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Get Set Pet

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We are raising funds to accelerate our growth to become the ultimate destination for pet supplies.

116%
 - 
Funded 1 Jun 2022
£420,026 target
£489,438 from 142 investors
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Business overview

Location London, United Kingdom
Social media
Website www.getsetpet.com
Sectors Food & Beverage Digital B2C
Company number 11814871
Incorporation date 8 Feb 2019
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Investment summary

Type Equity
Valuation (pre-money) £12.4M
Equity offered 3.81%
Share price £50.74
Tax relief

EIS

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Business highlights

  • The UK’s #1 rated pet supplies business on Reviews.io
  • Since our raise last year our turnover has more than doubled*
  • An increase in subscription revenues of 173% YoY*
  • Secured partnership launching to a million customers
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Key features

  • Secondary Market
  • Seedrs nominee min. £50.74 +
  • Idea
  • Investor Perks
  • Key Information
  • Team
  • Updates
  • Investors 142
  • Discussion
  • Documents

Idea

Introduction

We are Get Set Pet and we’re on a mission to help your pets live their best lives. We bring together expert knowledge, nutritious food and high-quality products and combine it with an exceptional customer experience.

Get Set Pet is the UK’s #1 rated pet supplies business on Reviews.io.

Since our last Seedrs raise our business has grown rapidly. We have been able to continually grow our subscription customer base and our annual turnover has more than doubled. Our goal is to accelerate our strong growth whilst raising the customer experience bar even further.

An estimated 17m households in the UK have a pet and with 3.2m households adding a pet to the family since the start of the pandemic Get Set Pet is well positioned to take advantage of the growing £4.1 billion a year pet supplies market.

We’d love you to be a part of the next phase of our journey.

Substantial accomplishments to date

We have continued to differentiate ourselves on the customer experience front and are extremely proud of our overall rating of 5.0 on Reviews.io with over 2,250 five-star reviews.

Since our last raise in early 2021, we have more than doubled our turnover*.

*based on unaudited management accounts.

We have managed to grow our subscription revenues by an impressive 173% YoY and now have over 1,200 active subscription customers*.

Our team has grown to ten full-time employees and we successfully moved location in June 2021 to a larger warehouse in Wokingham, Berkshire.
Finally, we have secured an exciting new partnership with one of the UK’s leading pet insurers, which is rolling out to up to one million customers over the next 12 months.

Monetisation strategy

Our strategy is to retain customer sales through our exceptional customer experience and drive recurring revenue via customer loyalty and retention.

Most of our current sales are through a combination of direct website purchases and our subscription service - Get Set SAVE. Additional sales are achieved via third-party marketplaces which provides us with a great source for new customer acquisition.

Key to driving future sales growth and improving margin is increasing basket size. We have deployed an AI-driven tool to identify and target relevant customers via upsell and cross-sell activity. Focusing funds on additional marketing activities will help us grow our brand and revenues further.

This year we plan on introducing our own brand of pet food, treats and accessories with the aim of boosting margins and driving growth.

Our B2B partnerships with both private and large-scale public sector customers, together with our recently introduced Click & Collect service, represent further opportunity.

Use of proceeds

1 - Customer acquisition and marketing - 40% of the funds will be spent on customer acquisition and marketing activities. These funds are intended to drive revenue via digital marketing, promotional activities, social media and continued SEO improvement.

2 - Key hires - 15% will be spent on salaries and recruitment expenses of key hires. We expect to make senior hires in marketing and operations.

3 - Strategic acquisitions and partnerships - 15% will be spent on asset acquisition, the roll-out of our strategic partnership and to pursue similarly transformational opportunities with other companies.

4 - Product development and sourcing -15% will be used to expand into white label products to offer new and innovative products we know our customers want and need. We will need to invest in testing of packaging and recipes.

5 - Working capital and technology - 15% to support our continued growth and invest in working capital to hold more stock whilst also upgrading our technology and systems.

Investor Perks

Key Information

Debt

The company has the following outstanding loans:

1. A director's loan of £150,000, which was received in December 2021 and is repayable over 3 years. The loan accrues interest at First Direct' standard mortgage variable rate, currently 3.54%.

2. A director's loan of £243,984, which is currently interest free with no repayment scheduled at this point. The loan was incurred during the start-up phase of the business.

3. A £40,833 Bounce back loan, which was received in June 2021 and is repayable over 5 years. The loan accrues interest of 2.5% a year.

4. A £200,678 working capital loan, which was received in March 2022 and is repayable over 12 months. The loan accrues interest of 10.99% a year.

The funds raised from this investment round will not be used to repay these loans.

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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

Only shareholders can access this page

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

Buy shares

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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 £12,363,816

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.

Learn more about pitch type on Seedrs

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.

Learn more about Custodian here

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.

Warning

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None of the information in constitutes part of the campaign and it has not been approved or reviewed by Seedrs.

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