Crowdfunding update #12 May 2021


Phew, the news is coming thick and fast at the moment! Let's dive in:

News 📰


Monzo is on track to become profitable next year, said Monzo boss TS Anil to Business Insider, also stating a Monzo IPO could take place as soon as 2023. Monzo’s revenues were up 30 per cent on what they were in the pre-Covid peak, with 80k growth in business accounts in the past year. Still, only 20% of the Monzo’s active weekly users deposit their salaries into their accounts. Monzo is currently awaiting approval for a banking license in the US, ahead of it’s expansion plans there.


Bux, the challenger stockbroker, will launch in the UK (according to Altfi), Ireland and Cyprus soon. They already have a Cyprus office and a UK brokerage/FCA license. At the moment, ‘BUX Zero’ (their commission free stock trading app) is available in the Netherlands, Germany, Austria, France and Belgium. Bux’s new CEO will be doing an AMA on 4th May, you can check it out here. Don’t worry if you miss it though, I’ll summarise the best bits in the next crowdfeed update.


The Small Robot Company, a british agtech, launched their first commercial robot "Tom". Tom is a data-gathering robot; he scans a farm, locating and identifying weeds. His companion "Dick" (not yet commercially available) then follows tom, zapping the weeds electrically - a more eco-friendly method than pesticides. Check out Tom in the picture below:



Plum forecasts reaching 5 million users across Europe by end of 2021, 3 million of which will be in the UK, Plum's founder told Business Insider. According to recently-released company accounts, Plum doubled losses from £2.7m in 2019 to £5.8m in 2020. Revenue was not reported as the company is exempt under the ‘small companies act’ - this makes it possible that Plum’s revenue was below ~£10m for 2020. Given the expansion plans, 2020 losses, and Plum's cash in the bank, a funding round for Plum could be imminent.


Nutmeg, the robo-financial advisor, has grown to 130k users (~53% YOY), £3bn in AUM (72% YOY); revenue grew 66% YOY. “We’ve got enough money to get through to profitability, definitely.” said Nutmeg CEO Neil Alexander to the Telegraph. The company refused an offer to list via a SPAC, and expressed interest in instead listing directly on the LSE.



Raises 💰


Clim8, the ethical investing app and Crowdcube alumni, has raised ~£5.75mn from 7pc Ventures (backers of Oculus, now owned by Facebook), and angel investors/enterepeneurs from the likes of Monese, N26, Skyscanner, etc.


Fullgreen, the cauliflower rice brand, cancels their Seedrs round in favour of a VC. This riled up some crowd investors, as the crowd round was nearly closed, yet there was little mention of the VC round in the campaign; Conversely, some existing Fullgreen crowd investors expressed excitement at the prospect of VC involvement. The incident sparked debate on how some founders view VCs favourably over crowd investors. The terms of the VC round remain confidential.


Rumours 📰


No rumours today sorry... maybe next time!



Private Live Campaigns 👤


Onbuy - online marketplace (early stage British Amazon?) is currently raising a 'friends and family' round on Seedrs. This is notable as Onbuy is quite a large company; They have an annual revenue run rate of ~£200m, having grown a whopping 8x YOY (when comparing January 2021 sales to January 2020 sales).


💡 This is an exclusive round, not available to the public. The round may have already finished, given exclusivity/demand.


Upcoming Campaigns 📆


Citymapper - The popular city transport app that lets you book/plan journeys through ride-hailing, scooters, train, bus etc all in one app. The companies backed by world renowned VCs including Balderton, Index Ventures and Benchmark. Pre-register here.

Citymapper reeled in £10m in registered interest on the first day. This should be a big one, stay tuned for a due diligence post.


Cupclub - A circular economy startup disrupting disposable cups; they run a circular network of trackable, reusable cups and boast partners such as Starbucks and Mcdonalds. They are backed by prestigious VCs Seedcamp and Atomico. They had planned a Seedrs round last year, but cancelled last minute (likely due to COVID).


💡 Seedrs have a history of crowdfunding Seedcamp-backed companies (THIS, Stepladder, etc), perhaps by leveraging the fact Seedcamp raised an exclusive crowd round on Seedrs not long ago. Hopefully, this means we can expect more Seedcamp (And maybe Passion Capital too?!) companies in the future. What companies from Seedcamp would you like to crowdfund? Let me know in the comments below! Personally, my first pick would be Taxscouts.


Penfold - Fintech supporting pensions for the self-employed. Backed by the same institutional investors that invested in Dollar Shave Club. Pre-register here.



Thanks for reading! Please do let me know your thoughts on these campaigns and news in the comments. Feedback is always appreciated too! 🤗


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Bye!

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