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GoodBox

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Placed 15th in the 100 FinTech Disrupters Rankings 2019.

127%
 - 
Funded 14 Oct 2019
£1,000,005 target
£1,445,758 from 747 investors
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Business overview

Location Salford, United Kingdom
Social media
Website www.goodbox.com/
Sectors Finance & Payments Digital B2B
Company number 10272838
Incorporation date 12 Jul 2016
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Investment summary

Type Equity
Valuation (pre-money) £18.8M
Equity offered 6.34%
Tax relief

EIS

  • Idea
  • Team
  • Updates
  • Investors 747
  • Discussion
  • Documents

Idea

Introduction

In a world driven by technological innovation, charities are struggling to adapt.

Whilst we increasingly reach for our cards to make payments, charities remain reliant on cash donations. This spells disaster. Almost half of UK based charities fear they won’t exist in five years’ time.

Enter GoodBox.

Backed by ex-WorldPay C-Level executives, GoodBox is a tech-for-good company revolutionising the charity sector with pioneering fundraising technologies which effortlessly connect donors and causes.

Through our suite of contactless hardware, we have worked with over 600 charities and processed over £2,000,000 in donations.

In that time, we’ve scaled to a team of 25, collected an array of awards, been part of prestigious accelerator programmes and made headlines.

But this is only the start.

Over the next year we plan to be expanding our portal with a host of new fundraising tools, and internationalising.

Our mission? A better world. Where some of mankind’s greatest challenges have been consigned to history.

Funding round details

Please note, that this round forms an extension of an additional £1.3m closed in Q2 2019. Share price for this raise, which includes an institutional (VC) investor of £500k, remains the same. Also investing in this round are the founders, with a total of £206k committed.

Intended impact

In a world driven by technological revolution, charities are struggling to adapt. Innovation is necessary for the survival of every industry, yet it has been reported that the non-profit sector currently lags at least 5 years behind the private sector in digital skills. Notably, as we 'tap' our way toward a cashless society, charities reliant on cash are faced with a big problem.

GoodBox was founded in 2016 to tackle this issue.

We have built an award-winning suite of contactless hardware, which cater to all; from parish churches to international NGOs. Our results speak to the effectiveness of this technology, with a 64% increase in donation income for one partner, achieving an ROI of over 5000% and bringing in £1,000,000 in fundraising revenue.

In addition to our hardware, GoodBox provides its 700+ clients with access to a real-time analytics portal where they can monitor the effectiveness of their fundraising.

Substantial accomplishments to date

2016

- In July, GoodBox was born in Manchester.
- Secured £600k seed funding to define our payment architecture.

2017

- Key hires made into the team including CFO & CCO.
- Launched MVP units into museums & with charities.
- “Tap to Give” trademark approved by the UK Cards Association.
- Secured EIS approval & £4m debt facility agreed.

2018

- Closed Seedrs' 8th biggest round at the time, at £2.6m.
- Accepted onto GovStart accelerator, launching at Downing Street.
- Pitched at Buckingham Palace in the [email protected] finals.
- Opened a distribution centre (alongside offices in Manchester & London).
- Picked up ‘PayTech for Good’ Award at the PayTech Awards 2018.
- Invited to an EU Committee on the impact of Brexit to scale-ups.
- Won a contract with Church of England.
- Powered the Mayor of London’s homeless campaign.
- We have achieved backing from key payment insiders. Since our 2018 Seedrs round, 5 former C-Suite executives of WorldPay have invested in GoodBox.

2019

- Hired our 25th employee.
- Launched our GBx Core device.
- Raised over £2,000,000 for UK charities through our hardware.
- Picked up a Red Dot Product Design Award for our GBx Core device.
- Launched the GoodPlate at York General Synod featured in Times & Telegraph.
- Published a white paper in partnership with Institute of Fundraising.
- Launched series of roundtables with industry experts and charities.
- Accepted onto the Tech Nation FinTech accelerator programme.

Monetisation strategy

GoodBox’s business model today is simple: a charity’s success is our success.

The more a charity raises the more we benefit through fixed donation rates, from as low as 2.5% + 10p. Charities select rates through our tiered membership. This helps smaller organisations to access our sophisticated technology & larger ones to harness cost effective fundraising. This is how we positively guarantee recurring revenue.

Currently, hardware sales & donation fees provide the main source of revenue alongside customised artwork designs. Our newest launches have been a series of accessories - an example of which is the GoodPlate. We will continue to expand our accessory offering to ensure our hardware is as versatile as possible. Finally, as experts in the digital donation space, we plan to offer consultancy services to our clients.

Over time, this offering will continue to grow through our portal, facilitating additional revenue streams, and enabling us to tap into a £583 billion global opportunity.

GoodBox is currently engaged in high potential conversations across three continents: North America, Australia, and the Middle East.

Use of proceeds

GoodBox is growing quickly to meet demand from charities, corporate companies and major donors. Key within this round is to raise an amount that takes into account cash flow needs and our desire to avoid unnecessarily diluting existing shareholders.

The proceeds will therefore service 4 main areas:

Hardware/stock – we will continue to build our products to fulfil the forecasted pipeline £0.3M.

Research and Development – we are always seeking to innovate; our solutions are designed to evolve as the Fundraising landscape changes £0.2M.

Team expansion – enabling us to expand the tech and sales teams £0.4M.

Marketing & PR - to increase brand awareness amongst donors and charities, bolster our market share through targeted campaigns and improve the user journey across all touch points. £0.1M.

Total: £1M.

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

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

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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 £18,797,675

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.

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