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BIYU (Bob Is Your Uncle)

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A circular future where access to products replaces ownership. Think of us as the 'Netflix of things'.

109%
 - 
Funded 25 Jul 2022
€1,365,000 target
€1,490,030 from 282 investors
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Business overview

Location Amsterdam, Netherlands
Social media
Website www.biyu.world
Sectors SaaS/PaaS Mixed Digital/Non-Digital B2C
Company number 80174590
Incorporation date 27 Aug 2020
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Investment summary

Type Convertible
Discount 10%
Share price N/A
Tax relief N/A
Co investor Urban Impact Ventures

Urban Impact Ventures is a Dutch impact VC that invests in entrepreneurs supporting the sustainable transformation of cities with a focus on decarbonisation and circularity.

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Business highlights

  • Selected for the 2022 KPMG Global Tech Innovator Programme
  • Inhouse developed software and last mile delivery service
  • Service operational in Amsterdam and generating first revenues
  • Great reviews in Appstore, Playstore, Google & Trustpilot
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Key features

  • Secondary Market
  • Seedrs nominee min. €10.00 +
  • Idea
  • Key Information
  • Team
  • Updates
  • Investors 282
  • Discussion
  • Documents

Learn more about convertible campaigns.

Idea

Introduction

Household goods, products, and consumption are linked to 72% of global emissions.

We envision a circular future where access to products replaces ownership. As a result our customers will have a wealth of possibilities, will extract less resources and have a smaller negative footprint without the waste from inferior products.

BIYU provides access to high quality products. Through our app the products are available when needed by one member and after the member is done, used by the next.

Products can be accessed on a pay-per-use basis or through our memberships. Members pay a monthly fee starting at €10, to get unlimited access to products in the catalog or pay-per-use.

Products can be picked up and returned by members at our hubs at no extra cost or delivered/picked up for a small additional fee.

Think of us as the 'Netflix of products'.

Substantial accomplishments to date

BIYU was launched on July 1st 2021 in Amsterdam, The Netherlands.

1. We provide customers with access to the high quality products, and brands with a platform to benefit from the circular economy.

We stock many household brand names, offering some of the best products across their categories, including Festool, Kärcher, Makita, STIHL and Wattsun.

We are constantly developing new brand partnerships.

2. We are fully operational in Amsterdam on a proof of concept scale.

- 5K app downloads

- 120+ different products live on platform

- 2,400+ user accounts

- Great customer reviews across Trustpilot, the App Store, and Google

- 500+ paying members

- Monthly orders have grown by 249% since the first full month of sales (September '21- April '22)*

*based on unaudited management accounts.

3. Selected to take part in the 2022 KPMG Global Tech Innovator Programme.

4. Listed as Retailtrends.nl start-up of the month.

5. In House developed proprietary eco-system consisting of:

- Member app (iOS & Android - 5 clicks to order)

- Website (www.biyu.world)

- BOB (Business Operation Backbone) ERP system for rental-asset management

- Hub and rider app UNCLE

- Amsterdam proof of concept HUB for storage, pick, pack, ship, return and preventive maintenance of products

Monetisation strategy

Active today:

1. Monthly membership fee of €10 (discount of 15% given for 6 month bundle and 25% for 12 month bundle).

2. Delivery and pick up fees. starting at €5 per ride. Rides are dynamically priced to flatten peak demand and optimise revenue on peak demand moments.

3. Extensions: The monthly membership fee allows member to have one product at the time for 24 hours. Extensions are possible at an additional fee. The pricing is based on asset value and peak demand.

4. Second product fee: Members can order a second product at an additional fee. Pricing based on asset value and peak demand.

5. Mobility partners: Add-ons to membership through partners at an extra fee. BIYU makes a margin. Live today: Felyx (Electric scooters) and Cargoroo (Electric cargo bikes).

Future:

1. Launch May 2022: Pay per use without membership (Value based pricing)

2. Consumables (e.g. rent a pizza oven buy the dough)

3. More mobility partners (Cars, electric boats, bikes etc.)

4. Long term access to products

Use of proceeds

1. Fund operations until target Series A in 2023

2. Open up full scale HUB in Amsterdam (Max capacity of 5000 members)

3. Expand team with additional skillsets

4. Marketing campaigns for brandawareness and user acquisition

5. Add more brand partnerships

Key Information

Convertible Loan Agreement

This investment round is being raised by way of a convertible equity investment structure, in this case a "Convertible Loan Agreement".

The key terms that apply to the Company’s Convertible Loan Agreement are set out below. See also attached Key Terms document for further details.

• Discount: 10%

• Interest: 4%

• Valuation Cap: €10,000,000

• Conversion is triggered by ("Trigger Events"):
- An Equity Fundraise – defined as the Company raising investment capital of at least €250,000 from one transaction or a series of transactions, in exchange for the company issuing of shares;
- Sale of all Shares (On the sale of all Shares in the Company, the loan will automatically convert to the most senior class of shares in existence in the company); or
- Maturity Date: the Pre-Money Valuation Cap divided by the number of outstanding shares in the Company.

• If a Trigger Event occurs, outstanding principal (including interest) will convert at the lower of:

(i) the lowest price per share paid in connection with the Qualifying Funding Round, less the Discount or (ii) the Pre-Money Valuation Cap divided by all issued shares and outstanding options in the Company.

• Longstop Date: 24 months from signing of instrument. (Note: this will be after the campaign closes).

• If conversion has not been triggered by the Longstop Date shares will be issued on the Longstop Date at the Default Share Price, which is:

The Pre-Money Valuation Cap divided by all issued shares and outstanding options in the Company as at the Maturity Date.

•The convertible would also convert to equity at the Default Share Price in the event of winding up or liquidation of the company.

Outstanding Debt

The business has the following two Directors Loans:

1. A Subordinated Loan from Frans Walter Biegstraaten/Firm B.V. of €82.000, with an interest rate of 5% per annum.

2. A Subordinated Loan from Martijn Tjho/Tiny Ventures B.V. of €118.000, with an interest rate of 5% per annum.

The business also has an outstanding debt of €49,000 with SMAL, which has 0% interest and is due to be repaid by 31/12/22.

The funds from this round will not be used to repay these loans.

Existing Convertible Loans

The company has the following outstanding convertible loans, which may convert to equity after this round and dilute existing shareholders:

1. €250,000 loan with the following key terms:

- Interest rate: 4%
- Discount: 15%
- Conversion trigger: on the Company raising a Qualified Financing by way of an Equity investment of at least € 250,000, the 100% sale of shares in the company, or at the Maturity date.
- Conversion price:
• Qualified Financing: a share price equal to the lower of (i) the price per share issued in the Qualified Financing or (ii) the Pre-Money Valuation Cap divided by the number of outstanding shares in the Company
• Sale of all Shares in the Company: a share price equal to the lower of (i) the price per share issued in the sale, minus the discount, or (ii) the Pre-Money Valuation Cap divided by the number of outstanding shares in the Company.
• Maturity Date: the Pre-Money Valuation Cap divided by the number of outstanding shares in the Company.
- Pre money valuation Cap: €10,000,000
- Share class: Ordinary shares
- Maturity Date: 24 months after the Loan was made (being 31/03/2023). The Lender also has the option to extend the Maturity Date – and keep the option of conversion - only in agreement with the Company.
- Repayment: on a material breach of the CLN, or the liquidation, dissolution or winding-up of the Company.

2. €250,000 loan with the following key terms:

- Interest rate: 4%
- Discount: 15%
- Conversion trigger: on the Company raising a Qualified Financing by way of an Equity investment of at least € 500,000, the 100% sale of shares in the company, or at the Maturity Date.
- Conversion price:
• Qualified Financing: a share price equal to the lower of (i) the price per share issued in the Qualified Financing minus the Discount or (ii) the Pre-Money Valuation Cap divided by the number of outstanding shares in the Company
• Sale of all Shares in the Company: a share price equal to the lower of (i) the price per share issued in the sale, minus the discount, or (ii) the Pre-Money Valuation Cap divided by the number of outstanding shares in the Company.
• Maturity Date: the Pre-Money Valuation Cap divided by the number of outstanding shares in the Company.
- Pre money valuation Cap: €10,000,000
- Share class: Ordinary shares
- Maturity Date: 24 months after the Loan was made (being 15/04/2023). The Lender also has the option to extend the Maturity Date and keep the option of conversion - only in agreement with the Company.
- Repayment: on a material breach of the CLN, or the liquidation, dissolution or winding-up of the Company.

3. €250,000 loan with the following key terms:

- Interest rate: 4%
- Discount: 15%
- Conversion trigger: on the Company raising a Qualified Equity Financing by way of an Equity investment of at least € 250,000, the 100% sale of shares in the company, or at the Maturity Date.
- Conversion price:
• Qualified Financing: a share price equal to the lower of (i) the price per share issued in the Qualified Financing minus the Discount or (ii) the Pre-Money Valuation Cap divided by the number of outstanding shares in the Company
• Sale of all Shares in the Company: a share price equal to the lower of (i) the price per share issued in the sale, minus the discount, or (ii) the Pre-Money Valuation Cap divided by the number of outstanding shares in the Company.
• Maturity Date: the Pre-Money Valuation Cap divided by the number of outstanding shares in the Company.
- Pre money valuation Cap: €10,000,000
- Share class: Ordinary Shares
- Maturity Date: 24 months after the Loan was made (being 16/09/2023). The Lender also has the option to extend the Maturity Date and keep the option of conversion - only in agreement with the Company..
- Repayment: on a material breach of the CLN, or the liquidation, dissolution or winding-up of the Company.

4. €125,000 loan with the following key terms:

- Interest rate: 4%
- Discount: 15%
- Conversion trigger: on the Company raising a Qualified Financing by way of an Equity investment of at least € 500,000, the 100% sale of shares in the company, or at the Maturity Date.
- Conversion price:
• Qualified Financing: a share price equal to the lower of (i) the price per share issued in the Qualified Financing minus the Discount or (ii) the Pre-Money Valuation Cap divided by the number of outstanding shares in the Company
• Sale of all Shares in the Company: a share price equal to the lower of (i) the price per share issued in the sale, minus the discount, or (ii) the Pre-Money Valuation Cap divided by the number of outstanding shares in the Company.
• Maturity Date: the Pre-Money Valuation Cap divided by the number of outstanding shares in the Company.
- Pre money valuation Cap: €10,000,000
- Share class: Ordinary shares
- Maturity Date: 24 months after the Loan was made (being 24/11/2023). The Lender also has the option to extend the Maturity Date and keep the option of conversion - only in agreement with the Company.
- Repayment: on a material breach of the CLN, or the liquidation, dissolution or winding-up of the Company.

5. €125,000 loan with the following key terms:

- Interest rate: 4%
- Discount: 15%
- Conversion trigger: on the Company raising a Qualified Financing by way of an Equity investment € 500,000, the 100% sale of shares in the company, or at the Maturity Date.
- Conversion price:
• Qualified Financing: a share price equal to the lower of (i) the price per share issued in the Qualified Financing minus the Discount or (ii) the Pre-Money Valuation Cap divided by the number of outstanding shares in the Company
• Sale of all Shares in the Company: a share price equal to the lower of (i) the price per share issued in the sale, minus the discount, or (ii) the Pre-Money Valuation Cap divided by the number of outstanding shares in the Company.
• Maturity Date: the Pre-Money Valuation Cap divided by the number of outstanding shares in the Company.
- Pre money valuation Cap: €10,000,000
- Share class: Ordinary shares
- Maturity Date: 24 months after the Loan was made (being 11/11/2023). The Lender also has the option to extend the Maturity Date and keep the option of conversion - only in agreement with the Company..
- Repayment: on a material breach of the CLN, or the liquidation, dissolution or winding-up of the Company.

6. €50,000 loan with the following key terms:

- Interest rate: 4%
- Discount: 15%
- Conversion trigger: on the Company raising a Qualified Financing by way of an Equity investment of at least € 500,000, the 100% sale of shares in the company, or at the Maturity Date.
- Conversion price:
• Qualified Financing: a share price equal to the lower of (i) the price per share issued in the Qualified Financing minus the Discount or (ii) the Pre-Money Valuation Cap divided by the number of outstanding shares in the Company
• Sale of all Shares in the Company: a share price equal to the lower of (i) the price per share issued in the sale, minus the discount, or (ii) the Pre-Money Valuation Cap divided by the number of outstanding shares in the Company.
• Maturity Date: the Pre-Money Valuation Cap divided by the number of outstanding shares in the Company.
- Pre money valuation Cap: €10,000,000
- Share class: Ordinary shares
- Maturity Date: 24 months after the Loan was made (being 12/11/2023). The Lender also has the option to extend the Maturity Date and keep the option of conversion - only in agreement with the Company.
- Repayment: on a material breach of the CLN, or the liquidation, dissolution or winding-up of the Company.

The company also has the following two Service for Equity agreements:

1. €263,358 loan whereby part 50% of the investor’s fee will be paid in shares, from SMAL, with the following key terms:

- Interest rate: none
- Discount: 20%
- Conversion trigger: Equity event or 100% sale of shares in the company
- Conversion price:
• Qualified Financing: a share price equal to the lower of (i) the price per share issued in the Qualified Financing minus the Discount or (ii) the Pre-Money Valuation Cap divided by the number of outstanding shares in the Company
• Sale of all Shares in the Company: a share price equal to the lower of (i) the price per share issued in the sale, minus the discount, or (ii) the Pre-Money Valuation Cap divided by the number of outstanding shares in the Company.
- Pre money valuation Cap: €10,000,000
- Share class: ordinary shares
- Maturity Date: First equity event

2. The second agreement has been agreed, but not yet signed, with Marveltest Marketing Agency.

The company pays €4,287.50 per month in cash, and the balance, €5,266.66 per month, will be structured as a Convertible Loan. By the end of the 12-months period, the total amount of the convertible loan will be €63,200. This agreement has been in place for two months so far, with the following key terms:

- Interest rate: 4%
- Discount: 10%
- Conversion trigger: Equity investment € 250,000, or 100% sale of shares in the company
- Conversion price:
• Qualified Financing: a share price equal to the lower of (i) the price per share issued in the Qualified Financing minus the Discount or (ii) the Pre-Money Valuation Cap divided by the number of outstanding shares in the Company
• Sale of all Shares in the Company: a share price equal to the lower of (i) the price per share issued in the sale, minus the discount, or (ii) the Pre-Money Valuation Cap divided by the number of outstanding shares in the Company.
• Maturity Date: the Pre-Money Valuation Cap divided by the number of outstanding shares in the Company.
- Pre money valuation Cap: €10,000,000
- Share class: ordinary shares
- Maturity Date: 24 months from first payment, which was May 2022.

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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 Convertible

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 convertible campaign allows you to invest today, with your investment converting into equity in the future, at a discount compared to other investors.

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).

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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None of the information in constitutes part of the campaign and it has not been approved or reviewed by Seedrs.

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