Jump to:

DeadHappy hero image

DeadHappy

Follow

Life insurance to die for – a modern take on a traditional product

183%
 - 
Funded 19 Sep 2020
£1,500,000 target
£2,752,640 from 1,208 investors
More
Less

Business overview

Location Leicester, United Kingdom
Social media
Website deadhappy.com
Sectors Finance & Payments Digital B2C
Company number 08624700
Incorporation date 25 Jul 2013
More
Less

Investment summary

Type Convertible
Discount 20%
Tax relief N/A
Co investor Octopus Ventures

Octopus Ventures is one of Europe’s largest and most active Venture Capital firms investing in startups in the areas of health, money and deep tech.

More
Less

Business highlights

  • Super easy, super cheap and all on your smartphone
  • VC backed, £5.5m to date from Octopus & eVentures
  • Already at £1bn customer sum assured and growing
  • Net Promoter Score of 86 and Trustpilot score of 4.9
More
Less

Key features

  • Secondary Market
  • Seedrs nominee min. £10.00 +

Learn more about convertible campaigns.

Idea

Introduction

DeadHappy is a digital-first life insurance provider, disrupting the £3.7bn life market.

Our mission is to Change Attitudes to Death. We want to help people think about, talk about and plan for what they want to happen when they die.

Traditional life insurance is complex, expensive, inflexible and boring.

DeadHappy offers customers a simple, cheap, flexible and (perhaps even) enjoyable alternative. We have developed a unique pay-as-you-go life insurance product with a rolling 10 year guarantee of cover. Our simple sign-up process allows customers to answer only 4 medical questions & obtain cover in under 5 minutes, on-line, via their mobile phone.

Our proprietary Deathwish Platform inspires customers to personalise their life insurance by creating “deathwishes”, which helps them to identify their life insurance needs and gives their life insurance plan some real, tangible meaning.

Our customer feedback is overwhelmingly positive, with NPS of 86 & Trustpilot score of 4.9 from 500+ reviews.

Substantial accomplishments to date

2018.
· Launched the MVP for our pay-as-you-go life insurance product.
· Raised £1.5m Seed venture capital (Octopus Ventures).
· Partnership agreed with AA-rated insurance providers Covea and Gen Re.
· Established public company-calibre Board of Directors, including Junction co-founder and ex-Compare The Market Exec.

2019.
· Full launch of our pay-as-you-go life insurance product.
· Raised £4m Series A venture capital (Octopus Ventures and eVentures).
· Invested in our team, increasing in size from 6 to 21.
· Recognised by Forbes as one of the top 14 social marketing campaigns of 2019.

2020.
· Reached 120,000+ total deathwishes (and counting).
· 7,800+ total life insurance policies sold (as at Aug-20).
· Total cover in excess of £1bn (Aug-20).
· 255% revenue growth (July-20 vs. July-19).
· Recently launched our second product “Near Death” (Critical Illness).
· Secured our first third-party distribution partnership.
· Launched our first sponsored deathwish.
· 4.9 star (out of 5) Trustpilot rating, with over five hundred 5-star reviews.
· Net Promoter Score of 84 (vs. industry average of 11).
· Runner up in Global Insurtech New York 2020 competition.
· Launched our first TV advert featuring “Mick & Tel”.
· Recognised by Tech Nation as one of the top 15 fintechs to watch in 2020.

Monetisation strategy

Our “Deathwish Platform” provides a quick & intuitive way for customers to decide how much life insurance cover they need. Revenue is generated through:

Commission (live)
We earn upfront commission revenue for every Life Insurance and Near Death (Critical Illness) plan sold. We earn additional commission revenue when customers extend their plans annually.

Sponsorships (live)
Our platform allows businesses to advertise their product by sponsoring a “deathwish”. We charge a fixed fee each time a sponsored deathwish is selected or insured.

Distribution partnerships (Sept-20 launch)
Our platform supports co-branding of our products, for which we charge a fee each time a DeadHappy product is sold. As we take on more partners, this capability will be extended to full white labelling for big household names.

Digital wills (coming soon)
This product will allow customers to legalise their “deathwishes”. Revenue will be earned through an upfront fee & supplemented with a small annual charge.

Use of proceeds

Growth (35%)
· Pour fuel on the fire to continue our rapid growth by investing more into proven marketing channels.
· Further develop the world of our ambassadors Mick & Tel.
· Develop our Deathwish Platform including deathwish sharing and turning deathwishes into mini viral marketing machines.

Technology (30%)
· Further development of our underwriting engine, to take advantage of our unique data capability and further enhance pricing competitiveness.
· Improvements to UX to further streamline the process.
· Grow the tech team to accelerate delivery of more products and features.

Product (20%)
· Develop and launch our blockchain-powered Digital Wills proposition.
· Launch our Accidental Death insurance, making protection accessible to even more people.

Partnerships (15%)
· Finalise our white-labelling capability, so we can fully rebrand our product and tech to open up partnership opportunities with major consumer brands.
· Accelerate the on-boarding of deathwish sponsors and charities.

The company has two existing classes of share. Ordinary shares and A Shares. The A shares hold a 1 x non-participating preference right and anti-dilution rights in the event of a downround. Seedrs investors will receive ordinary shares.

Please note that the company has a £50,000 coronavirus bounce back loan and a £64,502 director's loan. The funds raised in this round will not be used to pay back these loans.

Key information

Convertible details

This investment round is being raised by way of a convertible loan note ("CLN").

The key terms that apply to the convertible are set out below and in more detail in the Key Terms document.

• Interest: 10% per annum starting from the first anniversary, to be converted or repaid with the principal loan amount.

• Trigger events include:
o Qualifying financing: on a priced equity round raising at least £3m, the notes will convert at a 20% discount to the lowest price of shares issued in that equity round.

o Non-Qualifying Financing: on a priced equity round raising less than £3m, the lender majority can elect to convert at a 20% discount to the lowest price of shares issued in that equity round.

o Longstop date: 2 years from the date of the CLN. If conversion has not been triggered by the Longstop Date shares will be issued on the Longstop Date at a price per share based on the lower of (i) a pre-money valuation of £24m or (ii) the lowest price of any shares issued after the date of the CLN.

Exit: notes will convert at a 20% discount to the lowest price per share at which shares are being acquired in the Exit.

Share classes

The company has two existing classes of share. Ordinary shares and A Shares. The A shares hold a 1 x non-participating preference right and anti-dilution rights in the event of a downround. Seedrs investors will receive ordinary shares.

Debt

Please note that the company has a £50,000 coronavirus bounce back loan and a £64,502 director's loan. The funds raised in this round will not be used to pay back these loans.

Open an account to get access to the team members of DeadHappy

Sign up

Already have an account? Log in

To comply with financial regulations, we can only show full campaign details to registered users.

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

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

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.

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 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.

Find out more

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.

Find out more

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.

Find out more

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.

Warning

You are following a link outside of www.seedrs.com.

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

ContinueCancel