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Race Space

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Follow-on - Pre-emption
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A game-changer in endurance event management, marketing and registration technology.

Location
GB London, United Kingdom

Categories: SaaS/PaaS Digital Mixed B2B/B2C

Investment
sought:
£50,000
Discount
offered:
20.00%
Funded 29 Jan 2019
Investment
amount:
£77,340
Valuation
(pre-money):
Convertible
  • Idea
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Learn more about convertible campaigns.

Idea

Introduction

This campaign is to allow investors the ability to exercise their pre-emption rights on a £70k investment that Race Space is raising offline. The investment is structured as a convertible, the terms of which are set out below. As this is a pre-emption campaign open only for existing shareholders, minimum details are being provided. More information on Race Space can be found on the company's website or by requesting access to the pitch deck. Please note, this information has not been verified or approved by Seedrs.

Please note that the company has a director loan of £150k. The funds raised will not be used to re-pay this loan.

Convertible details

This investment round is being raised by way of a convertible equity investment structure. Please see document attached to the campaign titled “Race Space Convertible Key Terms” to see how the terms operate.

The headline terms are as follows:

• Discount: 20%.
• Valuation cap: £5,000,000.
• Conversion will happen on a Trigger Event, the Longstop Date or a Winding Up.
• If conversion takes place on a Trigger Event, the instrument will convert at the lower of: (1) a 20% discount to the share price set by the Trigger Event or (2) the valuation cap.

• If conversion takes place on the Longstop Date, which is 12 months from the date the agreement is signed, or on a winding up event, conversion will take place at the lower of: (1) the lowest price of any Ordinary Share issued after the date of the agreement; and (2) a valuation of £2,500,000.

• Trigger Events are:
• o Qualify Equity Fundraise – defined as the Company raising investment capital of at least £200,000 from one transaction or a series of transactions, in exchange for the company issuing equity shares;
• o A change of control of the company (transfer of more than 50% of the share capital); or
• o An IPO – being a listing of the company’s shares on a recognised stock market or secondary market.

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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.

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Seedrs Limited is authorised and regulated by the Financial Conduct Authority (No. 550317).

© Seedrs Limited 2019. All rights reserved. Seedrs is a registered European Community trademark (No. 008771537) and registered United States service mark (No. 85423072) of Seedrs Limited, a limited company registered in England and Wales (No. 06848016), with registered office at Churchill House, 142-146 Old Street, London EC1V 9BW, United Kingdom, VAT No. GB 208 3065 32. Seedrs.com is a website owned and operated by Seedrs Limited.

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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.