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TheVeganKind

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We are an award-winning online vegan and plant-based supermarket and subscription box service.

221%
 - 
Funded 2 Feb 2020
£300,001 target
£669,188 from 2,085 investors
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Business overview

Location Glasgow, United Kingdom
Social media
Website www.thevegankind.com/
Sectors Food & Beverage Digital B2C
Company number 08610535
Incorporation date 15 Jul 2013
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Investment summary

Type Equity
Valuation (pre-money) £4.1M
Equity offered 13.97%
Tax relief

EIS

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Business highlights

  • £2.5m revenue generated Nov 2018-Nov 2019
  • Over 4,500 different vegan and plant-based products in stock
  • More than 130,000 orders shipped out in 2019 alone
  • Recently Voted the UK's Top Online Retailer for Vegan Shopping
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Key features

  • Secondary Market
  • Seedrs nominee min. £10.25 +
  • Pay by Bank payments not accepted
  • Idea
  • Key Information
  • Team
  • Updates
  • Investors 2,085
  • Discussion
  • Documents

Idea

Introduction

TheVeganKind is an online vegan and plant-based supermarket and subscription box service. Motivated by our personal mission to make a vegan lifestyle accessible to all, we founded TheVeganKind to promote a more sustainable way of living.

Today, the business has generated more than £5.6m in revenue and stocks more than 4,500 different vegan and plant-based products, ranging from household to beauty, vegan cheese, plant-based bacon, and even doughnuts. With thousands of customers across the UK and beyond, a social following of more than half a million people, and having shipped out over 130,000 orders in 2019 alone, we are well on our way to our aim of becoming the UK’s leading online vegan retailer.

We’ve achieved all of this without any external investment to date and with the number of vegans having quadrupled in the last 4 years, we are now ready to scale the business and play a critical role in the future of food.

Intended impact

We founded TheVeganKind in November 2013 after becoming frustrated with how difficult it was sourcing and buying vegan products in UK supermarkets. We started life as a vegan subscription box delivering vegan goodies to customers’ doors once a month, but thanks to soaring demand, in 2016, we decided to launch an online store with the vision of building the biggest & best online vegan supermarket in the country.

We have a substantial product range, including high-demand, rare vegan cheeses and we also have a vast array of other difficult-to-find chilled products in stock. And we’ve grown our operational infrastructure to enable next-day delivery across the UK, enabling access to vegan foods for 1000s of customers.

The scale of the opportunity is massive. The global vegan food market will be worth $24bn by 2026.

Substantial accomplishments to date

• £2.5m revenue generated from Nov 2018 - Nov 2019*.

• 100% average CAGR since the company was established

• Over 500,000 social followers across Instagram, Facebook, and Twitter

• £90k MRR (Subscription boxes) and £130k monthly average revenue (supermarket)

• Scottish Edge Winner 2017 recognising the most promising startup businesses in Scotland

• Successfully raised £65,473 from 710 supporters in a rewards-based crowdfunding campaign in November 2018

• Strategic partnerships secured within the vegan community e.g. Veganuary and Ecotricity

*based on unaudited management accounts

Monetisation strategy

TheVeganKind has two primary revenue streams.

1. www.thevegankind.com - a subscription box model that seeks to help people go, and stay vegan. Customers can purchase subscriptions for both vegan food boxes and cruelty free beauty boxes, and we were recently named by Grazia magazine as being one of the UK’s best beauty subscription boxes! The vegan ‘lifestyle’ subscription box starts from £8 per box every month and the ‘beauty’ box starts at £12.75 per box every two months. Customers can also purchase gift subscriptions for 3, 6 and 12 month periods.

2. www.thevegankindsupermarket.com. This is our 100% vegan & plant-based online supermarket where customers can browse meat alternatives, vegan cheese, plant-based milks and much more, without having to check the ingredients! We have an average order value of £38 and a customer retention rate of 30%.

Use of proceeds

60% of the funds raised will be allocated towards marketing and branding. Investment in targeted digital marketing will enable us to continually track and monitor our return on advertising spending. We will also pursue further strategic partnerships, content creation and affiliates to increase the volume of organic traffic to our sites. In turn, this will further cement our position in the vegan community and increase brand awareness.

20% of the funds raised will go towards warehouse expansion, helping improve our efficiency and increasing our inventory so that we are able to grow with the increased demand as a result of our marketing activities.

20% of the funds raised will go towards operating expenditure and expanding our team to assist with our continuing growth, enabling us to fulfill our mission statement - “to make a vegan lifestyle easily accessible to all”.

Thank you so much for reading, we are excited to welcome you aboard Team TVK.

Scott & Karris (Founders)

Key Information

Outstanding debt

Please note, the company has outstanding debt outlined below:

Loan 1: £43,951 outstanding, with an interest rate of 12.3%, to be repaid by June 2022.

Loan 2: £67,776 outstanding, with an interest rate of 9.9%, to be repaid by November 2023.

Directors loan: £133,498.40 with an interest rate of 2.5%.

Asset finance loan: (1) £70,924 outstanding to be repaid by November 2023, and (2) £19,099 to be repaid by November 2021.

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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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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 £4,100,000

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 regular equity campaign is the simplest and most common way to invest in a startup. You decide which business you want to invest in, and if the campaign hits its funding target then you will become one of their shareholders. As the company becomes more valuable, so do your shares; allowing you the opportunity to share in the future success of the business.

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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).

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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.

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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.

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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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