Urban

Idea

Introduction

Urban is the wellness app for busy people. It’s a way to book massages, beauty treatments, personal training and more to your door in as little as 60 minutes.

For busy professionals in the city, it’s a one-stop-shop for relaxation and self-care that fits easily into any schedule. And for the practitioners using Urban to connect with clients, it’s a new way to earn more working to their own hours and on their own terms. A win-win, if there ever was one.

Urban’s scaleable in more ways than one, too:

-With practitioners already operating in London, Paris, Manchester and Birmingham, setting up in a new city is as easy as remotely onboarding new pros - a capability we’ve introduced during social distancing.

-With 50+ wellness treatments ready to book, Urban has the potential to span all aspects of wellness, from massage to mindfulness and beyond. If it makes you feel well, there’s scope to host it on Urban.

Substantial accomplishments to date

- Over 650,000 appointments delivered (that’s 94% growth since our last Seedrs campaign in August 2018)
- £43M in cumulative sales value (growth of 115% since August 2018)
- 42% growth in income and gross profit (2018 vs 2019) *
- 3,800 partner practitioners onboarded
- Over 50 treatments now available
- 7,300+ reviews on Apple app store with an average rating of 4.8/5 stars
- £20m funding since 2014 including commitments to this campaign.

*Based on unaudited management accounts.

Monetisation strategy

Our current model is simple: we charge practitioner partners a 25%+VAT fee on the total value of each treatment – money we then spend on operating and marketing costs.

We’re currently looking at ways to adjust these fees to help foster longstanding relationships between practitioners and their clients. We’ll also soon be launching a new wellness membership service that rewards regular users.

Use of proceeds

We’ll be using the proceeds of this campaign to make the most of some new trends arising from the COVID-19 crisis:

1) High street operators are looking for cheaper ways to operate their businesses, including going mobile.
2) Under lockdown, people dabbled more in ordering goods and services to their homes, boosting the at-home services market.
3) Reduced competition in the market gives us more room to grow.

Our next 3 steps:

1) Drive towards OPEX profitability by the end of Q1 2021
2) Reach EBITDA positive by the end of 2021
3) Scale into new markets, faster and more easily with remote expansion

We expect that funds will be allocated as follows:

Please note that certain existing shareholders in the company hold A ordinary shares which carry anti-dilution rights. If the company raised funds at a share price below £0.675 these investors will receive additional shares. The share price for this round is £1.098.

All investors will receive a 1x non-participating preference right. This means that on an exit or liquidation, the proceeds will first be distributed pro rata to each shareholder up to their original investment amount in the company. Any surplus proceeds will then be distributed pro rata between shareholders until each shareholder receives their pro rata entitlement of the proceeds (as if all shares were one class).

£1.6m reflected in the funding bar was raised in April 2020 as a first tranche in the round.