- Investment sought:
- Equity offered:
We are creating the community that protects.
In this technological age, there should be a better and simpler way for the public to get their property back, as well as a more efficient system for businesses that handle lost property. So we created Found, a solution built on community networks and innovative technology which we offer through two tailor-made apps – one for the public and one for businesses.
We estimate that over 50 million items are lost in the UK every year. Yet the process of finding and repatriating lost property is complicated and inefficient – for example only 22% of items lost on the TfL network are successfully returned.
Lost property is currently handled in silos across the UK, with no overarching system or body managing it on a national basis. The police, traditionally the first port of call for lost and found, no longer provides this service. As a result, an individual's experience of trying to track down missing items can be painfully time-consuming.
Our aim is for Found to become the go-to community for lost property across the UK and to leverage this network to monetise our unique model, brand and technology.
To top it off, we have also developed our own image recognition technology which has wide-reaching applications outside lost property and insurance!
There's much more to Found than just lost property, but it's the clever and crucial foundation for our wider plans!
By reuniting the public with their lost property, Found will become synonymous with protecting valuables, which links seamlessly to our plan to offer insurance for individuals' treasured property (including gadgets and bikes). We want to become the go-to provider of simple, transparent and honest insurance to the millennial market.
We also offer a value-add service to businesses, not only by facilitating their handling of lost property but by giving them an opportunity to make a demonstrable positive social impact by donating unclaimed items to our charity partners. We want Found to be a known, trusted and respected business which champions social good. We aim to achieve this through our unique and cost-effective customer engagement model. The diagram below shows how we will acquire, retain and market our products to our community members through our app.
Substantial accomplishments to date
Found offers multiple potential revenue streams through both B2C and B2B channels.
1. Insurance – We are finalising our own gadget and bike insurance to be offered in-app.
2. Software subscriptions - Found partners who handle high volumes of lost property will save time and money using our technology. We will charge these partners a subscription fee for use of our software.
3. Selling unclaimed items - Any unclaimed items can automatically be sold through a second-hand online retailer.
4. Analysing data - We collect unique and valuable data of users' behaviour which is highly relevant to the insurance industry.
5. SaaS - We have built our own in-house image recognition technology called AI Andy. AI Andy has applications in many other industries.
6. Delivery and repatriation - When someone loses an item and would like it delivered back, we offer that logistics service in-app.
7. We also have exciting and innovative plans for the future. For example, as we will know when a member has lost an item and it hasn't been found, we can make replacing it very easy by selling like for like replacements in-app.
With a network like ours, the opportunities for the future are extremely exciting!
Use of proceeds
It's an exciting time to be involved in Found! We have developed a complete end-to-end platform for lost property management, two awesome apps and our own AI image recognition technology.
Funds raised now will give us sufficient runway for our launch, with a Series A round likely taking place in Q2 2020. We run a lean machine and use people's investment in Found with great care.
Product development - 30%
• Expand our image recognition technologies
• Build some more in-app features into our already stable platform
Our launch in Bristol and UK wide BD - 25%
• Marketing and business development for our complete launch in Bristol.
• We have also started and will continue to build strategic relationships with key stakeholders across the UK in preparation for our UK roll-out
Team - 25%
• Continue to grow our awesome team
Insurance product - 10%
• Launch our in-app insurance product
Operations - 10%
• Office space, accounts, lawyers, advisors, travel etc