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Pre-emption

MyCarNeedsA.com

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MyCarNeedsA.com provides car owners with a service to get quotes from pre-approved local garages.

View more details of this business.
100%
 - 
Funded 21 Oct 2019
£350,000 target
£350,474 from 41 investors
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Business overview

Location Portadown, United Kingdom
Social media
Website www.mycarneedsa.com
Sectors Automotive & Transport Digital Mixed B2B/B2C
Company number -
Incorporation date -
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Investment summary

Type Equity
Valuation (pre-money) £17.8K
Equity offered 95.15%
Tax relief N/A
  • Idea
  • Team
  • Updates
  • Investors 41
  • Discussion
  • Documents

Fundraising history on Seedrs

  • Pitch closing date
    Funding round
    Raised
    Pre-money valuation
    Equity offered
    Equity
    Investors
  • 21 Oct 2019
    £350,000
    £17,839
    95.15%
    41
    View pitch
  • 4 Jan 2019
    £931,720
    £2,636,000
    26.12%
    383
    View pitch
View more details of this business.

Idea

Introduction

MyCarNeedsA.com is an online comparison site for routine car services, maintenance, and MoTs, giving car owners an easy and convenient way to compare quotes from pre-approved (checked for quality) local garages in terms of price, services offered and customer ratings.

Preemption details

As you may remember, when we closed the investment round earlier this year, we advised we had appointed Price Bailey as our corporate advisers to work with the Board, on behalf of the company and shareholders, with a view to securing significant scale-up investment later in the year and work with the business to exit.

Part of that strategy involved securing an additional £400-600k funding in advance of the proposed £2m round in Q4 2019.

Whilst the process to secure the required interim funding was not straightforward, the company looked to be in a position to close the investment round at the end of August. Unfortunately, however, we have to report a significant change in our position.

To summarise how things stand:

Despite over half the minimum target being pledged by existing shareholders, the company was unable to secure the minimum level of equity funding required to trade effectively. In order to bridge that gap, a number of discussions took place with regard to agreeing a convertible loan note, with some of the key shareholders and external partners, which we believe would have allowed the business to progress as planned and reach revenue levels required for further investment at a higher share price early in 2020.

However, we have been unable to secure that investment.

Unfortunately, in absence of any alternative offer, the Board have approved a £350k rights issue priced at £0.10 per share. All Seedrs investors have the right to subscribe for shares in this campaign according to their proportionate holding, which have been emailed to them.

One of the existing direct shareholders has already underwritten all shares that are unsubscribed for by shareholders. Given current shareholding and responses to date, this may lead them to an equity holding in excess of 80% which would give them investor and shareholder majority and, therefore, effective control of the company. This could enable this investor to sell the company in due course.

The company currently has loans of £53k. The funds raised are not intended to be used to pay these back.

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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 carries risks, including loss of capital and illiquidity. Please read our Risk Warning before investing.

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 £17,839

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