The Funky Appliance Company
We take popular domestic appliances and give them a funky twist.
- Funky has partnered with Europe's largest SDA distributor RKW.
- RKW on track to on board a number of major UK retailers in 2021.
- Funky web sales now growing rapidly at full RRP and margin.
- Funky already subject to approaches from 3 huge appliance brands.
To date, we have had three of the world's biggest appliance businesses approach us to show early interest about buying our business or partnering with us. We believe this firmly demonstrates that our Funky brand positioning and product range are viewed very positively by leading professionals inside of the appliance industry .
We started trading in December 2018 after two years of development work on our first product, the Funky Iron. In January 2019, we started work on our new Funky Kettle and Funky Toaster which launched in the UK this year, in 2021.
Having partnered with Europe's largest Small Domestic Appliance and Housewares distributor RKW, we believe we are well placed now to capitalise on the investment we have made to date in our brand and product range. By Q4 2021 we hope to have most of the UK's large electrical retailers stocking our products.
Alongside this private round on Seedrs, we have partnered with Forster Chase Ventures who are looking to secure a minimum investment of £1m in the business.
Substantial accomplishments to date
We have had four successful crowdfunding campaigns on Seedrs to date, with a further 5th pre-emption round last year.
Three of the world's biggest appliance businesses approached us to show early interest about buying our business or partnering with us. Our products have been recognised for their excellent design and build quality. The Funky Iron was awarded the status "Good Housekeeping Institute Approved" and was recently given the title of "Best Iron for Large Households" by the Independent newspaper's "Indy Best" journalist.
Since launching our new Funky Kettle and Funky Toaster in Q1 2021, we have had overwhelmingly positive feedback from customers, as well as collecting "Indy Best" titles for both products too.
We continue to receive a large number of approaches from international distributors who are keen to range Funky products in their country. Once we have successfully established our UK business, we will look to expand overseas, via distributorships and via a direct to market approach with The Hut Group.
The 'In The Press' page on our website https://www.funkyappliance.co/blogs/in-the-press will show how much press coverage we have achieved to date.
We are D2C direct to consumer via our website at www.funkyappliance.co where monthly revenues have passed £15k at full recommended retail price and margin*.
We are B2B via our distributor RKW of Stoke-on-Trent – a number of well-known retailers already range our products and by July, Currys and Next will be on board and by the end of 2021, we hope to be listed by most major electrical retailers in the UK and Ireland.
Use of proceeds
We have stock at the warehouse of over £115,000. This private funding round on Seedrs will enable us to spend more money marketing our products and turning our inventory into cash, as it is crucial that our products are seen by as many people as possible. The funds will also go towards hiring a new Operations Manager who will be taught the day to day running of the business, to allow Joe to concentrate on growing the brand.
*Based on unaudited management accounts.
Please note, £80,635.36 of the investment reflected in this campaign was raised between 26 January 2021 and 23 March 2021. This investment was on the same share price as Seedrs investors.
The company has the following outstanding loans:
1. £25,000 loan from a Lead Investor and Board Member with no interest or repayment date.
2. £18,500 loan from a Lead Investor and Board Member with no interest or repayment date.
3. £1,500 loan from an Investor and Board Member with no interest or repayment date.
The funds raised from this investment round will not be used to repay these loans.
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