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Doordeck

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Unlock your office from your phone - without the need to install all-new tech.

108%
 - 
Funded 16 Jun 2020
£200,000 target
£217,221 from 336 investors
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Business overview

Location London, United Kingdom
Social media
Website doordeck.com/
Sectors SaaS/PaaS Digital B2B
Company number 09482374
Incorporation date 10 Mar 2015
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Investment summary

Type Equity
Valuation (pre-money) £4.1M
Equity offered 4.99%
Tax relief

EIS

  • Idea
  • Key Information
  • Team
  • Updates
  • Investors 336
  • Discussion
  • Documents

Idea

Introduction

Doordeck lets you unlock your office from your phone — but we do it in a way that's unlike anything else we've seen on the market. We can roll out smartphone access to an entire building in under 15 minutes — by leveraging a building's existing access technology rather than ripping it all out. It means no disruptive installation, unreliable Bluetooth, or expensive hardware costs.

Doordeck's software, along with our bespoke 'Tile' reader, makes unlocking doors from your phone (or your smartwatch) a breeze — by using your phone's internet connection & NFC scanner. Unlocking happens in a fraction of a second and securely using AES256 encryption.

What's more, we're dedicated to make the building experience even better. Our Virtual Visitor Passes make it a doddle to invite guests to your building without long waits at the front desk. Our Developer Platform also makes it easy for other apps — like gyms and co-working spaces — to add powerful Doordeck technology to their own products.

Doordeck is already installed in hundreds of buildings, including offices, schools, airports, gyms, and more across 10 countries, including the UK, USA, and Russia. Doordeck has been used to unlock doors more than 500,000 times.

Intended impact

Currently, buildings all over the world are stuck with 'dumb', but perfectly functional access control infrastructure — think the keycards and card readers you probably use to get into your buildings every day. Until now, the only way businesses have been able to upgrade that technology to work with smartphones has been to rip it all out and install new, bespoke readers, which (typically) work via Bluetooth. It's expensive, hard to upgrade later down the line, disruptive, and above all unnecessary.

Because of this, we realised how huge the market demand was for a disruption-free, SaaS-based, manufacturer-agnostic access solution — and how easily it could be rolled out if such a product existed. That's why we made Doordeck into what it is today: smartphone access, designed to be effortless to install and a no-brainer to buy. We've not seen anybody else on the market with an exclusively SaaS-based solution like it.

Substantial accomplishments to date

2019:
• Selected as a finalist to showcase our innovation at the Airport Innovation Hub in Dubai.
• Radically improved our Developer Portal, giving app developers access to our SDKs and APIs for their own products.
• Attended [email protected] 11.0.
• Signed distribution arrangement with Oprema- one of the largest and fastest-growing distributors of access control products in the UK.

2018:
• Partnered with STANLEY Black & Decker group to launch STANLEY OneDoor, a bespoke version of the Doordeck app designed especially for the group's hardware.
• Became a partner of AXIS, one of the market leaders in access control technology.
• Partnered with a number of Tenant Engagement App developers, including District Tech & Savvy.

2017:
• Doordeck successfully pivots to being an entirely SaaS-based solution.
• Launched the Doordeck 'Tile' — a completely bespoke (and patent pending!) solution for secure mobile unlocking, using passive NFC technology.
• Doordeck becomes the first access control company to be championed by Cisco — and moved to their IDEALondon post-accelerator in Old Street, London.
• Selected to join Startupbootcamp's IoT Connected Things accelerator, back when Doordeck was a hardware-based product. We brought on our first paying customers (who we still have to date!)

2015:
• Incorporated with private funding.

Monetisation strategy

Doordeck is fundamentally a SaaS platform, which allows us to be simple, scalable and flexible with our pricing. Here are the primary ways we earn revenue:

• Direct sales: Purchases of Doordeck via monthly/yearly billing. Customers pay per door, per month, with discounts for annual subscriptions.

• Channel partners: We've already partnered with a number of distributors of access control products (including Oprema, the UK's fastest growing security distributor) to resell Doordeck as an upgrade/add-on for their hardware sales.

• App Developers: Devs who integrate Doordeck into their own apps in the future will pay a similar licensing fee based on the number of doors.

Use of proceeds

With your funding through Seedrs, we've got ambitious plans to take Doordeck to the next level and grow even quicker — starting with our development team. Your money will help us bring on another developer, enabling us to build out even more integrations with other market-leading access control systems, quicker and faster. We believe this to be a crucial element to shortening the sales cycle, necessary for us to scale the business and capture more of the market share.

Elsewhere, we've been blown away by the number of 3rd party app developers (such as gyms and co-working spaces) who want to bring Doordeck tech to their own apps - and we're more than happy to oblige! Right now our Developer Platform is in private beta, so your funding will enable us to do a full launch (with all the bells and whistles), making it even easier for developers to integrate Doordeck's technology with their own.

Key Information

Please note, there are outstanding director loans of £259,848.86. Funds raised as part of the campaign will not be used to repay these loans.

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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 £4,139,468

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

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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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