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AKT London

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The award winning, 100% plastic free, natural deodorant. BORN TO PERFORM.

137%
 - 
Funded 8 Jun 2022
£600,001 target
£1,002,664 from 935 investors
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Business overview

Location Eastleigh, United Kingdom
Social media
Website www.aktlondon.com/
Sectors Home & Personal Mixed Digital/Non-Digital Mixed B2B/B2C
Company number 11211232
Incorporation date 7 Aug 2019
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Investment summary

Type Equity
Valuation (pre-money) £5M
Equity offered 14.29%
Share price £3.6
Tax relief

EIS

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Business highlights

  • £1.2M in sales revenue* in first 2 years and 85,000+ units sold
  • 231% year on year subscriptions growth
  • #1 in Vogue & WINNER of Harper's Bazaar's "Best Deodorant" Award.
  • 100% Plastic Free & Recyclable
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Key features

  • Secondary Market
  • Seedrs nominee min. £10.80 +
  • Idea
  • Key Information
  • Investor Perks
  • Team
  • Updates
  • Investors 935
  • Discussion
  • Documents

Idea

Introduction

AKT (pronounced “act”) was founded by two West End performers, Ed & Andy. Performing 8 shows a week, under hot lights, in the same costume night after night, meant they needed a deodorant that worked. With nothing else making the cut, they decided to invent a new deodorant that, like them, was BORN TO PERFORM.

2 years on, AKT has disrupted a stale deodorant market that hasn’t changed in years. Although sustainability and exceptional design is a key focus, AKT’s number 1 priority is that their formulations out-perform everyone else’s.

AKT is applied like a moisturiser to any part of the body where you need effective, all-day protection. Our Deo-Barrier Complex technology absorbs natural perspiration leaving you feeling dry and fresh all day – without breaking character. Ever.

With niche fragrances for all genders that are becoming a cult favourite, AKT’s next step is to scale as a premium bath & body brand with a fragrance focus, expanding the product range to improve our daily rituals.

Substantial accomplishments to date

In just 2 years AKT has shown excellent traction as a cult disruptor:

- Growth: £1.25M in Sales Revenue* with 85k units sold

- Subscriptions: 5000+ active subscribers (June 2022) generating an average of 43% of revenue*, with 231% growth YoY (Jan ‘21 - Jan ‘22)

- Raise to date: £500k from Angel Investors and VC Stonebridge (UK1) LLP

- Press: Ranked No.1 deodorant in Vogue, Esquire, Popsugar, GQ and the winner of Harper’s Bazaar’s “Best Deodorant” Beauty Award. Featured in numerous high level press articles and on ITV’s This Morning.

- Loyal Customers: seeded initially from the theatre industry, now with over 31k customers on our email list with an “excellent” 39% open rate

- Reviews: 3500+ 5* product reviews from our customers and high profile performers

- Product: Natural formulation. High end fragrances for all genders. 0% aluminium chlorohydrate. Doesn’t stain clothes. Use anywhere on the body.

- Sustainability: 100% Plastic free and recyclable packaging. Application for B-corp status in process. No air pollution (aerosols now bigger air polluter than all vehicles in UK)

- Retail partners include: StoreX at Soho Farmhouse, Earl of East, John Bell & Croyden & more.

- In conversations to launch with a global, high end, fitness studio chain. Expanding strategic, premium retail is a key plan for our future growth.

Monetisation strategy

AKT currently sells premium, natural deodorant via three core channels:

D2C: 96% of revenue* is from our ecommerce store. Meaning we connect directly with customers, nurture relationships and maximise margins.

Subscriptions: MRR from our 5000+ active subscriptions drives an average of 42% of total revenue/month.

Wholesale: 4% of revenue* currently comes from selling to our premium wholesale customers. As we look to the future we see huge potential in retail partnerships to drive brand awareness and increase sales.

Key insights:

- Margins: AKT has very strong product margins at an average of 80% - even at early stage volumes.

- Product: AKT deodorant is a premium offering at £19 and £16.15 for subscribers. We sit in line with our competitors like Malin + Goetz and Aesop, which gives us a great opportunity to expand our product range in a similar way.

- Markets: Our next key territory is the U.S in 2023. With our roots in theatre we foresee AKT being a “box office smash” on Broadway!

*Based on unaudited management accounts

Use of proceeds

With the foundations secure, AKT is ready to scale.

- Hiring: we plan to hire 4 key roles post-investment: Head of Growth, Financial Controller, Retail Manager and in-house Content Creator

- NPD: working with an innovative manufacturer in the UK to expand our product offering in the fragrance and bath & body space. Innovation, design, sustainability and efficacy are our "playbook."

- Subscriptions: partnering with one of the UK's best subscriptions companies to improve customer UX, analytics and subs marketing performance

- Partnerships: new 5ml plastic-free samples sizes will improve our offering to strategic partners such as high-end gyms and hotels

- Brand: We want to achieve cult status like Aesop and Le Labo. We’ve already set the scene in the luxury space, but now it’s time to steal the limelight!

- Marketing: we aim to reach new customers through TikTok, print campaigns, influencer marketing as well as facebook ads and google search, to achieve a stable CAC.

Key Information

Options

As part of the last investment round in which Stonebridge was the lead investor, the Company granted Stonebridge and/or its affiliates the right to invest up to a maximum of £479,767 in one or series of tranches of no less than £200,000 per tranche at a pre-money valuation of £18m for ordinary shares. On the basis of the current fully diluted share capital this equates to 3,447 shares. The option lapses on 26 August 2024 and may be exercised in cash at any time up to such date, or on a cashless basis if exercised on an exit event (eg. sale of the Company).

Debt

The Company has a £62.5K outstanding ClearCo loan at 20% revenue remittance rate.

The Company also has two founder's loans of £6.4K and £7.2K outstanding with no interest charge, no time limit and no implications for not repaying these loans.

The funds raised from this investment round will not be used to repay these debts.

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. It is the company’s responsibility to honour such discounts, rewards and/or offers and Seedrs does not take any responsibility for them.

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

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

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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 £4,954,360

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.

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).

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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.

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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

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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.

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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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