid when the company is in a sufficient cash position to do so.
2. £140,000 loan from FSE at an interest rate of 8% per annum. This loan is to be repaid in monthly instalments, with the final repayment due in September 2026.
3. £52,191 loan from ClearCo fee included, no interest. This loan is to be repaid in monthly instalments, with the final repayment due September 2024.
4. £43,000 Bounce Back Loan at an interest rate of 1.2%. This loan is to be repaid in monthly instalments, with the final repayment due October 2031.
5. £93,150 loan from the Funding Circle at an interest rate of 8% per annum. This loan is to be repaid in monthly instalments, with the final repayment due August 2028.
6. £6,000 Ex-Directors loan with zero interest. Final repayment December 2023.
7. £500,000 loan facility from FE Loan Management Ltd (of which £140,000 has been drawn down) with interest accruing at a rate of 12% above base rate per annum. The loan and any outstanding interest are to be repaid by February 2027.
The funds raised as part of this round will not be used to repay these loans.
Founders Interests
The Founder and CEO of SRSLY Ltd also fully owns another company known as Fulfilly Ltd. However, he does not partake in the management of Fulfilly Ltd; it is independently managed by its own full-time CEO.
SRSLY constructed its own fulfillment operation, which currently processes in excess of 95,000 SRSLY B2C orders per annum. SRSLY leases excess capacity to Fulfilly and invoices it for the utilization of services to provide an additional income to SRSLY
Background:
Before 2022, SRSLY worked with smaller health brands and provided resale on their website and logistics support (third party fulfillment). Due to the organic increase in third party clients SRSLY management chose to dispose of the burden of managing other companies’ brands, but still benefit financially through the rental of SRSLY equipment and staff.
SRSLY continues to receive a revenue stream from the lease to Fulfilly but there is no burden on the SRSLY management team.
An arm’s length agreement is in place and ensures that SRSLY remains undistracted in its core objectives, while Fulfilly manages the logistical needs of the transferred clients.
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.
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