Troubadour

Idea

Introduction

We started Troubadour with the belief that bags should be comfortable and functional. They should enable professionals to perform at their highest level.

We have built a team focused on creating comfortable, functional, and sustainable bags for work and weekends. We are a certified B Corp and care about the impact that we have on our planet and our communities.

In 2022, we acquired the Mujjo brand - a tech accessories company we have loved for years - to complement and expand our product range. Troubadour and Mujjo fit well together, and the partnership has helped us to accelerate our product development and customer discovery.

In 2022, revenue grew by 128% to £2.2m. So far in 2023, we are up 193% vs 2022* (up to May 2023). We have sold to over 30,000 customers worldwide online and in-store, collected awards and press coverage, and are leading the way in developing sustainable bags and accessories.

Best of all, we are just getting started!

* based on unaudited management accounts

Substantial accomplishments to date

2019:

In Autumn 2019, we launched our Explorer Range of backpacks priced around £200. Strong customer response led to H2 revenue growth of 85%*.

2020:

People use bags to travel and to commute. As a result, the decline in travel and commuting during COVID hit our space particularly hard.

Many of our competitors cut back, laid off staff, and ran deep discounts that were harmful to their brands. We kept working to improve existing products, develop new ones, and invest in our future.

2021:

Our development work in 2020 resulted in the launch of over a dozen new styles in 2021. Some of these remain top sellers for us today.

Troubadour became B-Corp certified, with a score of 112.6 - one of the highest scores of any company in the UK.

Revenue grew by 49%* and resulted in our best revenue year so far.

2022:

Troubadour acquires the Mujjo brand, extending our reach into tech accessories; selling more than 5,000 iPhone cases.

128% revenue growth through strong product introductions and improvements. EBITDA positive in Q3 2022*.

2023:

Troubadour and Mujjo both improve and evolve our product offerings. We are also expanding our opportunities for customer discovery with new affiliate partnerships, influencer relationships, brand collaborations, and wholesale distribution.

Gross profit margins are strong and improving. In 2023, our scale has allowed us to upgrade our distribution partners and achieve better pricing on pick & pack fees as well as shipping rates.

Revenue growth of 193% YTD* (up to May 2023).

* based on unaudited management accounts

Monetisation strategy

Both Troubadour and Mujjo sell online through our own websites as well as through partner retailers online and around the world. Additionally, we have our own flagship retail store at 65 Beak St in London.

Channel breakdown by share of revenue in 2023:

Direct online retail - 61%
Partner retailers - 28%
Flagship offline retail - 7%
Corporate - 4%

Use of proceeds

Our marketing spend is diversified and profitable. We plan to continue investing to grow our customer base and helping to accelerate customer discovery.

We will invest more deeply in inventory to help avoid stockouts that have limited our growth in the past 18 months. We also anticipate growth in our accounts receivables' working capital balances as we grow our revenue coming from retail partners.

We expect to continue to invest in product development in order to further delight customers and maintain our reputation as the best-in-class products within our key categories.

Significant headcount growth is not a part of our business plan in 2023. Our focus is on maintaining a small, highly effective team comprised of A players. In 2024 and beyond, we will add selectively to our sales and sales support teams.

Anticipated use of proceeds:
Growth marketing and sales - 40%
Inventory and working capital - 30%
Product development - 15%
Sales team - 15%