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Just Fix

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Just Fix is a hyper local platform that connects customers to trusted tradespeople - fast.

195%
 - 
Funded 24 May 2022
£200,000 target
£391,610 from 317 investors
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Business overview

Location London, United Kingdom
Social media
Website www.justfix.app
Sectors Property Digital Mixed B2B/B2C
Company number 12819875
Incorporation date 18 Aug 2020
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Investment summary

Type Equity
Valuation (pre-money) £2.6M
Equity offered 12.93%
Tax relief

EIS

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Business highlights

  • 500 Fixers and 3,200 customers pre-registered
  • Working app ready for release
  • Aiming to make fixing urgent repairs as easy as ordering a taxi
  • Potential for global roll out
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Key features

  • Secondary Market
  • Seedrs nominee min. £11.25 +

Idea

Introduction

We aim to be the fastest, most trusted solution to urgent home maintenance issues.

We believe that the current aggregator solutions are slow, opaque and frustrating for customers and suppliers alike. Just Fix aims to disrupt this market and provide a transparent, intuitive and super-fast way of connecting customers to local, self-employed tradespeople in their immediate vicinity.

So, finding a locksmith will be as easy as booking a taxi or a take-away.

Substantial accomplishments to date

We started off with a web-based proof of concept which took revenue and validated our core assumptions. The process for this was simple:

· Create a booking system for a small cohort of customers
· Manually match their needs with trusted, available service providers (we like to call them Fixers)
· Charge them a fee up front to prevent cancellations
· Take the stress out of trawling the internet when urgent repairs are needed

Outcomes + Key Results:

· 3 months, available in Farnborough, West London + Hampshire
· 14 Fixers on jobs, core team of 4 did majority of work
· 26 jobs per month complete, avg cost £134 per job

Next

· We took the learnings from this and refined our vision for the next phase of build
· We streamlined the process to create a fast and stress free experience
· Using intuitive, accessible design

This first version will be live in late June for our pilot launch and we will continue to ship more features in the coming weeks and months.

Customers can’t wait to see us in action, and we have over 3,200 potential customers already on our mailing list.

And suppliers are happy to work on-demand, with 500 fixers already pre-registered.

We have already been featured in the press, including Bloomberg, ABC Money, CEO Weekly, VC Post and Yahoo Finance.

Once we have launched our first release, we can continue to gather validation from our users on both sides, as well as stress test our operations, administration, customer services and financial processes.

Future iterations of the app could include:

· Marketplace for non-urgent job booking
· Virtual help + advice
· Just Fix powered widgets and plugins for external platforms and partners
· Shopfront listings for small businesses
· Linked accounts
· Partnership insurance plugins

Monetisation strategy

There are four key revenue streams.

1) We charge a commission on all transactions through the platform. This is expected to be 15% on average.

2) We charge for remote video consultations. This is envisaged to be around £25 per call.

3) We will be offering a range of insurance products related to home maintenance. We have agreed a 20% commission on each sale.

4) There will be advertising opportunities on the platform.

Unlike many of our competitors, there is no charge for our Fixers to be listed on the platform and we do not charge them for leads. We only make money when the Fixers are making money. We are committed to maintaining a fair value exchange for all.

Use of proceeds

We are investing in team, technology and marketing.

This round will fuel our launch, take us into revenue positive territory and prove product-market-fit.

Once this has been established, it is envisaged that the valuation will increase significantly and a further investment round will be made available, where institutional VCs will be invited to invest, alongside the Seedrs community.

This would then position us well for a National roll-out and strong growth.

Investor Perks

Please note that any discounts, rewards and/or offers listed by a company in its campaign are subject to the terms and conditions applied by that company and listed above. It is the company’s responsibility to honour such discounts, rewards and/or offers and Seedrs does not take any responsibility for them.

Key Information

Investment Disclosure

£60,000 of the investment being reflected as part of the amount raised was received by the company between 16/12/21 and 13/01/22. The investment is on the same terms as the Seedrs investment.

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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

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 £2,632,507

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.

The investee business is responsible for setting its own valuation, it has not been prescribed by Seedrs.

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.

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