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Helpfulpeeps

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Helpfulpeeps is an online platform that enables people to find the help they need in their local area.

140%
 - 
Funded 17 Dec 2018
£250,017 target
£359,462 from 182 investors
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Business overview

Location Bristol, United Kingdom
Social media
Website www.helpfulpeeps.com
Sectors Home & Personal Digital B2C
Company number 08967763
Incorporation date 31 Mar 2014
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Investment summary

Type Equity
Valuation (pre-money) £2.6M
Equity offered 11.73%
Tax relief

EIS

  • Idea
  • Team
  • Updates
  • Investors 182
  • Discussion
  • Documents

Idea

Introduction

Helpfulpeeps is a social marketplace for local help. With over 175,000 registered members through our iOS, Android and web platforms, we are building the future of local services by using technology to match those who would like help with those most likely to provide it nearby. Our mission is to build the world’s most helpful network.

Why did we start Helpfulpeeps?
In a social media dominated world that is designed to convince people to spend more time online, we wanted to create a platform that enables people to connect and help each other in the real world.

Where are we now?
Helpfulpeeps has evolved from an online platform for communities to trade favours to a more sophisticated marketplace based on user demand. Over the last 12 months, we observed an increase in the number of requests where members were willing to pay for help and we are now ready to monetise our growing user base by facilitating payments and charging a commission on paid-for services.

Intended impact

64% of Britons are now using the sharing economy by tapping into resources that could not be effectively organised before. Helpfulpeeps is positioned to provide access to the “human cloud” by giving everyone the ability to leverage the vast array of skills available in their local community. By mapping the location and skills of each of our members, we are able to effectively match those wanting help with those most likely to help.

In practice, this means anyone from anywhere can get their request in front of a suitable neighbour in minutes. Responses come back in real-time with no middle-man. Where money is involved, there’s no need to worry about handing over cash – everything will be taken care of securely right inside the app.

By connecting the right people with each other, our aim is to unlock a massive amount of spare capacity to empower individuals, boost local economies and improve the health and wellbeing of society in the process.

Substantial accomplishments to date

We’re proud to have crafted a one-of-kind community that enables thousands of acts of help to happen in neighbourhoods around the country each month. Our award-winning platform has been built in-house using the latest technology, allowing us to scale globally.

2018
• Released native iOS and Android apps for on-the-go help.
• Ran a live test of our monetisation strategy, validating our evolution to a more sophisticated marketplace.
• Started work on platform updates to support paid help, targeting Jan 2019 release.
• Received follow-on commitments from 8 of our 12 investors from the last round.

2017
• Expanded to new cities.
• Published promo video, which amassed 774,000 organic views.
• Made strategic technical hires to allow all IP to be built in-house.
• Surpassed 100,000 members.
• Won [email protected] on Tour in Cardiff.
• Finalist for Sparkies “People’s Choice” award.
• Raised investment from a dozen angel investors, including Graham Hobson (co-founder of Photobox) and Jody Ford (former VP Global Growth at eBay).

2016
• Proved concept of “peer-to-peer help” in Bristol.
• Reached almost 10,000 members.
• Finalist at the Edge Awards for “Outstanding Business Idea.”
• Selected to be part of government-backed Sharing Economy mission to San Francisco alongside industry-leading startups.

2015
• Launched pilot platform in Bristol to test idea.
• Won “Startup Launchpad” at Apps World, London.
• Graduated from Webstart Incubator and joined Entrepreneurial Spark accelerator programme.

Monetisation strategy

Our revenue model is simple: a flat 15% platform fee (commission) will be applied to all paid transactions on the marketplace.

In the future, we believe there will be opportunities for add-on services, such as a “Pro” subscription with additional features for service providers to boost their income.

Why are we confident?
We ran a test of the marketplace and found that 40% of requests during the period had a budget, with an average budget of £25. Over time, we believe both the percentage of requests with a budget and the average budget per request will grow based on increased trust and liquidity on the platform.

How will investors get a return?
We believe the most likely form of exit will be a trade sale in the next 3-7 years. Examples of previous acquisitions include Gumtree by eBay in 2005 and TaskRabbit by Ikea in 2017. That said, our goal is to build a truly global platform (think eBay or Amazon for local help) and exit via an IPO.

Use of proceeds

The funds raised will be used in two ways: 1) product development and 2) growth.

On the product side, we will continue our work developing the transactional marketplace layer that we have slated for release in January 2019. This involves adding a more sophisticated offer system such that we can capture funds, hold them in escrow, listen for request completion and release payment (less commission) in a manner that is as streamlined and familiar to our members as possible.

We will also use the funds to accelerate user growth. Having tested multiple user acquisition channels, we will now significantly increase our marketing spend across the channels that are working effectively. In order to support this growth trajectory, we have allocated a portion of the funds to cover infrastructure.

This round of investment will allow us to optimise unit economics in preparation for raising our Series A, with a target LTV to CAC ratio of 3:1.

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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 £2,649,051

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
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  • 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).

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