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BARE Dating

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BARE Dating brings open-minded people together in a safe space, empowering them to explore and experiment

172%
 - 
Funded 13 Apr 2021
£175,018 target
£303,798 from 255 investors
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Business overview

Location London, United Kingdom
Social media
Website www.bare.dating
Sectors Entertainment Digital B2C
Company number 11781579
Incorporation date 22 Jan 2019
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Investment summary

Type Equity
Valuation (pre-money) £5M
Equity offered 5.71%
Share price £34.25
Tax relief

EIS

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Business highlights

  • Dating sector set to be worth £2.4b in 2021 & £4.2b in 2025
  • Raised £100k in Pre-Seed from private investor in previous round
  • More than 10k sign ups through the website & downloads on the app
  • 5.2% conversion for users to premium plans in first four weeks
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Key features

  • Secondary Market
  • Seedrs nominee min. £34.25 +
  • Pay by Bank payments not accepted
  • Idea
  • Key information
  • Team
  • Updates
  • Investors 255
  • Discussion
  • Documents

Idea

Introduction

BARE was designed with safety & fun in mind.

We’re all about reaching out to open-minded people and those who want to experiment. The future for us is about revelations and control. We take pride in being a safe place to experiment.

The BARE Beta app launched in 2020 and has seen great success with 10K users in the UK and beyond, with plans to further expand worldwide in 2021. Daters enjoy the app because of its judgement-free style and features that allow singles to control the experience.

BARE began when co-founders Alex & Phil met at a dating industry conference where they were both speaking.

They then connected with Gillian, who helped them better understand the specific challenges women face with online dating.

They designed the app for singles who are open-minded and ready to get away from the more superficial and dishonest elements of online dating. BARE offers a safe space where singles don’t have to feel uncomfortable about who they are or who they are looking for.

We believe BARE offers users a unique & new experience.

Substantial accomplishments to date

To date BARE has achieved 10k total users since January 2020, the majority through word of mouth or by finding us organically through our test app. Our other digital channels have also been growing rapidly with just under 400,000 views on one of our YouTube channels and 60,000 + unique visits to our site. In addition to this, we have achieved over 1k US downloads purely through word of mouth.

We have also been backed by the Department for Work and Pensions as a partner to their much publicised Kickstart scheme. The scheme offers 100% government funded job opportunities for young people out of work to gain experience and skills.

Our team is constantly growing and currently stands at over 60 who come from a good mix of diverse backgrounds which helps us achieve our all inclusive messaging and values.

BARE is also implementing world leading technology for blurring, age and that people are real.

We are incredibly proud of our journey to date which we believe has been a unique one for a dating app because of the focus around safety and what you share of yourself.

BARE has had media coverage in the following publications:

Forbes, VICE, BBC One Show, Cosmopolitan, Metro, Stylist, Modern Women, AskMen, The Breakdown, MyLondon, DatingNews.com, The Telegraph, Daily Star, The Sun, Sextech Guide, Teen Vogue, i-D Magazine, Newsweek.

The founders have also featured on BBC Radio Sussex & Surrey.

Monetisation strategy

Our main stream of revenue is through premium subscriptions. Users are prompted regularly for the option to upgrade. They are also given the opportunity to purchase a subscription during the onboarding process.

In-app advertising will become a secondary source of revenue as well as partnering with relevant brands and influencers. We also plan to launch our very own apparel range; BARE WARE later this year and run our ‘Reveal Parties’ online and then offline over time.

Use of proceeds

Advertising & Marketing to include:

Advertising - We plan to run paid advertising campaigns across multiple social media platforms and Google Ads, in addition to an on-going organic search strategy. We also have plans to advertise across TFL once lockdown and social restrictions have been significantly reduced.

PR - We already have fantastic PR representation in place and our team will continue to secure interviews and articles across all forms of media.

Continuation of app updates, upgrades & maintenance along with growing our open and honest community through events, shows and our very own BAREbassadors.

Key information

The company has a £50,000 bounce back loan from Barclays accruing 2.5% with monthly instalments of £833 for 6 years. The first 12 months are instalment free.

The funds raised as part of this raise will not be used to pay this loan.

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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

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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 £5,000,500

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.

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).

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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.

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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