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Stem & Glory

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Stem & Glory - Gloriously Plant-based

328%
 - 
Funded 19 Aug 2020
£40,000 target
£132,420 from 300 investors
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Business overview

Location Cambridge, United Kingdom
Social media
Website www.stemandglory.uk
Sectors Food & Beverage Mixed Digital/Non-Digital B2C
Company number 11013817
Incorporation date 16 Nov 2017
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Investment summary

Type Convertible
Discount 30%
Share price N/A
Tax relief

EIS

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Business highlights

  • New omnichannel business model
  • Both London and Cambridge sites reopened post-covid
  • New site in Cambridge with £200k grants and capital contributions
  • Both sites planned to create new jobs under the Kickstart scheme
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Key features

  • Secondary Market
  • Seedrs nominee min. £10.00 +
  • Pay by Bank payments not accepted
  • Idea
  • Key Information
  • Team
  • Updates
  • Investors 300
  • Discussion
  • Documents

Learn more about convertible campaigns.

Idea

Introduction

At Stem & Glory, we are on a mission to disrupt both the world of plant-based food and the traditional hospitality model. Our new omnichannel business model serves innovative yet accessible plant-based cuisine, across a wide variety of channels, paving the way for healthier and more conscious ways of living.

Throughout lockdown, we developed our new business model which spans in-store dining, delivery, click & collect, and our ready meals and product range designed by the legendary Afroditi Krassa.

We have secured a combination of grants, landlord contribution and capital in excess of £200k towards a new site in Cambridge, and we are now raising funds to complete the new omnichannel model in both Cambridge and London, including cost-cutting state of the art tech to support both in-store and online growth.

We have an awesome and lively investor community and we would love for you to join us creating the hospitality business of the future.

Substantial accomplishments to date

Our founder Louise Palmer-Masterton is a serial entrepreneur who successfully negotiated her first exit last year, selling her multi-site leisure business in its entirety. She has a 30-year track record in business, including several online stores and a digital media company.

We believe that our omnichannel approach is enabling not only recovery, but rapid growth in the post Covid world, and creating an exciting new hospitality model for the future.

2017 - Best Newcomer - Cambridge Food and Drink Awards

2018 - Best Restaurant in Cambridge - British Restaurant Awards.

2018 - Successfully crowdfunded £773,310 for flagship London site.

2019 - London flagship opened Jan 2019.

2019 - Best Vegan Restaurant in London - Design My Night Awards

2019 - Blue Corn Tacos in Time Out's 'Top 10 vegan dishes in London'

2020 - 133% YOY growth at London Flagship between Jan 2019 and Jan 2020.*

2020 - London flagship 11.3% EBITDA (Jan 2020).*

2020 - Most Investable Concept - Global Restaurant Investment Forum (GRIF).

*Based on unaudited management accounts.

2020 - Cambridge & Peterborough Capital grant to develop post-Covid model.

2020 - Rebrand by leading design house Afroditi Krassa.

2020 - Landlord supported prime site in Cambridge for late 2020.

2020 - Multiple offers for sale of popular existing Cambridge site.

Monetisation strategy

Orders and payments are placed either on our web app, face to face, kiosk or online. Food is all made fresh to order, served fast for delivery or click & collect, or with our legendary customer service for in house dining. Our expert team know how to balance efficiency with outstanding customer care.

Online/kiosk ordering is reported to increase spend per head by up to 30%, and with delivery and click & collect firmly here to stay, the omnichannel approach offers the opportunity to upsell a range of products including ready meals.

In-store dining is to an exclusive number of covers, on high rotation, which together with new technologies mean more efficient staffing levels can be maintained.

Sales will also further be strengthened by future product sales through all channels, with the potential for a subscription model in the short term, and mass production in the future.

Use of proceeds

Proceeds from this raise, along with funds already raised from the landlord of the new site, the sale of our existing Cambridge site, and grants from Cambridge & Peterborough Combined Authority, will be used to build our new Cambridge site for which we have also received a very attractive ongoing deal. Funds will also be used to complete the tech upgrade for both sites.

We have already completed our branding and design with Afroditi Krassa, who will also design the new Cambridge site and the blueprint of all future sites.

Overfunding will allow us to be more ambitious with our marketing and development of our subscription and product range.

Investor rewards

£40 - complimentary Kombucha, juice or glass of wine with a meal.

£100 - complimentary lunch voucher.

£250 - 3-course meal for two (food only).

£500 - 3-course meal for two plus two lunch vouchers.

£750 - 3-course meal for two (food only) + 20% of food for a year (up to a table of two).

£2,500 - 3-course meal for four (food only) + 20% of food for a year (up to a table of four).

£10,000 + 3-course meal for four (food only) + 50% of food for a year (up to table of four).

Disclosures

The company has the following outstanding loans:

1. Bounce Back Loan of £53,144.46 including interest, with repayments starting in June 2021 to May 2026.
2. Asset finance loan of £42,133 including interest, to be repaid by February 2022.
3. Asset finance loan of £31,900 including interest, to be repaid by March 2022.
4. Asset finance loan of £28,952 including interest, to be repaid by March 2022.
5. Loan of £11,423.45 including interest. Repayment currently paused due to the repayment holiday. The loan is to be in full 10 weeks from when we resume payments again.

The funds raised from this investment round will not be used to repay these loans.

Key Information

Advance Subscription Agreement terms

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 – conversion at a 30% discount to the valuation set by a Trigger Event.

Valuation cap of £5,000,000.
Conversion is triggered by ("Trigger Events"):

- An Equity Fundraise – defined as the Company raising investment capital of at least £100,000 from one transaction or a series of transactions, in exchange for the company issuing Ordinary shares;

- A Change of Control of the company (transfer of more than 50% of the share capital); or

- An IPO – being a listing of the company’s shares on a recognised stock market or secondary market.

- Longstop Date is 6 months from the date of the advance subscription agreement.

If conversion has not been triggered by the Longstop Date shares will be issued on the longstop date at the Default Share Price, which is the lower of:

- the lowest price of any shares issued after the date of this Agreement; and

- a price per share based on a pre-money company valuation of £2,400,000 on a fully diluted basis.

- The convertible would also convert to equity at the Default Share Price in the event of winding up or liquidation of the company.

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If you successfully purchase a share lot of this business, you will be granted access.

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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.

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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.

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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.

Tax Relief (SEIS)

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.

Tax Relief (EIS)

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 (pre-money)

Valuation rounded from Convertible

This is the fully-diluted pre-money valuation of the business (i.e. before the new investment comes in and including issued options and other equity interests). In contrast, the post-money valuation is based on inclusion of the new investment in the value.

It is calculated as the pre-money valuation plus the amount of new investment. e.g. If Company A is ascribed a pre-money valuation of £1,200,000 by prospective investors investing £300,000, its post-money valuation is £1,500,000.

Pitch type

There are 5 types of investment pitch available on Seedrs.

  • Equity
  • Convertible
  • Fund
  • Cohort
  • Secondary

Investing in a convertible campaign allows you to invest today, with your investment converting into equity in the future, at a discount compared to other investors.

Learn more about pitch type on Seedrs

Equity Offered

The equity offered is the percentage of the company’s shares being issued in return for the amount of investment raised.

When the amount raised is less than 100%, the equity offered is based on the target raise. Once the company has raised over 100% it is based on the total raised.

In some scenarios, entrepreneurs may accept additional direct investment after closing their Seedrs campaign. Provided this is within 6 months of the closing and on the same terms, we do not typically offer pre-emption rights on that extra investment (where you have the opportunity to invest again to maintain your percentage shareholding).

Learn more about investing and pre-emption rights.

Seedrs nominee

This shows if you are able to choose, when making an investment, that you be represented by, and your shareholding be managed by, the Seedrs nominee.

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Custodian

If you invest in this Campaign, Seedrs will act as Custodian rather than provide our standard nominee service. This is due to the fact that the business is not directly involved in the share sale and Seedrs will not benefit from any rights under a shareholder agreement. As a result, Seedrs will handle administrative tasks as we do normally, but you will not have information or voting rights, updates from the business, preemption on future fundraising, or ongoing support about business trading activity.

Learn more about Custodian here

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 is an option to invest and hold shares 'directly' in the company (rather than via the Seedrs Nominee). This option is only available to those investing over the threshold amount, which is determined by the fundraising company.

If you choose to hold your shares directly, you will be responsible for any contractual or administrative arrangements with the company you are investing in.

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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, using funds in your investment account or create a Pay by Bank payment. Your investment will only be completed once the funds have reached our account.

Business Involvement

This Campaign offers shares for sale in business that is not directly involved in this Campaign or the sale. As a result, the Campaign and post-investment experience, including investor rights, will differ from a business-led campaign on Seedrs. Most notably, the business will not engage with investors in the discussion forums both during and after the sale or provide any updates to investors.

Learn more here

Payment options

We are not able to accept Pay by Bank payments for investments into this sector. You can pay for your investment with a card payment, 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.

Drawdowns

This campaign offers the ability to pay for an investment by drawdowns.

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