Creating a new model for banking with Dozens, built on Pi1, the modular core-banking platform.
Business overview
Location | London, United Kingdom |
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Social media |
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Website | dozens.com |
Sectors | Finance & Payments Digital Mixed B2B/B2C |
Company number | 11153882 |
Incorporation date | 17 Jan 2018 |
Idea
Preemption details
In 2019 and 2020 we raised a total of £7.13m at a £20 share price. We have also raised a total of £3m at a £25 share price over the past 3 months. Seedrs investors have pre-emption rights on this investment.
We will run a waterfall process to allow investors to take up their pre-emption rights on both rounds.
You can take up all or part of your aggregate pre-emption right in this round, which is priced at the lowest share price of £20. If the total amount invested is greater than Seedrs’ pre-emption allocation (which is the target) we will scale investors back proportionally and open a new round at the £25 share price so that you can take the remaining amount at the higher share price.
As with any startup, until PI is profitable our future depends on external funding. We have been supported by our existing institutional investors, plus investment from Seedrs and from the Future Fund over the last 3 years but we continue to look for a sizeable investment to secure our future until profitability. Our runway is expected to last until the end of June, which we believe will allow us time to continue to develop our product and secure additional funding. Should we fail to raise this additional funding investors should be aware that there is a significant risk of wind-down (solvent or insolvent) in the near term.
As this campaign is for existing investors only, limited information is being provided at this time.
Share classes
The company has a class of preference shares that entitles the holders to a 1x non-participating liquidation preference - only on sale or listing. This is a common requirement from institutional investors. This means that where total sale proceeds are less than the aggregate amount invested in preference shares, the holders of these shares will receive the aggregate amount invested in these shares ahead of such proceeds being distributed to any other class of shareholders.
However, specific to Project Imagine's shareholders agreement and articles of association, when sale proceeds are greater than the aggregate amount invested in preference shares, as well as in the event of liquidation, preference shareholders will participate pro rata in any proceeds on equal terms with other share classes. This is consistent with FCA requirements in order to treat all share classes as eligible for the firm's regulatory capital obligations.
The shares issued in this round will be ordinary shares. Therefore, they will not carry such a preference, but are EIS eligible instead. Both share types otherwise carry the same voting and dividend rights.
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If you successfully purchase a share lot of this business, you will be granted access.
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