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Thyngs

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App-free platform for real-world engagement. Transforms cashless donations, loyalty & more…

144%
 - 
Funded 19 Nov 2019
£250,000 target
£361,162 from 361 investors
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Business overview

Location Norwich, United Kingdom
Social media
Website www.thyngs.net
Sectors Finance & Payments Mixed Digital/Non-Digital B2B
Company number 10049849
Incorporation date 8 Mar 2016
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Investment summary

Type Equity
Valuation (pre-money) £5M
Equity offered 6.74%
Tax relief

EIS

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Business highlights

  • No App or Expensive Payment hardware
  • Platform tracks real-time data on consumer interaction and ROI
  • Unique 3 tap simple & secure payment process similar to Apple Pay
  • Selected by PwC Raise gearing up for for Series A Q1 2020
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Key features

  • Secondary Market
  • Seedrs nominee min. £10.23 +
  • Pay by Bank payments not accepted
  • Idea
  • Team
  • Updates
  • Investors 361
  • Discussion
  • Documents

Idea

Introduction

Thyngs' platform enables marketers to transform any of their physical marketing assets into an instant point-of-sale.

Consumers can simply tap their smartphone on enabled products, packaging, signage or any branded thing at all to make simple, secure transactions in seconds... all free of the need for an app or expensive payment terminal.

Thyngs' self-service platform is used by charities, retailers, publishers and re-seller partners to create new services in minutes. Printers and manufacturers embed specially designed hardware, stickers or cards (thyngs) into their existing print production processes with an incremental cost of pennies.

Customers are able to measure all of the physical world interactions with their audience in real-time, showing unique insights. Thyngs show conversion rates and customer acquisition costs over 10x better than much digital marketing activity.

Wasabi, MacMillan, Warner Bros, National Geographic, Royal British Legion, Monster Energy, ANZ Bank already work with Thyngs.

Funding Round Details

Please note, that this round forms an extension of an additional £334,000 raised between June and October 2019. Share price for this raise remains the same.

Intended impact

E-commerce has a huge impact on physical world sales, but still represents less than 20% of commerce. In the circa 80% world of bricks & mortar, there is a significant need to create better engagement via smartphones at maximum point of impact. With the decline of cash & growth of Apple Pay, there is a strong opportunity to provide quick & simple cashless payments.

In the digital world, sales are predictable via cost-per-click, conversion rates and cost per acquisition. Thyngs uses the same principles but with higher conversion rates (60% vs <3%) … all driven from a brand’s own existing physical assets.

Over £5 billion in UK cash donations creates an opportunity for a simple & secure payment method with the ability to add 25% extra Gift Aid... all from a simple upgrade to any physical fundraising product.

Beyond the charity sector, the same platform & technology can also be applied to hospitality (loyalty & table ordering) and magazine publishing (subscriptions & instant purchase from ads).

Substantial accomplishments to date

Thyngs was founded in 2016 by Dr Neil Garner, a global pioneer in NFC (Near Field Communication) wallet technology, which is now commonly known as Apple Pay. Neil conceived the idea of a ‘3 tap’ payment that works exactly like contactless Apple Pay but without an expensive point-of-sale terminal.

The first adopters of our tech were Royal British Legion, RBS and Worldpay for Poppy Day in 2016. It is now being used by over 500 charities and re-sold as an option by Charity collection box manufacturers like Angal.

Thyngs recently enabled 120,000 collection boxes for Macmillan's Worlds Biggest Coffee Morning.

Our typical ROI is over 500%, with less than 21% of consumers using payment methods like Apple Pay to donate this way

Wasabi has rolled out Thyngs across all UK stores for their app-free loyalty stamp card, building a new audience of >100,000 unique customers. Thyngs is now deploying an instant purchase/table ordering solution via re-seller partners like First Payments & ePay.

Thyngs' platform is also used in the magazine publishing sector (National Geographic, Hello!, Bauer, Archant, Conde Nast, etc) via a partnership with CDS Global, a leading global distributor of magazines.

Thyngs tech is expected to be in millions of monthly magazines by the end of 2019.

Thyngs was a Tech Nation Rising Star finalist and in 1st Fintech Cohort. DIT selected Thyngs for the UK-Australia Fintech Bridge, before enabling ANZ bank to create the smart donation Daffodil!

Monetisation strategy

Thyngs aggregates various payment partners including PayPal, Worldpay, Apple Pay and Google Pay. A sales commission fee is charged per transaction (eg 2.5% for charity donations).

Customers use the platform to quickly create templated digital experiences for interactions with their physical thyngs, and then measure in real-time all of the interactions. We charge this on a monthly SAAS basis based on the number of thyngs or locations.

Printers and manufacturers can create 'thyngs' with existing printed products by using batches of our hardware stickers, chips or cards. This hardware is produced by approved suppliers including a factory in Shenzhen. Thyngs charges a margin on the hardware but will be moving towards a model where hardware is bundled free with a platform contract as the cost in mass-volume is a mere 5p each.

Thyngs works with a number of leading sector re-seller partners where the partner marks-up volume pricing and bundles with their existing products & services.

Use of proceeds

Thyngs has been working with PWC as part of their Raise programme and is actively engaging with a number of Series A VC funds with an aim to raise £3-4 million in early 2020 to significantly scale the business.

This smaller investment round is intended to raise enough finance to increase monthly recurring revenues and business KPIs to the level required by most VCs in order that Thyngs can select the right partner to work with the next stage of growth.

Money raised will be used to improve our company website, bolster sales & the account management team while focusing on significantly increasing our presence in existing sectors with the current product & platform.

In addition, the tech team are working on an integration with a new charity partner to allow any corporate fundraiser to use Thyngs for any of 18,000 charities. Thyngs is also working on a new open banking payment option ready for a first pilot for charity donations and subscription purchases by instant secure direct debit.

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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.

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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 £4,992,476

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
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  • 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

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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

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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.

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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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