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Uevoc

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Challenge anyone: your friends, family or the whole world! Anywhere, anytime, for fun or reward.

100%
 - 
Funded
£20,000 target
£20,000 from 32 investors
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Business overview

Location Aldershot, United Kingdom
Social media
Website -
Sectors Games Digital B2C
Company number 08347824
Incorporation date 17 Sep 2012
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Investment summary

Type Equity
Valuation (pre-money) £180K
Equity offered 10.00%
Tax relief

SEIS

  • Idea
  • Market
  • Team
  • Updates
  • Investors 32
  • Discussion
  • Documents

Idea

Introduction

U-challenge would provide a platform, through an Android or IPhone app, on which anyone could challenge other users to perform a certain task, learning a new skill for example or doing less or more of something, like giving up smoking or going jogging.

Users could send a private challenge to one or more selected individuals for fun or reward, there would also be an option to add a countdown timer. Or they could make their challenge public and would have the option to use keywords or location so they could tag their challenge enabling it to be easily found.

As well as creating Private or Public challenges and browsing challenges that are popular, U-challengers could view profiles of other U-challengers and follow them so that when they upload a new challenge they would be notified.

Intended impact

We feel this would offer a new way to socially and personally connect, communicate and collaborate around specific tasks or challenges that are relevant to a user on a location and keyword level.

Individuals could upgrade to a Pro’ account and for the first time promote their skills and services quickly and easily, via challenges, on a mobile device, to potential challengers who are nearby or who are searching for challenges that interest them.

The same would apply to ‘Brand Challengers’, they would be presented with a unique way to target and communicate with, both new and existing customers via the creation of challenges.

U-challenge actions and notifications are threaded through the U-challenge app and Facebook. All activity therefore becomes advertising and all content is essentially promotional, this would allow U-challengers to automatically share a whole new set of actions, activity and interactions on the largest social network in the World.

Marketing of U-challenge would be social and viral, with user-generated content contributing to all promotion on Facebook, YouTube, Twitter and Pinterest. User involvement and engagement is key to all aspects of the U-challenge execution.

Key global celebrities, figures and personalities would be invited to join with the virtue of the philanthropic nature of U-challenge as incentive i.e. vision 'to make the World better one challenge at a time'. The simplicity and novelty of a new platform with which they can engage, connect and challenge their relevant groups, organisations and fans would also be a key selling point.

Substantial accomplishments to date

All Visual Identity work on the brand and iconography has been completed by a leading UK Designer. Designs, colours, icons and branding we feel reflect the inclusive nature of the U-Challenge in the fact that it would appeal to as many people as possible.

Following extensive research of UK, US, Canada and Eastern European companies and individuals, a technical team in India were selected to develop the U-challenge Android and IPhone apps.

Following consultations with commercial and technical colleagues here in the UK, I travelled to India and spent one month working with the Design and Development team and completed wireframes for both the U-challenge IPhone and Android app.

Completion of the BETA versions of both the Iphone and Android are currently scheduled for November 2012.

All supporting U-challenge social channels are live i.e.: Facebook brand page, Twitter, YouTube Channel and Pinterest Account, and these would be used to build brand awareness and engagement ahead of the planned official global launch in December 2012.

Monetisation strategy

U-challenge would offer Companies the opportunity to create 'branded, sponsored challenges', pricing for which would be dependent upon:

1) The number of users on platform in a given region or country.

2) The brand’s ability to advertise and promote their challenge (U-challenge) through their existing advertising and promotional activities.

Public challengers would have the option of paying to 'Go Pro', unlocking additional features on their profile such as the ability to connect directly with challengers who join their challenges and follow them.

‘Go Pro’ challenges would also appear differently when searched for.
'Brand' and 'Go Pro' Challengers would also be eligible for their challenges to be a featured challenge on U-challenge.

The objective of U-challenge is to create a well-defined, global user base, who are highly engaged on an innovative free Android / IPhone app, that delivers an associated set of distinct revenue streams.

A large, global user base would also present additional revenue (advertising and merchandising) opportunities on all associated social channels.

Use of proceeds

We plan to use funding to:

1) Complete development and testing of BETA versions of Iphone and Android apps.

2) Fund return trip to India to work closely with design / development team to implement / project manage change list (required from BETA to global launch).

3) Pay for additional design / feature developments prior to global launch on both Apple App Store and Google Play.

4) Build a simple 'app showcase' website, with links to all social channels and relevant download (Google Play and Apple App Store) locations.

5) Create viral, social content set ahead of launch to promote U-challenge through and on the U-challenge Facebook page, Twitter Account, Youtube Channel and Pinterest profile

6) Launch U-challenge to the World on both Google Play and Apple’s App Store

7) Pay for Amazon S3 hosting

Market

Target market

The primary target market is limited to any individual in the world with an Iphone, Ipad, or Android mobile device who also has a Facebook account.

The secondary target market relates to those brands that would like to engage with the primary target market, in any / all regions.

Characteristics of target market

As mentioned above, the target market for U-challenge is essentially anyone who has an Android or IPhone device and a Facebook account.

Almost half a billion smartphones were sold in 2011; a figure which we feel could be eclipsed in 2012. Android and IOS accounted for 68% share of all devices. Facebook has over 900million users.

Competition strategy

Currently, we feel there are no companies offering Android and Iphone users the ability to ‘challenge’ friends / family (private challenges) or the World (public challenges.
Equally, we also feel that there are no apps that allow individuals to search for, accept and join others’ public challenges.

We believe the same is also true for Brands; there is no single app that allows Brands to deliver ‘challenges’ to targeted groups through a mobile app. This would be a completely new concept and a major barrier to entry would be the first-mover advantage.

Comprehensive social threading of activity / engagement would also be a major differentiator, as would innovative, creative marketing development using existing social channels (to harvest, source and promote relevant engaging content).

Global adoption of U-challenge would be determined by innovation in both the development and delivery of the app PLUS an incredible UX (user experience).

The app would need to be easy to understand and lightning fast (and fun) to use.

Thorough BETA testing would be crucial, to make sure all features / functions work quickly and seamlessly and to ensure that instruction on how to use is minimised. This would be achieved by intelligent design, where use is intuitive and supported, where relevant, with iconography rather than text.

Intelligent design, with minimised text, detail would facilitate adoption in non-English speaking countries.

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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 Uevoc has been approved by Seedrs Limited (trading as Republic Europe) ("Republic Europe", "us" or "we"), as of 9 October 2012 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 £180,000

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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