Twin is a new educational experience that upskills children with physical and digital products.
Business overview
| Location | London, United Kingdom |
|---|---|
| Social media | |
| Website | www.twinscience.com |
| Sectors | Games Mixed Digital/Non-Digital Mixed B2B/B2C |
| Company number | 12768352 |
| Incorporation date | 27 Jul 2020 |
Business highlights
- $2.6 million revenue in 2.5 years, since incorporation.
- Reached 35 sales channels & 15 countries.
- 50,000+ organic users since the release of Twing app in February.
- Reached 1,800 schools and more than 400,000 children.
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Idea
Introduction
Houston, we have a problem: our education system needs a rethink. Right now it is monotonous, one-size-fits-all, and incomplete.
It is time for a change, time to give children a new form of learning.
At Twin Science, we are developing a form of learning which is playful, individualized, and wholesome. One which teaches old, current, and future skills. One which values both technological advancement and human compassion.
We are offering a hybrid educational solution to create this impact.
Digital Product - Twing
Twing is a skill-based personal development and educational application for children currently targeting 7-11 years old. Twing delivers interdisciplinary learning concepts (adventures) for children with mini-games, developing nearly 300 skills.
Physical Products - Twin Kits
Twin hardware products consist of electronic modules that can be attached with magnets. Using Twin kits, children can learn the basics of robotics, computer programming, and even artificial intelligence.
Substantial accomplishments to date
Twin was incorporated at the end of 2017. Our achievements in our first 2.5 years include:
•$2.6M in cumulative sales value (2020 sales value YTD is already twice that of all of 2018)*.
•5x times growth in retail sales of the hardware products in the first 6 months of 2020* (as measured from Jan sales figures versus Jun figures).
•Reached 35 sales channels, 1,800 schools, and from our own internal calculations - over 400,000 children.
•Launched in February 2020, Twing reached over 50,000 users organically in 5 months.
•Twing reached 41% actively engaged user rate and 4 minutes 32 seconds of average daily usage time in June 2020.
•Raised $500,000 from prominent angel investors in the seed round.
*Figures from unaudited management accounts.
•Our co-founders hosted an entertaining scientific TV Show on CNN Turkish channel.
•Won Bett Awards 2020 “Special Educational Needs Solution”.
•Selected as the top company in Noah Berlin 2019 Conference among the 100 presentations.
•Selected for the Amazon Launchpad program.
•Selected to the UCL (University College London) Educate Program and together developed an AI curriculum for children.
•Partnerships with Imperial College London & London Business School.
•Became STEM Partners of global companies such as Rolls-Royce, Ford, Boeing.
Our team:
•Worked together for 10+ years in YGA (yga.org.tr/en) delivering over 10,000 hours of science education to children.
•Launched different start-ups in education, sustainability, accessibility, and design fields.
•Were awarded by MIT Innovators Under 35, Forbes, UN, GSMA, and Great Place to Work.
Monetisation strategy
Twin has a hybrid business model: monetization of both hardware and digital products.
Hardware Sales:
Until now, we have been solely generating revenue from the sales of hardware products sold in physical and online retail stores, and e-commerce platforms like Amazon, B8TA, Stackcommerce, SharafDG. 15% of our overall revenue is generated from B2C Sales.*
Almost all of our remaining revenue (over 80%) is generated from B2B Sales.* We sell to schools with disposable budgets and educational material distributors. We also sell our products to companies and corporations that use Twin kits in the scope of their marketing, corporate social responsibility, or human resources engagement projects.
Digital Subscription:
Twing, launched in February 2020, has been free so far. In November 2020 (post-investment), we are planning to launch a subscription model to generate monthly recurring revenue from premium content. The target group will be families for individual subscriptions and schools for collective subscriptions.
*Based on unaudited management accounts.
Use of proceeds
After COVID-19, an immense opportunity arose for the ed-tech sector. Consequently, we saw an increase in demand for our products in March 2020.
Twin is a self-sustained, profitable company*, and built all the previous assets and traction with only $500,000 of seed investment. The company and the team have a strong focus on budgeting, generating revenue, and maintaining organic growth.
All the current operational expenses are planned to continue being covered with our existing sales revenue.
The crowdfunding will enable us to invest heavily in digital growth and marketing in international markets to benefit from the post-COVID opportunity and scale the business.
*Based on unaudited management accounts.
TARGET GOALS:
• Reaching 1M children & 30K subscribers in the next 12 months
• Starting pilot tests for US and Singapore Hubs
• Creating new AR/VR enriched content
• Launching a new AI product and creating AI-focused educational concepts
Investor Perks
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 and listed above. It is the company’s responsibility to honour such discounts, rewards and/or offers and Seedrs does not take any responsibility for them.
Key Information
Convertible details
This investment round is being raised by way of a convertible equity investment instrument, in this case a "advance subscription agreement".
The key terms that apply to the Twin Science advance subscription agreement are set out in the Twin Science Term Sheet document attached to this campaign. In Summary:
Conversion of the advance subscription agreement will take place:
• On a Qualifying Equity Fundraise of £3,000,000.00 or more, at the lower of (i) a 30% discount to the share price paid by investors in the Qualifying Equity Fundraise, or (ii) a price per share which is calculated on a fully diluted basis and equivalent to a pre-money valuation of £20,000,000.00 (the discount does not apply to this valuation cap).
• If no Qualifying Equity Fundraise has occurred, on the “Longstop Date”, (18 months from the date of the deferred subscription agreement is signed), or a winding up event, conversion will happen at a share price which is calculated on a fully diluted basis and equal to a pre-money valuation of £5,000,000.00 (this was the share price of the company's last funding round) or, if lower, the price of any shares issued after the date of the deferred subscription agreement.
• If a change of control or IPO occurs prior to the above events, conversion will automatically trigger at a price per share which is the lower of (i) the lowest price per share issued or sold as apart of an IPO or change of control, discounted by 30%, or (ii) a price per share which is calculated on a fully diluted basis and equal to a pre-money valuation of £20,000,000.00 (the discount does not apply to this valuation cap).
Corporate Structure
Twin Science & Robotics UK Limited (12768352) is a UK registered limited company, and the entity in to which Seedrs investors are investing. This company is the parent company of a Turkish joint stock (limited) company, Twin Yazilim Muhendislik San. ve Tic. A.S, with registration number 101082 5. The UK limited company holds 100% of the shares of the Turkish business, and therefore the Turkish business is a full subsidiary. The Turkish business has been the primary operating company to date.
Debt
Twin Science's Turkish subsidiary company has circa 17k of outstanding loans. This is due to be repaid over the next two years.
Investor funds will not be used to repay this debt.
Tax Relief
Twin Science are in the process of applying for EIS advance assurance from HMRC on the basis of this 18-month advance subscription agreement.
Please note that HMRC has recently published new guidance on claiming EIS relief on advanced subscription agreements/convertible instruments. This states that the Longstop Date is "expected to be no more than 6 months from the date of the agreement". Whilst this is not a legal requirement for the granting of EIS relief, we cannot say with any level of confidence that Twin Science will be granted EIS relief on this advance subscription agreement as it will be significantly beyond the 6-month guidance timeframe.
As such, investors should be aware that we consider it unlikely that this investment will be deemed eligible for EIS relief. If EIS relief is possible, however, this will be claimed and all Seedrs shareholders will see their investment convert into Ordinary shares.
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