The Funky Appliance Company
We take popular domestic appliances and give them a funky twist.
- Europe's largest SDA & Housewares distributor RKW represents us.
- Leading UK retailers and independents now on board.
- 3-year licence deal for housewares and cookware signed with RKW.
- Significant distribution interest from USA, EUR, UAE and AUS/NZ.
After 3 years of trading, we believe the business is now poised to accelerate towards success and profitability in the next 12 months.
We started trading with our debut product the Funky Iron in December 2018 and in January 2021, we launched our new Funky Kettle and Funky Toaster and all three products have been widely acclaimed by professional reviewers in the industry and customers alike.
Having partnered with Europe's largest Small Domestic Appliance and Housewares distributor RKW and signed a new 3-year licence deal with them starting in January 2022 to go into Funky Housewares and Funky Cookware, we believe the business is now poised for fantastic growth.
Since inception, we have achieved significant progress. Relative to the budgets and resources of our competitors, we are very proud of where we have arrived at. To take the business to the next level, it is essential that we have the requisite funding to be able to achieve our goals.
Substantial accomplishments to date
Since April 2017, we have had six successful crowdfunding campaigns on Seedrs raising a total of £991,868.
We have already had four of the world's biggest appliance businesses approach 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 Approved" and in 2021 was given the title of "Best Iron for Large Households" by the Independent's "Indy Best" journalist. Two major appliance businesses want to collaborate with us on our Funky Microwave design.
Since launching our new Funky Kettle and Funky Toaster in Q1 2021, we have received the following titles:
“Best 4-Slice Toaster” – Ideal Home Magazine
“Best Matching Kettle and Toaster Set” – Ideal Home Magazine
“Number 1 Kettle and Toaster Set” – Real Homes Magazine
In November 2021, the Funky Toaster was awarded the status “Good Housekeeping Approved”.
The Independent awarded the Funky Toaster “Best Toaster Tall Bread” in their Indy Best selections.
We continue to receive quality approaches from distributors who are keen to range Funky products in their country and we are aiming for the first international distribution deals to begin in 2022. The first territories are likely to be the USA, AUS/NZ and the UAE.
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 direct to consumer (D2C) via our website where monthly revenues have passed £15k at full recommended retail price and margin and have averaged £9k a month in 2021 for the 10 months to October 2021*.
We are B2B via our distributor RKW of Stoke-on-Trent who have onboarded Robert Dyas (online), Currys (online), Studio (online), Dobbies Garden Centres (in store), Box (online), Comet (online), La Redoute (online) and more. In addition, a growing number of independent electrical retailers in the UK and Ireland are also ranging Funky products.
We have recently signed a 3-year licence deal with RKW which starts in January 2022 to go into Housewares and Cookware which will see us receive licensing royalties every quarter after RKW or international distributors take delivery of their Funky products. This licensing income is effectively profit which goes straight onto our bottom line. Funky will design the ranges and have full final approval before a product comes to market.
Use of proceeds
This round on Seedrs will aid cashflow in importing significant forward orders to fund freight and upfront VAT payments: £130,000 (43.33%)
The round will also enable us to advertise on national television for the first time as well as advertising through other select media: £100,000 (33.33%)
We will also look to appoint a new Operations Manager in January 2022 to take over the day to day running of the Funky office as well as having capital available for making upgrades to our website: £70,000 (23.33%)
*Source: Unaudited management accounts.
The company has the following outstanding loans:
1. $115,027.10 loan from a Lead Investor and Board Member in October 2021 to fund the purchase of new stock for our own web sales with a delivery date of February 2022. This loan will be repaid no later than the end of May 2022 once the two large forward orders from RKW have been invoiced and the loan will attract 5% interest, with the total repayable of $120,778.45. This loan will not be repaid from the funds raised in this round, as it is planned to be repaid from the margin we make from the large forward orders which will be delivered in Q1 and Q2 2022.
2. £25,000 loan from a Lead Investor and Board Member with no interest or repayment date.
3. £18,500 loan from a Lead Investor and Board Member with no interest or repayment date.
4. £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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