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nuumi

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A technology-enabled quit smoking solution aiming to transform the life of smokers forever.

128%
 - 
Funded 9 Feb 2022
€450,180 target
€580,376 from 176 investors
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Business overview

Location Berlin, Germany
Social media
Website en.nuumi.de/
Sectors Healthcare Digital Mixed B2B/B2C
Company number HRB213078B
Incorporation date 19 Oct 2019
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Investment summary

Type Equity
Valuation (pre-money) €5.5M
Equity offered 9.55%
Tax relief N/A
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Business highlights

  • 50 users with highly positive feedback
  • Awarded as impact startup at the 2021 Web Summit in Lisbon
  • Experienced team with previous exit & visiting Harvard Professor
  • Supported by the EU & IBB w/ an innovation program of up to €1.5m
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Key features

  • Secondary Market
  • Seedrs nominee min. €20.50 +

Idea

Introduction

nuumi aims to solve the #1 cause of preventable death by transforming the lives of over one billion smokers for good through leveraging the latest technology, behaviour science and refine it by integrating artificial intelligence.

With an average of 6 to 8 attempts to quit smoking successfully, today's quitting methods have proven to be ineffective. Electronic nicotine delivery devices are the preferred choice by smokers to quit in the UK & Germany. So we thought, why don't we leverage the consumer's preferred option and turn this into a smart solution that follows medical advice?

nuumi combines a technology-enabled nicotine replacement and behaviour therapy to treat both the physical and psychological elements of addiction.

An intelligent vaporiser that gradually reduces nicotine intake and a companion app with a behaviour change program. A user-friendly solution that, unlike most quit methods, eliminates physical and psychological withdrawal symptoms*.

*based on testimonials from Beta users

Substantial accomplishments to date

In less than 12 months after receiving the first funds we turned a complex hardware/ software idea into a product that's currently in beta stage with 50 test users and 150+ beta testers on the waiting list.

Based on our market research, we believe we are one of the first three companies (none of them are live yet) to follow medical advice, developing an out-of-the-box solution that combines a nicotine replacement with a healthy lifestyle as well as behaviour therapy.

We are an experienced team and advisors of serial entrepreneurs with previous exits (7mind - Germany’s most popular meditation app; Yopeso), a visiting Harvard Medical School Professor, a CTO with over 8 years of experience in machine learning as well as leading industry experts.

For our innovative approach as well as social impact, we are supported by the Investitionsbank Berlin and European Union with an innovation program of up to €1.5m.

We have been awarded as ‘Impact Startup’ at the 2021 Web Summit in Lisbon.

We secured partnerships with leading research institutions such as The Charité Berlin, one of Europe's most renowned university hospitals and one of Germany's most research-intensive medical institutions.

Monetisation strategy

Our program is on average 10-20% cheaper than what smokers spend daily on cigarette consumption and consists of subscription and transaction fees.

1. Transaction fees
a. Sale of starter-kit for €74.90
b. Upselling through teleclinic feature from Q4 2022 via video consultation

2. Subscription fees
a. Smoking cessation program of €58-€128/ month (app + pod subscription)
b. Health promotion program of €99/ year (once a complete stop has been achieved)

Phase 1: B2C (Q2 2022)
Product launched D2C via online store

Phase 2: B2B2C (Q3 2022)
Once the therapy program is certified as a prevention program, insurance companies in Germany will reimburse between €75 to €150 for both the behaviour change and health promotion program. This will enable us to distribute the product via insurances and workplace health promotion programs.

Phase 3: Medical B2B2C
Once the product is certified as a medical device (treatment unit) and listed as a DiGA solution, the product can be prescribed by doctors.

Use of proceeds

In preparation for our next round (target goal of €5m+) in Q1 2023, investment from our crowdfunding round will be used predominantly in three key areas:

GTM:

B2C/ direct to consumer product launch via our own online store in Germany in May 2022

B2B2C product launch via insurance companies as soon as our behaviour therapy program is certified as a prevention program (planned Q3 2022)

PRODUCT & TECH:

Continued releases of new product features and development of our machine learning technology to coach smokers even better

Fund first mass production order to launch product (planned Q2 2022)

CLINICAL STUDY & MEDICAL CERTIFICATION:

Completion of the first clinical study to have a validated quit rate (our target is to achieve a quit rate that is 3-5x higher than the golden standard method)

Certification of behaviour therapy program as a digital prevention program

Certification of intelligent vaporiser and app as medical device (treatment unit)

Key Information

Convertible Loan Note

The company has two outstanding Convertible Loan Notes.

The principal amounts of these agreements have been factored into the pre-money figure of the campaign. The amount accrued under interest has not been factored in, as this will depend on when the conversion occurs.

The terms of these Convertible Loan Notes are as follows:

1. €124k loan from individuals on the below terms:

- Discount: 25%
- Interest: 6%
- Valuation Cap: €3,000,000
- Longstop: 30th June 2022
- Share Class: Preferential Shares

2. €120k loan from individuals on the below terms:

- Discount: 20%
- Interest: 6%
- Valuation Cap: €4,500,000
- Longstop: 30th June 2022
- Share Class: Preferential Shares

Conversion of these loans will be triggered as part of this round through one of the three scenarios below:

a) Qualified Financing: Means the Company raising €500k through a bona fide equity financing round. The loan will automatically convert to equity if this campaign raises over €500k.

b) Non-Qualified Financing: IN case the Loan has not been converted until the Maturity Date or in case of a termination of the loan, the amount of shares, the Lender is entitled and obliged to subscribe for in case of a Forced Conversion shall be calculated as follows: The purchase price per share (with a nominal value of €1.00) corresponds to the pre- money-valuation of the Company of €1,000,000.00 (“Forced Conversion Valuation”) divided by the amount of the share capital of the Company on the date of the Forced Conversion. The Lender will subscribe for as many shares as resulting by division of (A) the Conversion Amount by (B) the deviation between the purchase price of this section and €1.00. The number of shares to be subscribed is to be commercially rounded.

c) In the event of an exit, the lender is entitles to choose between receiving a certain exit premium or converting the loan.

Fractional Shares

Please note that the share price for this round is €3,107. Due to this high share price, we have decided to allow investors to hold fractional shares. This means that we have reduced the investment multiple to €31.07 (representing 1/100th of a share), with the minimum investment being €31.07. As these shares will be held via the Seedrs Nominee, fractional entitlements are possible.

Share Classes

The company has two share classes, Ordinary Shares and Series Seed Shares.

Investors into this round will receive the Series Seed Shares, which have the same rights allotted to Ordinary shares, as well as additional rights including 1x non participating liquidation preference, and anti-dilution protection.

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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

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 €5,498,920

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.

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