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8dates

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You choose, we manage, it works! An ingenious dating recommendation engine for new couples.

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Funded 11 Dec 2020
£350,000 target
£357,242 from 0 investors
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Business overview

Location London, United Kingdom
Social media
Website 8dates.com/
Sectors SaaS/PaaS Digital Mixed B2B/B2C
Company number 12640037
Incorporation date 2 Jun 2020
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Investment summary

Type Equity
Valuation (pre-money) £4.2M
Equity offered 7.69%
Tax relief

EIS

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Business highlights

  • Initially designed with the company behind Google Maps
  • Already approved by the Apple App Store for launch
  • Completed Miratech's international R&D development program
  • We offer different experiences to each newly matched couple
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Key features

  • Secondary Market
  • Seedrs nominee min. £10.35 +
  • Direct investment min. £15,000.00 +

Idea

Introduction

We believe current dating apps aren't optimised to help you fall in love, so they leave you alone after the match. 8dates takes over after the match and recommends great date ideas, 8 of them based on your interest. We know it takes more than a swipe to find love.

We will partner with affiliates to create a dating economy that our couples will significantly benefit from. We send our couples to our affiliates and then we will get paid. Couples have a great night, and we generate revenue; 8dates of fun and 8dates of income.

8dates is inspired by platforms like Amazon and will serve up activities and events that align with users' interests, like Facebook. Our smart app will use machine learning to know what couples want when they first meet, and we built the app to deliver just that, a shared interest with someone you find attractive.

Substantial accomplishments to date

· UX/UI designed by the same developers as Google Maps.
· Completed the 8dates app in 2020
· Accepted into the App Store
· Accepted into the Miratech R&D for equity program for startups
· Granted Facebook Dating License for advertising
· Affiliate Partners include OpenTable, Eventbrite, and several of other affiliate partners

8dates is a marketplace for couples. Singles have been using dating services and apps for years, and yet 59% of women and 55% of men have either a somewhat or very negative opinion on dating sites and apps. Why? The most popular dating apps were designed primarily for college students or young adults and were built for short term romance, not long term relationships. Research shows that women want more from dating apps.

We built the app that we believe every woman wants. A slow flow dating app that gives couples amazing things to do. If she likes the O2 arena and the Rolling Stones, and so does he, then our app will serve up tickets to the concert and a night on the town after.

8dates is designed to slow the dating process down by empowering the couple to control the flow of how the relationship develops. We built this app with one thing in mind; bring chivalry back to dating and create a safe, slow, and fun environment that has one goal, finding the perfect match. If you can make it to 8, you've probably found someone special.

Monetisation strategy

Previously, there were only two ways to generate revenue on a dating app; advertising and subscriptions. We created a third, "the dating economy", which we believe is the first dating marketplace for singles and newly matched couples. When our couples go to restaurants and events, we will get paid.

We will work with a global network of affiliate partners that are ready to welcome our couples for amazing dinners, fun events, concerts, and even get away weekends when you get closer to 8.

*The above image shows an estimation of the revenue split

Our affiliates include companies like OpenTable, Fandango, Eventbrite, to deliver the right content at the right time via API plugins. Our app will be powered by AI/machine learning and lets users drive the experience.

The secret to how we monetize the pending relationship is showing profiles with the feature "I'm interested in going to" and getting someone with similar interests.

Use of proceeds

8dates is built and approved by Apple to launch in the App Store. We plan on adding the Android version with the proceeds so IOS and Andriod users can simultaneously benefit from using 8dates.

Use of proceeds:

· Localization of key markets in the UK and throughout Europe.

· Growing the affiliate partnership program by partnering with events and activity companies in each market.

· Android development for the App Store

· Patents, copyrights, and IP expansion for our process and trademarks.

· App development and UI/UX updates

· Marketing and customer acquisition via Facebook, TikTok, Instagram, Spotify and Pandora

Key Information

Please note that whilst the campaign is labelled as EIS eligible the Company has £150,000 remaining of its SEIS limit. 8Dates has accepted £303,000 as part of this round from direct investors who are not claiming SEIS relief, which is reflected in the funds shown in the progress bar already. Therefore, any investment made up to the amount of £453,000 as shown in the progress bar will be eligible for SEIS relief. Any investment made over this amount will be eligible for EIS relief only. Any tax relief is dependent on personal circumstances and may be subject to change in the future.

Investor Perks

1. For every £1,000 (minimum £1,000) invested by someone, 8dates will award one free six-month Premium Membership. So, for example, if one invest £5,000, a total of five free six-month Premium memberships will be awarded.

2. Since not everyone may not want to use this perk themselves, these Premium Membership awards will be transferrable to family members or friends.

We hope our investors will consider this a thank you from 8dates for your confidence in our concept and your continuing support.

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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 has been approved as a financial promotion by Seedrs Limited ("Seedrs"), which is authorised and regulated by the Financial Conduct Authority. 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 Seedrs 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 Seedrs platform. All investment activities take place within the United Kingdom, and any person resident outside the United Kingdom should ensure that they are not subject to any local regulations before investing.

Seedrs does not make investment recommendations to you. No communications from Seedrs, 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. Seedrs 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 Seedrs, 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 £4,203,900

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

There are 5 types of investment pitch available on Seedrs.

  • Equity
  • Convertible
  • Fund
  • Cohort
  • Secondary

Investing in a regular equity campaign is the simplest and most common way to invest in a startup. You decide which business you want to invest in, and if the campaign hits its funding target then you will become one of their shareholders. As the company becomes more valuable, so do your shares; allowing you the opportunity to share in the future success of the business.

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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).

Learn more about investing and pre-emption rights.

Seedrs nominee

This shows if you are able to choose, when making an investment, that you be represented by, and your shareholding be managed by, the Seedrs nominee.

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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 Seedrs Nominee). 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.

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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.

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