Intimacy app for couples combined with a subscription box to make it date night, every night.
|Home & Personal Mixed Digital/Non-Digital B2C
|21 Aug 2020
- Global sexual wellness market to hit $39bn by 2024
- Backed by VC Indico and Google for Start-ups Accelerator
- Portuguese trial showed 75% said relationships improved
- UK in the top 3 countries for growth at 43%
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Remember the fiery days of a new relationship where nothing gets in the way of passion and romance? As time goes on, however, life gets in the way – it’s easy to get too comfortable with your partner at the expense of intimacy.
We aim to make the honeymoon period last forever, revolutionise sexual wellness, and become the only brand couples need to make intimacy effortless.
Pleasy lets couples rekindle and maintain passion in their relationships by giving them everything they need to be more intimate in a fun, engaging & accessible way.
Our interactive, app-based service sets fun, personalised challenges. This is combined with a bi-monthly box of intimate items delivered right to your doorstep to take your relationship to the next level.
The entire Pleasy experience is based on each couple’s preferences – from the nature of the challenges, to the items in each box. We broaden horizons, encourage experimentation, and help couples to discuss and explore intimacy in a relaxed environment.
Substantial accomplishments to date
Our Portuguese trial achieved a 90% retain rate and 9 months LTV (numbers were made in 1 year MVP bootstrapped €22/month).
Our UK website is live and ready to be marketed.
We're backed by VCs and a large Angel investor. Indico Capital Partners are cornerstone investors and Pleasy are on their accelerator program in partnership with Google for Startups.
We offer a paid monthly subscription of £29.90, which includes full access to our app and a box of intimate products delivered every two months.
The UK, like Germany and France, are the leading growth countries for intimate products (growing at 43%, 37% & 47% respectively). We’re preparing to launch in these and other European countries within 12 months.
Initially catering to hetrosexual couples, we’ll launch a dedicated service for the LGBTQ+ community in the first quarter of 2021. We’re also lining up exciting themed scenarios for the future.
Use of proceeds
Pleasy’s website is already live, and we’re now gearing up to launch in the UK.
We want everyone to see for themselves what Pleasy can do for their relationship, which is why we offer a 15-day free trial. Our subscribers will enjoy the full Pleasy experience, complete with our intimate boxes.
To market, we'll use a paid and organic social strategy, and influencer engagement.
With this round of investment, we’ll be able to launch in the UK, focusing on customer acquisition and ensuring that we provide the best experience possible.
The breakdown will be as follows: 55% Marketing 40% Product Development 5% Accounting, Legal, Other
Two weeks free trial of the Pleasy Play app
£1,100 - £2,199
Two month's membership, including the Pleasy Play app and one box
£2,200 - £4,399
Four month's membership, including the Pleasy Play app and two boxes
£4,400 - £9,999
Six month's membership, including the Pleasy Play app and three boxes
Six month's membership, three boxes, and a surprise gift
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. It is the company’s responsibility to honour such discounts, rewards and/or offers and Seedrs does not take any responsibility for them.
This investment round is being raised by way of a convertible equity investment structure, in this case an "advanced subscription agreement".
The key terms that apply to the Company’s advanced subscription agreement are set out below. See also attached Key Terms document for further details.
• Discount: 20%.
• Valuation cap: €1,666,666.66
• Conversion triggered by a Qualifying Equity Fundraise – defined as the Company raising investment capital of at least €400,000 from one transaction or a series of transactions, in exchange for the company issuing equity, which will convert at the lower of:
- the lowest fully-diluted pre-money valuation in connection with the Qualifying Equity Fundraise, discounted by the Discount; or
- the Valuation Cap (calculated on a fully-diluted basis).
- Conversion triggered by a Liquidity Event – defined as either (i) a sale of more than 50% of the equity of the Company, (ii) a sale of the Company’s intellectual property or majority of assets and operations or (iii) an IPO, will convert at the lower of:
- the amount invested; or
- the amount payable if the instrument converted into equity at the lower of (i) the lowest fully-diluted pre-money valuation in connection with the Liquidity Event, discounted by the Discount, and (ii) the Valuation Cap (calculated on a fully diluted basis)
• Longstop Date is 21 September 2021.
• If conversion has not been triggered by the Longstop Date shares will be issued on the longstop date at the Default Valuation, which is the lower of:
- the lowest fully diluted pre-money valuation in connection with any equity issued after the date of the agreement; and
- a fully diluted pre-money valuation of €1,233,333.
- In the event of the winding up or liquidation of the company, investors will be entitled and have priority over capital stock to receive repayment of their investment.
The lead investor in this round is a VC firm. The Company will be using a portion of the investment from the lead investor to cover the costs of the acceleration programme of Indico and Google for Start-ups.
That the company is currently a quota company. On conversion, unless the Company converts to a Company limited by shares, investors will receive units of quota that correspond to their relevant percentage holding of the Company.
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