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Nuw

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With investment from Bethnal Green Ventures, Nuw is on a mission to reduce waste in the fashion industry

113%
 - 
Funded 31 Oct 2020
£115,003 target
£131,206 from 300 investors
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Business overview

Location London, United Kingdom
Social media
Website www.thenuwardrobe.com/
Sectors Clothing & Accessories Digital B2C
Company number 11344064
Incorporation date 3 May 2018
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Investment summary

Type Equity
Valuation (pre-money) £1.5M
Equity offered 8.02%
Tax relief

EIS

Co investor Bethnal Green Ventures

Europe’s leading early-stage tech for good VC

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Business highlights

  • July 2020 Nuw expanded nationwide across the UK and Ireland.
  • Nuw x UPS and Parcel Motel: Partnership for contactless delivery.
  • Revenue generating with product-market fit
  • Nuw featured on RTE Nationwide and in Vogue Business
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Key features

  • Secondary Market
  • Seedrs nominee min. £12.35 +

Idea

Introduction

Our relationship with fashion has become… ‘complicated’.

It's no secret that fashion is one of the most pollutive industries in the world, producing more greenhouse gas emissions than international flights and maritime shipping combined.

In tackling this global problem, there is a global opportunity. The secondhand clothing market expected to triple in value to $64 billion, 1.5 times the size of fast fashion by 2029.

Enter Nuw, front and centre of this rapidly growing market.

The globally scalable, peer-to-peer social networking app to share and swap clothes.

The sustainable, affordable and accessible solution to fast fashion.

The in-market, revenue generating, ‘perfect sustainable fashion platform’ (according to IMAGE).

‘Nuw is an open relationship with your wardrobe.’

Borrow pieces just for a fling! Wear, love and return them.

Lend pieces in your wardrobe that you love and want to keep but aren’t getting the life they deserve.

Permanently swap the pieces that you’re ready to part with. We all know when it’s time to ‘consciously uncouple.

How Nuw Wins:

- Nuw is a peer-to-peer app with crowdsourced supply requiring no physical infrastructure allowing the network to scale rapidly, regardless of geography, and keeping operational costs low.

- Nuw is the only app platform to offer a borrow and swap service.

- Nuw members share high street to mid-market pieces positioning the platform for mass adoption.

- Members can track their carbon, water, and waste offset using Nuw’s impact calculator.

- A close-knit community, including a digital brand ambassador program, and a Nuw token system provides a strong network effect and creates high barriers to entry for competitors.

- Nuw’s flat affordable subscription fee enables unlimited sharing.

- Nuw strives to create a diverse and inclusive community that caters for all sizes.

Substantial accomplishments to date

Key Stats to date:

• Revenue generating with product-market fit.
• 4400 registered members across Ireland and the UK
• 1000 borrows & swaps
• 370 seven day free trials started across 8 weeks
• 20% trial to subscription conversion rate
• Our website www.thenuwardrobe.com has had 48.8k unique visitors in the last 12 months.

Nuw is supported and accredited by numerous press across Ireland and the UK.
Our most recent feature was on TV with a segment on RTE Nationwide.

Press: Vogue Business, The Guardian, The Irish Times , RTE, Nationwide (Irish National Broadcaster), The Sunday Business Post, Founder, Aisling listed as one of Ireland’s 30 under 30.

RTE Nationwide Segment:

Nuw has built strong partnerships to enable us to grow and also provide a secure platform for our community.

Nuw has grown from a community trial at Trinity College Dublin to an app available nationwide across Ireland and the UK. With each iteration, we have tested, learned and refined our user experience, business model, and target customer.

In August 2019, Nuw began a closed beta trial across East-London, Cambridge, and Dublin, with a mix of paying and non paying members. Nuw generated £4.6k in revenue from 157 paid members. During this trial paid members were 11x more likely to convert to an active user than non paid.

Alongside this, Nuw developed a bespoke impact calculator with the London Waste and Recycling Board to accurately measure the carbon, waste and water offset of each share on the app. This information is shared with our members so they understand the positive environmental impact they create by sharing and swapping on Nuw.

In January 2020, the Nuw app launched publicly on iOS and Android. To date, we have over 4400 registered users. During COVID-19 lockdown, the team doubled in size and we adapted Nuw to the 'new normal'. We developed partnerships with UPS and Parcel Motel, to offer our users a contactless, convenient, and affordable delivery option. Nuw’s Permanent swap feature was rolled out in July, alongside expanding the app nationwide across Ireland and the UK. This addition to the platform kept Nuw increasingly relevant allowing members to recirculate casual clothing that’s been a big hit over the lockdown. In-app subscription was deployed this July and a 7-day free trial was rolled out to motivate members to subscribe long-term.

Our latest partnership is with LostStock, who is redistributing highstreet stock that was abandoned by brands due to COVID-19, to over 90,000 people. All Loststock users will receive a 2-month free membership to Nuw.

Our next partnership is to provide our users with insurance from SuperHog, to strengthen trust and confidence in our community.

Monetisation strategy

Nuw’s business model is a subscription fee. Once a member all users must upload a piece to share or swap on the platform and all borrowing and swapping is free. This ensures we authentically replicate the physical behaviour of sharing with friends and family when it is brought online.

Monthly - £7.99 / €9.99

3 Months - £19.99 / €22.99

6 Months - £34.99 / €37.99

Unlimited, sustainable fashion for the price of a cocktail per month!

Use of proceeds

Team Salaries: 66%

CEO, COO, CTO, Communications.

Marketing / PR: 24%

Digital marketing, Influencer marketing, PR.

Overheads: 8%

Legals, Offices Space, Fees.

Monthly Subscriptions: 2%

Tech hosting charges, Data subscriptions.

Investor rewards

As a reward for investing in Nuw, we are offering 6 months free subscription to those who buy 6 or more shares, the 6 for 6.

That's 6 months free fashion for an investment of £74.10. This offer is available to anyone who has a Nuw account. The free subscription will be issued once the crowdfunding campaign has ended.

Key Information

Please note, the company has subdivided its existing shares to allow for a more accessible lower share price as an investment for potential new investors in the current crowdfunding campaign. This is standard practice for many Seedrs campaigns.

The company is subdividing their shares by a factor of 10. Existing shareholders own the same percentage equity of the company, but 10x the number of shares, each with a value of £12.35 rather than £123.50. The company's previous share price was £100 at a valuation of £1,000,000. This new round has a share price of £12.35 and a valuation of £1,500,525.

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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 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.

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.
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 rounded from £1,500,525

Pitch type

There are 4 types of investment pitch available on Seedrs.

  • Equity
  • Convertible
  • Fund
  • 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.

Seedrs nominee

This shareholding type is available with this raise.

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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 shareholding type is available and the minimum investment required to select it.

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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 or by using funds in your investment account. Your investment will only be completed once the funds have reached our account.