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Truffle Guys

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Luxury truffle based condiment company.

107%
 - 
Funded 14 Jun 2024
£150,003 target
£161,301 from 194 investors
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Business overview

Location London, United Kingdom
Social media
Website truffleguys.co.uk
Sectors Food & Beverage Non-Digital Mixed B2B/B2C
Company number 12304399
Incorporation date 8 Nov 2019
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Investment summary

Type Equity
Valuation (pre-money) £2.1M
Equity offered 7.13%
Tax relief

EIS

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Business highlights

  • Over £1M in sales since Jan 22 & 70% av YOY growth*
  • Multi Award-Winning SKU’s & Harvey Nichols Listing
  • Collabs with Honest Burgers, BrewDog & Le Creuset
  • Features in The Times, BBC GoodFood & This Morning
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Key features

  • Secondary Market
  • Nominee investment min. £21.00 +
  • Direct investment min. £50,000.00 +

Pitch

About the Campaign

Back in 2019 we set out to create a condiment brand that focuses on incorporating the magic of truffle into each creation.

Truffle Guys has always been about making truffles more accessible. Our focus is on delivering the luxuriousness of truffles into everyday condiments to bring a touch of indulgence to home cooking – richness, without the price tag.

We are striving to support the everyday foodie to create simple truffle hacks at home with the use of our products - Truffle Lovers Assemble!

Market Opportunity

Truffle Guys are looking to shake up the tired truffle world and aim to disrupt the global sauces & spices market (valued at $200bn+) by making the everyday indulgence of truffle accessible for all.

Our mission is to combine access and affordability with a modern marketing approach that makes us stand out from the crowd.

We have bootstraped the business with no prior investment to date. We believe that with a cash injection, we will be able to take an even bigger slice of the pie.

Traction & Key Accomplishment

• We have achieved over £1million in sales since Jan 2022 with an average of 70% year-on-year growth*.

• Harvey Nichols Retail listing with the plan to launch in other major retailers throughout 2024 and beyond.

• Average Order Value of £40.00 (based on 2023) with an average Customer Acquisition Cost of £27.00 online & £6 from offline events.

• 35,000+ customers and 44,500 Instagram followers with over 2m videos views (cross-platform).

• Multi Award Winning Products and features on The Times, BBC GoodFood and This Morning.

• Presence in major restaurant chain menus, including Honest Burger (helped them sell over 100,000 Truffle Burgers), Brewdog, Yard Sale Pizza, Kanada-Ya, Hache and many more.

*based on unaudited management accounts.

Team

Our core Team:

• Co-Founder - Rikki Constantinou: Extensive sales experience within the food & beverage industry

• Co-Founder - Jordan Jon: Ex-luxury brand marketer

• CFO - Andrew Slater: SME Finance leader

• Events Manager - Connor Parkinson: FMCG Event Professional

• Retail Sales - Rachel Way: Major Retail FMCG consultant

• Advisor - Thierry Philardeau - Ex Nestle

However, our Number 1 Team Member who are the key to our ‘Truffle Takeover’ are our devout growing community of over 35,000 Truffle Lovers.

Business Model

We have four income streams:

1. D2C – Direct to our consumers through our website and Amazon (Over £1M in sales since Jan 2022)

2. Retail – Selective retailers that allow us to deliver on our promise of making truffle accessible.

3. Events – ‘Truffle Tour’ sees members of the Team at multiple foodie-based events allowing consumers to taste and purchase the products - 43 events planned for 2024.

4. Foodservice – Larger formats for the foodservice industry supplying restaurants nationwide.

Use of Funds

With your backing, we can look to accomplish the following:

• Key Hires to help scale business revenues.

• Brand Activations, PR & Marketing to herd even more truffle lovers into our community.

• Working Capital to assist with inventory and general growth costs.

• Product innovation and development creating new products and packaging.

• Increased margin potential through manufacturing volumes.

• Lay the foundations for future International launches in 2025.

Key Information

Material Debt:

The Company has the following outstanding debt:

1. £9,389 small business loan from HSBC at an interest rate of 15.7% per annum. The loan was entered into in 2022 and is currently being repaid through 16 monthly instalments of £587.

2. £10,897 Bounce back loan from HSBC at an interest rate of 2.5%. The loan was entered into in 2021 and is currently being repaid through 32 monthly instalments of £332.

3. £50,000 loan from the Funding Circle at an interest rate of 13.7%. The loan was entered into in 2024 and is currently being repaid through 24 monthly instalments of £2,513.

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

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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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 campaign for Truffle Guys has been approved by Seedrs Limited (trading as Republic Europe) ("Republic Europe", "us" or "we"), as of 19 April 2024 as a financial promotion. Republic Europe is authorised and regulated by the Financial Conduct Authority with firm reference number 550317. In approving this campaign, Republic Europe has concluded that the information, taken as a whole, is "fair, clear and not misleading." This means that for factual statements we have reviewed evidence of their accuracy, and that for aspirational statements we believe they are phrased appropriately in light of their speculative nature. You should note that in the case of factual statements, the evidence we review is provided by the business, and we do not audit it, which means that we may not be able to identify forged or altered evidence. You should further note that in the case of aspirational statements, the nature of the type of businesses presented on the Republic Europe platform is such that they are likely to have high ambitions, and we may approve statements that convey those ambitions even where we do not believe, or we do not have a view on whether it is likely, that they will be fully realised. The pre-money valuation and investment sought in the campaign are those set by the business: they are not reviewed or established by us, and the valuation is not an independent view of what the business is worth. Given the nature and type of businesses presented on the Republic Europe platform, it is possible that the business has very little cash remaining prior to receiving this investment, and the investment sought may be necessary for the business's on-going existence.

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 £2,100,000

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

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).

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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.

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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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