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The Cookaway

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The Peloton of home cooking with expert chefs & world cuisine recipe boxes!

114%
 - 
Funded 29 May 2021
£700,003 target
£801,955 from 265 investors
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Business overview

Location London, United Kingdom
Social media
Website www.thecookaway.com/
Sectors Food & Beverage Digital Mixed B2B/B2C
Company number 11570053
Incorporation date 14 Sep 2018
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Investment summary

Type Equity
Valuation (pre-money) £5.5M
Equity offered 12.77%
Tax relief

EIS

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Business highlights

  • 10 high-profile chefs onboarded on the platform.
  • Delivered 100+ cookalong events. 45x YOY growth in box volumes
  • Backed by former leaders from Tate & Lyle, Premier Foods & Sysco
  • 500+ verified reviews on Trustpilot with an Excellent 4.8 rating!
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Key features

  • Secondary Market
  • Nominee investment min. £11.28 +
  • Direct investment min. £25,000.00 +

Idea

Introduction

The Cookaway is an evolution of the recipe box model, on a mission to bring joy into cooking with our inspiring chefs, exciting menus, premium quality ingredients & live experiences, all available without a subscription.

We believe we are not just disrupting the current model but instead creating a new evolved category that combines world food, engaged communities, great experiences and amazing content.

Our chefs and products are full of soul and passion and with them, we create joyful and fun cooking experiences for our customers somewhat like a 'Peloton' experience. This has allowed us to build a community that loves our products and comes back for the experience not because they are tied into a subscription.

In addition to D2C, we have a fast growing B2B offering for corporates, holiday cottages and accommodation aggregators. Our ‘Powered by The Cookaway’ service enables chefs, restaurants and member organisations to launch new products using our tech, operations and NPD capabilities.

Substantial accomplishments to date

- In 12 months, built proof of concept, achieved product-market fit and delivered over 5k boxes across the UK.

- Onboarded 10 chefs including 5 MasterChef’s & a 2-Michelin starred chef.

- Developed bespoke smart tech infrastructure & JIT supply chain to power operations at scale.

- Rated one of the top recipe boxes by many leading publications such as The Independent, Forbes, The Week and Daily Mail.

- Over 500 verified reviews on TrustPilot with an Excellent rating.

- Chosen food partner for The Lord Mayor's Big Curry Lunch 2021 that supports three national service charities. Working with 3 Celebrity chefs - Prue Leith, Matt Tebutt & Cyrus Todiwalla OBE.

- Backed by high profile food and tech investors as part of this funding round. Including former Chairman of Tate & Lyle, former CEO Premier Foods, former CIO Sysco, and CIO of Canadian Rail.

- Robert Walton MBE, president of the Restaurant Association, joined as an advisor.

- Highly engaged community of over 3k customers with over 11k followers on our social platforms.

- Pilot agreed with one of the largest travel accommodation providers, which will be one of the first times they deliver a food-based experience with a physical product to their clients.

- Worked with several well known brands including Ikea, Deloitte, Dyson, Mars and Santander.

- Partnerships established with multiple distribution platforms such as Virgin Experience Days.

- Strategic partnership launched with one of the largest holiday platforms in the UK.

- Partner & Sponsor for World Young Chef Young Waiter promoting young talent in the industry.

Monetisation strategy

No subscription offering and modular product allows access to multiple revenue streams:

1. Box sales from customers, live cookalong experiences and B2B team events

2. Chef and event management fees for private and corporate events

3. Powered by The Cookaway - white label offering using our custom-built tech and operations capability to power large scale bespoke events

4. Distribution partners such as Perkbox and Xexec

5. Experiences platforms such as Airbnb and VED

6. Holiday cottage aggregators so customers can order a Cookaway when booking their holiday

7. Box add ons - paired wines, other beverages, desserts and chocolates

8. Gift card sales

Further revenue streams to unlock post investment:

1. Ancillary products - kitchen equipment, unique ingredients

2. Membership offering - exclusive deals, pre-launches, premium content

3. New formats such as Heat and Eat and Cookaway Accredited Private Chef service

4. Expanded programme of recorded and live Cookalong events

Use of proceeds

With the money we raise, we will –

- Hire talent and grow the management team - bring our marketing and social team inhouse and accelerate product development. (25%)

- Invest in content generation and deployment to showcase the brand, our chefs, products and experiences. (20%)

- Build the technical platform further to allow customers to easily create and book live experiences with us. (15%)

- Launch new chefs and cuisines (Greek, Chinese, Thai, Srilankan in the pipeline) to build the largest community of chefs on our platform offering a range of exciting menus from experts around the world. (15%)

- Further improve our sustainability credentials by eliminating the remaining 5% plastics in our boxes by using paper based sachets for our various ingredients. (5%)

- Develop an app for easy ordering and managing events. (5%)

- Automation and expansion of our fulfilment centre to drive efficiencies. (10%)

- Launch a membership program. (5%)

Key Information

Valuation:
The Pre-money valuation has been calculated on a fully-diluted basis, taking into account an option pool of 127,000 shares.

Debt:
The company has the following outstanding loans:

1. £50,000 Bounce Back Loan from Barclay's Bank, entered in May 2020. Fixed interest rate of 2.5% per annum which kicks in after a year. Loan to be repaid over 6 years.

The funds raised from this investment round will not be used to repay these loans.

Investor Perks

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If you successfully purchase a share lot of this business, you will be granted access.

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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

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 has been approved as a financial promotion by Seedrs Limited (trading as Republic Europe) ("Republic Europe"), which is authorised and regulated by the Financial Conduct Authority with firm reference number 550317. 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. All investment activities take place within the United Kingdom, and any person resident outside the United Kingdom should ensure that they are not subject to any local regulations before investing.

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 £5,476,158

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

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Equity Offered

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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.

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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.

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Secondary market

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Direct investment

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Payment options

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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.

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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

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