We offer consumers and business fleets sustainable, trusted and convenient vehicle care services
Pembroke VCT plc is a is a venture capital trust focussed on early stage investments in the leisure and luxury brands sectors.
- £200k Revenue in September & 60,000+ vehicles
- An estimated 38 million litres of water saved & B-Corp pending
- Proprietary custom built booking system & apps
- 58% B2B revenues & 75+ clients
Dropless is your one stop shop for vehicle care. We offer business fleets and consumers mobile, sustainable and ethically delivered vehicle services such as waterless valeting, mobile body repair, mobile mechanic services and much more all through the convenience of our app. We operate within Greater London, Bath, Bristol & Cardiff and have over 55,000 vehicles on our platform and have an average of 4.8* from over 2,300 reviews on Trustpilot. We are raising money to enable us to continue to expand throughout the UK, to keep improving our in-house technology to facilitate a wider range of services and convenience for our customers
•Mobile waterless car wash - saving on average 200 litres of water per wash
•Mobile body repair - known as SMART repair
•Mobile mechanic services
•Premium valeting services - machine polish, clay bar, ozone treatment, oil change, tyre pressure refills and fluid top-ups
•Hydroloop - a closed loop cleaning system for HGV vehicles
Partner delivered services - to come in 2023
Substantial accomplishments to date
•60,000+ vehicles in the Dropless garage & 47,000+ Customers
•£200,000 revenue and growing fast*
•38,000,000 million litres of water saved (*estimated)
•42% revenue growth in 5 months*
•Service delivery margin over 40%
•CPA < £10 over the last 3 months
•Average frequency of valeting booking - 7 weeks
•AOV is £52 - using the 3-month weighted-average AOV number for May-Jul
•75+ B2B customers and growing - including Enterprise, John Lewis, Shell, Europcar, Avis, ZipCar, Red Bull, Sixt and Cadent
•2,300+ positive reviews
•Custom built in-house technology - back end portal to manage customer bookings, calendar optimisation & fleet bookings. Our service provider app which makes it easy for our operatives on the ground and for us to gather valuable vehicle data and our customer app making it quick and convenient to book
•54% of revenue generated from new services (body repair & mechanics)*
We are proud of the problems we are solving in the industry:
Dropless solves a number of critical problems within an outdated and fragmented sector.
The car wash industry has been identified by a number of organisations as a high-risk sector for labour abuse. We employ our staff in an ethical way and provide opportunities for progression.
In addition there is a lack of trust in the vehicle aftercare market (MOT's, Servicing etc...). Dropless make it easy for customers to understand when an MOT service is due and help to deliver those services.
*based on unaudited management accounts.
Revenue comes from Dropless delivered services, both through one off jobs and repeat bookings.
We typically have contracts with our fleet customers which guarantees stable and regular income.
There is an opportunity to license our fleet dashboard solutions and our hydroloop technology.
The first-party data that we collect through our service provider app (when we see a customers vehicle) can be monitised in the future e.g. we can predict when a tyre needs changing or what a customer should be paying for insurance based on their mileage.
Finally, we generate revenue through a commission structure from recommending alternative services (windscreen repair or tyre replacement) to partners
Use of proceeds
To continue to develop our technology and data in order to facilitate a B2C franchise offering and growth strategy in 2023, as well as to enable the cross-sell and upsell of our in-house and partner delivered services to existing customers. We will also aim to focus our tech on facilitating an improved subscription offering to enable customers to benefit from annual vehicle-care packages .
To invest in our new service lines such as SMART body repair, mobile mechanic and our novel Hydroloop fleet-washing service where we have recently won large B2B contracts with enterprise fleets. This means we can purchase new vehicles or convert existing ones, recruit and train new technicians.
Continuing to invest in digital marketing to acquire new customers on the B2C side of the business who in turn we sell additional convenient services to.
Invest in our sales team to continue winning long term B2B contracts across all of our service lines.
The company has the following outstanding loans:
1. £32,746.39 Business Bounce Back Loan from HSBC at an interest rate of 2.5% per annum. The company is paying £732.07 per month and the loan is to be repaid on 31 April 2026
2. £93,750 loan from Passion Digital at an interest rate of 0% per annum. The company is paying £2,083 per month and the loan is to be repaid on 31 Dec 2025.
3. £162,274 outstanding PAYE debt with HMRC. The company is paying £13,522.84 per month and will be repaid in August 2023 (10 instalments are remaining)
The funds raised from this investment round will not be used to repay these loans.
Dropless & Passion Digital
Michael Grindy is the owner and Chairman of Passion Digital, a digital marketing agency based in Brixton. Michael is no longer an executive at Passion, which is now run by a Managing Director, and is working full-time with Dropless as their founder and CEO. Dropless still depends on Passion Digital for PPC marketing campaigns and ad-hoc web-design services.
The company has the following outstanding convertible loan, which may convert to equity after this round and dilute existing shareholders:
£2m from Pembroke VC, with the following key terms:
- Interest rate: 8% per annum
- Conversion trigger: A Next Round Share issue or Sale.
- Conversion price: The lower of (i) the Next Round Share issue price (ii) a price per share based on the Valuation Cap divided by the fully diluted equity of the business.
- Valuation Cap: £16,000,000
- Share class: Ordinary shares, however, the Lender may elect to receive any new class of shares issued after the date of the agreement.
- Repayment date: 23/12/2026
Please note, the Company has confirmed with Pembroke VC that this round will not trigger the Convertible.
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