Oddbox rescues odd and surplus food in order to reduce food waste and foster conscious consumerism.
Business overview
Location | London, United Kingdom |
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Social media | |
Website | www.oddbox.co.uk |
Sectors | Food & Beverage Digital Mixed B2B/B2C |
Company number | 9638976 |
Incorporation date | 15 Jun 2015 |
Idea
Introduction
Oddbox is London's sustainable fruit & veg box scheme focusing on tackling food waste.
We help save the planet by rescuing surplus and misshapen produce directly from farms, deliver them to customers for cheaper than similar box services, and donate any surplus produce we have to charities that fight food poverty.
We deliver our fruit and veg boxes to homes in London, and our fruit only boxes to offices in Central London.
We work closely with farmers across the UK (and from abroad), rescuing fresh, seasonal surplus fruit & veg which are at risk of becoming food waste.
We pay them a fair price for their produce and offer consumers a cost-effective option to support a more sustainable food system for everyone.
We think an Oddbox delivery is a great way for people to not only feel good by eating fresh produce for an affordable price, but also an opportunity to do good by directly contributing to reducing food waste on farms and indirectly tackling food poverty.
Preemption details
Oddbox has received an investment totalling £3m from Mercia. This investment is structured in 2 tranches, £2m now and another £1m in January 2021. The January tranche is pending achieving certain revenue targets this year. Therefore this pre-emption campaign is for the first tranche of this investment. Following confirmation of the second tranche of funding, a further pre-emption will be conducted as is appropriate then. Another £250k has been invested by an existing investor, and several other existing investors are also exercising their pre-emption rights.
The new investor is receiving 2 new classes of shares for their investment, A1 Ordinary Shares and A2 Ordinary Shares, which contain the additional rights in addition to those of ordinary shares:
1) Anti-Dilution Rights - A broad-based, weighted-average anti-dilution protection in the case of any new issue of shares at a price below the original issue price of the new investors shares. This anti-dilution protection would operate by the issue of ordinary shares at par value.
2) Downside protection - The investor will receive a 1 x Liquidation Preference (non-participating) with an interest bearing element, whereby in an exit scenario which values the company at less than the current value, the investor will receive the greater of: (1) their pro rata equity shareholding of the proceeds; or (2) the total sum invested plus an annual non-compounding interest equal to 3% of the price paid for the A1 Shares .
Seedrs investors will be receiving ordinary shares, and as such will still maintain their EIS eligibility.
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If you successfully purchase a share lot of this business, you will be granted access.
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