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Wegaw

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Climate & Energy resilience with AI for hydropower and energy trading optimization.

112%
 - 
Funded 16 Sep 2024
€200,000 target
€226,190 from 320 investors
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Business overview

Location Trélex, Switzerland
Social media
Website wegaw.com/
Sectors SaaS/PaaS Digital B2B
Company number CHE-155.570.566
Incorporation date 26 May 2016
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Investment summary

Type Convertible
Discount 20%
Share price N/A
Tax relief N/A
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Business highlights

  • Secured 1.7x 2023 revenues for 2024
  • Achieved 89.46% Gross Profit growth from 2022 to 2023
  • € 2.4M* of CARR of proposals in play in CA, NO & CH
  • € 4M* funding raised from ESA & Swiss government
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Key features

  • Secondary Market
  • Nominee investment min. €20.00 +
  • Direct investment min. €50,000.00 +
  • Pitch
  • Key Information
  • Team
  • Updates
  • Investors 320
  • Discussion
  • Documents

Learn more about convertible campaigns.

Pitch

About the Campaign

Wegaw helps governments, energy companies, and traders forecast water availability for hydropower by assessing mountain snow levels. With outdated models and climate change making weather forecasts less reliable, predicting future water availability for hydropower production is challenging.

After successfully piloting the solution in 8 countries with 20 different clients, Wegaw is ready to commercialize the solution in international markets.

Market Opportunity

Wegaw is targeting the hydropower, water and power trading industry. With initial markets of Nordics, central EU and North America, Wegaw plans to push its international expansion further from 2025 onwards.

After a bottom-to-top analysis, with +200 accounts reviewed, we calculate the snow & water monitoring alone represents € 1.03B market opportunity for Wegaw.

Starting at an average ticket size of €264k (ARR based on 3 proposals), we intend to upscale it with a target ARR opportunity of €20M by 2030.

Traction & Key Accomplishment

Wegaw achieved 89.46% Gross Profit growth from 2022 to 2023, realizing its first commercial revenues in the same year.

We have already secured 1.7x 2023 revenues for 2024.

These are a few of the highlights of the last 18 months:

- Closed €1.4M contract with the Swiss government.

- Closed first 3-year contracts in Turkey and Canada.

- Renewed contract with the Andorran Government.

- 2.4M CARR (committed annual recurring revenue) of proposals in negotiation with listed companies in Canada, Switzerland and Norway.

- 2 partnerships developed in Turkey and Japan.

- Business case published with the city of Vancouver (serving 2.8M people water and energy) on operational cost reduction.

* revenues are in various currencies and have been converted into Euros at the exchange rate of 26/06/24.

Team

Wegaw is composed of a world-class team with hires from the top universities in the world (like Imperial College, UCL & EPFL). We have a multinational (5 nationalities) and a multidisciplinary team composed of hydrologists, environmental engineers, telecommunication engineers, geospatial technologists and AI/ML experts.

Wegaw's leadership is composed of seasoned professionals with experience from institutions such as CERN, the United Nations, and HP.

Business Model

Wegaw offers a 3-year data subscription contract to our clients. The pricing varies from €9k to €12k per asset per annum, depending on the client's region and several other factors (installed power capacity, region, etc.).

On average, our current proposals in the negotiation stage have €264k in ARR, with a 3-year contract commitment.

Larger companies with 3,000+ MWh under management are targeted at € 1M - € 2M ARR deal size for Wegaw, according to our market research.

Use of Funds

This CLA round is part of our Series A round, to be used as follows:

• 75% Sales: Hiring sales team in our key selected markets like Canada, Norway & the US to further pursue our commercial growth.

• 15% Development: To improve data & service quality and integration with currently used platforms to provide better service to our current & future global clients.

• 10% Sales enablement: Ensuring Wegaw’s brand & marketing capabilities create a global footprint across new & existing key markets worldwide.

Key Information

Convertible Key Terms

Investments in this Campaign will be made under an Advanced Subscription Agreement (“ASA”). Under an ASA, investments convert into shares upon the occurrence of a future specified trigger (at a price dependent on the type of trigger). Please also refer to the “Key Terms” document attached to this Campaign in the Documents section for more detailed information.

If the Company completes a capital increase yielding gross proceeds of at least CHF 1,000,000, including conversion of convertible investments and any other indebtedness, that will constitute a “Qualifying Equity Fundraise”.

If there is a Qualifying Equity Fundraise or more than 50% of the voting rights attaching to the shares of the Company are sold (a “Change of Control”), then the ASA will convert at a share price calculated as follows:
• If the valuation of the Company is less or equal to CHF 8m, at a 20% discount to that valuation divided by the fully diluted equity of the Company; or

• If the company's valuation is higher than CHF 8m, the share price will be equal to CHF 8m divided by the fully diluted equity.

If there is no Qualifying Equity Fundraise or Change of Control prior to the Longstop Date, or there is a winding-up or cessation of business by the Company of any kind prior to any such event, then the ASA will convert into shares assuming a discount of 20% on a fully diluted pre-money valuation of CHF 8,000,000.

Shares issued on conversion will be the most senior class of shares issued pursuant to the Qualifying Equity Fundraise or in issue in the Company at the Longstop Date, Change of Control or Winding-Up Event.

Outstanding Convertible

The company has the following outstanding convertible loans, which may convert to equity after this round and dilute existing shareholders:

1. €100,000.00 loan from Sabadell Bank, with the following key terms:
• Interest rate: 0%
• Conversion trigger: an IPO, a change of control, any payment of proceeds or distribution of profits and/or reserves, on winding up and any round of investment at the lender’s discretion.
• Conversion price: CHF 0.57 share price
• Valuation Cap: N/A
• Share class: Ordinary shares
• Repayment date: Jan 2027

Material debt

The company has the following outstanding loans:

1. €117,794.00 loan from Raiffeisen at a 2.250 % interest rate, guaranteed by the Canton Vaud. The loan is being repaid CHF 4,900 every quarter, plus interest.

2. €1,024,340.00 credit line from UBS at a 2.8% interest rate, guaranteed by the Swiss Environmental Agency. Payment terms are flexible, but the overall ruling is that 20% of the credit will need to be amortized by 2026 and 100% in 2030.

The funds raised from this investment round will not be used to repay these loans. Funds are for operational growth and company development.

Exchange rate

Direct investments in the round from investors outside of Seedrs investing 95,000 Swiss Franc are reflected in the campaign at an indicative exchange rate of 1:0.975 CHF to EUR.

Investments on Seedrs are in EUR.

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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

Only shareholders can access this page

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

Buy shares

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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 webpage is issued by Seedrs Limited (trading as Republic Europe) ("Republic Europe"), and has been approved as a financial promotion for the purposes of s.21 of the Financial Services and Markets Act 2000 by Prosper Capital LLP ("Prosper") which is authorised and regulated by the Financial Conduct Authority with firm reference number 453007 on 27 June 2024. 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. It is not for distribution in the United States of America and all investment activities take place within the United Kingdom. Any person resident outside the United Kingdom should ensure that they are not subject to any local regulations before investing.

Neither Republic Europe nor Prosper provide advice or recommendations in relation to any investment on this site. 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. Neither Republic Europe nor Prosper provides 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 Convertible

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

Investing in a convertible campaign allows you to invest today, with your investment converting into equity in the future, at a discount compared to other investors.

Learn more about pitch type on Seedrs

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).

Learn more about investing and pre-emption rights.

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.

Learn more about Custodian here

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.

Find out more

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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