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Equipsme

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We do health insurance that’s simple, practical, and affordable - for every business and everyone in it.

229%
 - 
Funded 17 Nov 2020
£120,000 target
£286,119 from 249 investors
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Business overview

Location London, United Kingdom
Social media
Website www.equipsme.com
Sectors Healthcare Digital Mixed B2B/B2C
Company number 10652765
Incorporation date 6 Mar 2017
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Investment summary

Type Equity
Valuation (pre-money) £11.9M
Equity offered 2.26%
Tax relief

EIS

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Business highlights

  • Raised £881K and onboarded 681 investors as part of this round
  • 5-year exclusive Insurance Capacity deal with AXA PPP Healthcare
  • 106% premium retention & 249% member growth YoY
  • Backed by institutional investors & Fintech50 2020 #1 Angel
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Key features

  • Secondary Market
  • Seedrs nominee min. £10.08 +
  • Pay by Bank payments not accepted

Idea

Introduction

Only 5% of UK companies buy health insurance for their employees, yet 41% of employees want private health care. With a 53% increase in NHS treatment waiting lists since 2012 and 15.4m work days lost to stress in 2018 - in a post-covid society, prioritising employee health is no longer an option.

Equipsme is on a mission to democratise health insurance by making it an affordable reality for businesses of all sizes. We think businesses and the self-employed deserve better when it comes to employee healthcare packages which is why we’ve made it simple - covering people for only what they need.

Equipsme offers flexible fixed-price packages, with employees able to pay to upgrade and add family members for maximum peace of mind.

Members can speak to a GP 24/7, have physio sessions, regular health checks and, if necessary, be quickly referred to a consultant for diagnosis and treatment, all managed through a simple to use app.

Substantial accomplishments to date

Achieved 249% YoY premium growth in users with a 106% renewal retention rate

Customer with 14 staff quoting and buying online – with no human intervention by team Equipsme.

Digital Partnership with Starling Bank June 2020 with NDAs in place with a further 2 digital distribution opportunities.

Launched a self-employed product to cater to a currently untapped market of 4.9m self-employed

96% of quotes and 94% of sales in Q3 from direct or digital channels.

Finalist “Best Group Health Insurance” by Cover Magazine Excellence Awards 2020 and Finalist “The Insurtech Awards” by British Insurance Awards 2020.

Became Simply Business Health insurance provider May 2020.

Launched a Self-employed product for the 76% of businesses that don’t employee anyone in the UK.

Awarded “Best new product” by Cover Magazine Excellence Awards 2019.
Raised over £3.5m through Angels and institutional investors to date.

We have secured an exclusive 5-year insurance capacity deal with AXA Health.

Monetisation strategy

Equipsme bundles Health Insurance & Services together in a simple to understand and market leading price to enable UK Business to provide affordable and value for money health benefits to their employees and their families.

Through procuring services at lower than average market rates, we can retain a net mark-up of more than 25% while still being more competitive than traditional health insurance benefits. By directing the customers to the appropriate service we are able to contain costs and pass them on to the SME.
Future exciting strategies for income generation include the use of unique data, profit sharing with capacity providers and international expansion.

Use of proceeds

We have already raised £881,000 as part of this round and onboarded 681 investors. We are seeking to extend this round to achieve our target of £1m raised and 1,000 new investors in 2020. Please note, the £881,000 raised has been included in the pre-money valuation, and this raise is on the same terms.

£500,000 to fund the growth of Equipsme ahead of securing a Strategic Investor and our planned Series A round in early 2022.

The investment will be used to enhance our user experience and ensure our technology remains market-leading. We’ll also scale our marketing and customer service capability as we announce new digital distribution partnerships before the end of the year.

Key Information

Outstanding debt

The company has the following outstanding loans:

1. In November 2017, Equipsme Insurance Services Limited, a wholly-owned subsidiary of Equipsme Holdings Limited, received a loan of £300,000 from AXA PPP Healthcare, with an interest rate of 3% per annum. This is to be repaid by June 2021. AXA PPP Healthcare has a fixed and floating charge over the assets of Equipsme Insurance Services Ltd in relation to this loan.

2. In January 2018 Equipsme Insurance Services Limited received a loan of £1,000,000 from AXA PPP Healthcare, with an interest rate of 9% per annum. This is to be repaid by June 2023.

3. A Bounce Back loan of £50,000, interest-free for 12 months, and 2.5% thereafter. This is to be repaid by May 2026.

None of the funds raised will be used to repay these loans.

Future convertible loan note

The Company is currently negotiating a convertible loan with strategic investors for an investment of up to £3 million, which may convert to equity after this round and dilute existing shareholders. The indicative terms are as follows:

- The convertible loan will convert on the earlier of (a) a qualifying financing raising at least £1 million or (b) longstop date of 31 December 2022

- On a qualifying financing, the loan will convert at either a discount of 15% or 25% depending on the revenue generated through a distribution agreement to be entered into by the company and the strategic investor.

- On the maturity date, the loan will convert at the same price as this round, which is £0.56 per share.

- On conversion the investor will receive senior shares, the terms of which will be agreed by the Company and the investor.

Please note the company has not yet signed a binding agreement with any strategic investor. The investment may therefore still be subject to change and is not confirmed. The company will however have the authority to allot up to 5,500,000 shares pursuant to the convertible loan agreement without pre-emption rights applying (constituting 25% of the company’s current pre-money fully diluted capital).

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If you successfully purchase a share lot of this business, you will be granted access.

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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 £11,888,262

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.

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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).

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.

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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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