The Mighty Society
A deliciously smooth and creamy dairy free alternative to milk made from Yellow Split-Peas!
|Location||Kettering, United Kingdom|
|Sectors||Food & Beverage Non-Digital Mixed B2B/B2C|
|Company number||The Mighty Society|
|Incorporation date||27 Mar 2018|
As two brothers from Yorkshire, we set out to create a dairy alternative made only from yellow split-peas that is Nutritious, Delicious & Sustainable.
Our Pea Milk has sold over 66,000 units since launching in April 2019 with distribution in 2,000 individual stocking points across 5 countries including Sainsbury's, Marks & Spencer, Holland & Barrett and Whole Foods Market with additional retailer talks ongoing.
In 2019 we will be looking to launch a range of exciting new products in to various flavours and formats, helping us to expand The Mighty Society in our mission to become one of the UK's leading dairy alternative brands.
The Mighty Society's Pea Milk is: free-from nuts, dairy and soy, with every glass containing 8 grams of plant protein (8 x more than almond milk). We also have 50% more calcium than dairy and 40% less sugar (and our Unsweetened is sugar free).
We are and always will be 100% Vegan friendly - making sure sustainability remains a key focus of everything The Mighty Society does.
Please note that whilst the campaign is labelled as SEIS eligible, the Company has £115,000.00 remaining of its SEIS limit. We will, therefore, be looking to seek SEIS relief on the first £115,000.00 invested into the campaign under the Seedrs Nominee, with the remaining balance being EIS eligible. Any tax relief is dependent on personal circumstances and may be subject to change in the future.
The Mighty Society was founded in 2018 after Nick & Tom (the two Co-Founders) began to become frustrated with the current range of dairy alternatives available - continually asking themselves 3 key questions:
Where’s the plant power…
– Dairy alternative plant milks are typically free from, never full of.
Sustainability isn’t being fully considered…
– Dairy, Almonds and Soy aren’t great for the environment – they all have a large carbon footprint.
We believe plant milks compromise on taste…
– Plant milks should be delicious as well as nutritious.
We came up with a plant milk that addresses all these problems: The Mighty Society's Pea Milk. And we make it from Yellow split peas! That's because our yellow split peas are packed with protein, hugely sustainable and we've made our Pea Milk taste great.
Pea milk is only the beginning.
Substantial accomplishments to date
1. Our Pea Milk has now launched in 2,000 individual stocking points across the UK including Sainsbury's, Holland & Barrett, Marks & Spencers, Whole Foods Market and numerous other retailers - opening up a new category of plant milks in the UK. All of this since we began trading.
2. In the next few months we will also be launching an additional range of products in our 1L format alongside a number of 330ml ready to drink cartons.
3. We will shortly be launching this range of new products in to 556 Sainsbury's Stocking points
4. The Mighty Society is being accelerated as part of Sainsbury's exclusive Future Brands programme.
5. We have raised over £300,000 so far through Seed Investment.
6. We work in partnership with one of the UK's largest dairy alternative manufacturers (BRC A Rated).
7. The Mighty Society is working with a team of industry experts to support the brands ongoing success.
8.) Over 66,000 units sold within our first 5 months trading.
We intend to drive volume through both our existing retail channels and opening up new opportunities over the next 12 months. We will also be launching new products that will enable us to enter new retail channels.
Our key routes to market include:
1. UK Major Grocers & Premium Supermarkets.
2. Expanding our new 330ml range in to the convenience sector.
3. Wholesale operations to focus on independents and coffee shops.
4. Online - including building our own online webshop.
We are also looking to expand in to European retailers over the next 12 months.
We're focusing on four key areas:
1) Grow our core line distribution in key new and existing retailers (UK & EU).
2) Grow sales with Sainsbury's Future Brands programme - including launching our new products in a further 556 Sainsbury's stocking points.
3) Launch our 330ml Convenience offering in to the UK & EU trade.
4) Expand our Wholesale & Online operations to help grow market share.
Use of proceeds
A large segment of funding will be used towards production costs. The 1L Chocolate, 330ml Chocolate, 330ml Iced Latte & 330ml Banana & Oat Breakfast shake will all be launching in Sainsbury's giving us an additional 556 stocking points.
We will be working with one of the UK's leading Dairy Alternative Manufacturers to deliver our new range of products whilst looking to drive cost efficiencies in the existing lines.
3) Building the team (Sales & Marketing)
We will look to add to our current team, starting with an international sales manager to develop our export & wholesale business. We will also be running a number of sampling events throughout the course of the year among other key trade / consumer facing events.
The company currently has two classes of shares, Ordinary and Ordinary A shares. All investors in this round, including Seedrs investors will be receiving Ordinary shares.
The rights attached to the share classes are as follows:
A ordinary shares:
- 1x non-participating preference on liquidation or exit: In the event of liquidation or exit, depending on which distribution is more favourable to A Ordinary shareholders, the proceeds will be distributed in one of two ways:
(1) Pro-rata amongst all shareholders; or
(2) A Ordinary Shareholders will first receive their initial investment amount before the remaining proceeds are distributed between ordinary shareholders
- Full voting rights
- No preference
The company has three outstanding convertible loans, totalling £100,000, which may convert to equity after this round and dilute existing shareholders. The key terms of these loans are as follows:
- Interest rate: 5% per annum
- Conversion trigger(s) and price:
- Automatic conversion on the Company raising over £1,000,000 prior to 30 September 2021 (a "Qualifying Financing Round") at the lower of (i) a discount of 20% or (ii) a valuation of £4,000,000.
- Automatic conversion on a change of control at a share price of £19.05 (the same price as this round).
- Conversion at any time before 10 September 2021 at the option of the noteholders at a share price of £19.05 (the same price as this round).
- Noteholders have the right to demand immediate repayment on a winding-up event.
Repayment date: 30 September 2021
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