Friction Free Shaving
UK razor delivery service designed exclusively for women
- Birmingham, United Kingdom
Categories: Home & Personal Mixed Digital/Non-Digital B2C
We are thrilled to announce that, following on from our successful £150,000 equity crowdfunding round with yourselves and Seedrs this time last year, we have now raised £1.25m in Series A funding from Athene Capital LLP to drive growth in partnership with Northern & Shell, the publishing company which owns the likes of OK! magazine. The proceeds will be used to treble the subscriber numbers by the end of the year and bring out a bespoke design razor (with our own IP) as well as further up-sell products, such as pre-shave scrub and post-shave moisturiser, which have larger profit margins. We hope you can continue to support us as we continue to capitilise on our first mover advantage as the one of the world’s first women’s razor subscription business – described by Campaign as “the women’s answer to Dollar Shave Club” (http://www.campaignlive.co.uk/article/friction-...)
Please note: as a special thank you to all of our early investors, there will be no limit to the amount you can re-invest in this round. The sky’s the limit!
With thanks for your continued support,
Aidan, Des and Briar
Please note: investors in this round will be offered A1 Preference Shares, the same class of shares as received by the VCs leading this financing round. The A1 preference shares attract the following rights, but will not be eligible for EIS relief:
• On a return of capital on liquidation or a distribution of proceeds of sale, the A1 Preference shares enjoy a non-participating preferential return on, equal to the original subscription amount. This is a non-participating preference, meaning the A1 Preference Shares can elect to receive the higher of (i) their preferential return; OR (ii) the amount they would received if they participated in the equity pro rata alongside ordinary shareholders.
• The A1 Preference Shares enjoy anti-dilution protection in the event of further shares being issued at a price lower than the price for the A1 Preference Shares (to put A1 preference shareholders in the position they would be in if they had subscribed at such lower valuation).
As this is a pre-emption round available only to existing investors, limited information is being provided at this time.