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CORKBRICK EUROPE

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A Lego like system to build any structure, wall, or furniture; with no tools, screws, or glue.

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Funded 21 Jan 2019
€250,033 target
€267,073 from 0 investors
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Business overview

Location Cascais, Portugal
Social media
Website www.corkbrick.com
Sectors Home & Personal Mixed Digital/Non-Digital B2C
Company number 513223371
Incorporation date 20 Nov 2014
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Investment summary

Type Equity
Valuation (pre-money) €4.8M
Equity offered 5.00%
Tax relief N/A

Idea

Introduction

Imagine a Lego like system, where you can build any structure, wall or furniture, inside or outside, with no tools, no screws, no glue - that's CORKBRICK!

It's a solution soon available in the market that empowers creative minds that cannot face DIY solutions. It goes beyond the DIY market to reach all those with a passion and enthusiasm to create unique and innovative solutions in their home and office.

We sell a unique, useful, trendy and sustainable product structured on a simple and highly efficient business to the global consumer.

We believe it has the potential to become the new Lego for adults with the advantage of being fun and useful (and natural).

CORKBRICK is an invention of Miguel Reynolds Brandão (father) and Catarina Reynolds Brandão (daughter).

Intended impact

Our mission is to improve people's lives by simplifying the way people create and recreate the spaces they live and work, with clever, natural and sustainable solutions.

We feel that CORKBRICK is a unique system that will change households, office spaces and many other private and public spaces.

- Manufactured in Europe.
- It’s ecological, green, reusable and sustainable.
- It has the potential to develop new opportunities, such as CORKBRICK accessories.
- It can offer indirect job opportunities for skilled and unskilled labour.

We believe CORKBRICK fits in the trend for natural, flexible, dynamic and sustainable solutions for millennials. It offers a solution to a universal problem – configuration of houses, offices or any space without compromising other future uses.

Substantial accomplishments to date

Nov ‘14: Company Incorporation. José Manuel Durão joins as shareholder and legal adviser; Business model development.

Jun ‘15: International Patent application pending (PCT).

Dec ‘15: Jorge Julio joins as shareholder and Industrial Adviser. Strategic alliance with INAUTOM to support us in the industrial process.

Feb ‘16: Final prototypes built.

Sept 16: First orders.

Nov 16: CORKBRICK has been nominated for the 2017 Katerva Award.

Apr 17: PORTUGAL 2020 application was awarded.

Aug 17: Our first equity crowdfunding was a complete success: 232 fans, small investors, spread in 27 countries, 110% over-funding. We are on our way to build the a fan owned company to create sustainable dynamic furniture and structures.

Mar / Apr 2018: Installation of the production line. Beginning of production tests.

Apr 2018: Formula and moulds testing. Launch of the full version of the website.

Oct - Nov 2018: Production Started!
- Production of all 7 blocks;
- Website improvements and updates;
- Prospecting of potential flagship customers;
- Shareholders Informal Gathering in Algarve.

Monetisation strategy

CORKBRICK initial target price was €98 per square meter. Due to the price instability in cork, we will have to adjust the price accordingly. We believe that we have a wide price elasticity at this stage of our development. We intend to closely control the offer as we grow and thus instill a pressure on the demand. The business model is very simple and straightforward: just 7 pieces to produce; direct sales; simple production cycle; just-in-time production; outsource delivery.

We aim to create an efficient value chain with no intermediaries and no financial costs, to support our sales growth.

We will be selling directly to our customers by internet for three reasons:

1) Because our potential customers likely buy on internet.
2) It increases our competitive advantage.
3) The delivery fees are lower than the total cost of using a traditional distribution channels.

Nurturing a deep relationship with our customers and awarding their creativity is the main focus of our strategy. It empowers our offer and growth.

Use of proceeds

We feel things have been a great success so far. Now we need to invest to prepare for production expansion to be able to respond to market demand.

First, we need to increase our production, leveraging from all the experience we have had, to reach 400 pieces a day — the maximum capacity which we have calculated of this production line (P1).

As we reach P1 (the first production line we designed) production capability, we are already thinking and designing P2. With P1 at cruise speed we should be able to level back-orders and start promoting through our website slowly. Having experience through P1 before up-scaling we wanted to make sure production line is perfect.

Then we shall scale up and move towards production line P2 (second generation production line, including the full production process). Our goal is to eventually reach 4000 pieces a day, allowing us the capability to respond to the market.

Things are looking positive and we intend to scale up to P2. Ideally having everything prepared by summer 2019.

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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.

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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 €4,750,586

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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