TruRating is revolutionising consumer insight, using the point of sale to collect mass, accurate feedback
|Last raise on Seedrs||This round|
|Closing date:||20 Sep 2018||22 Jun 2020|
|Campaign type:||Equity||Equity - Pre-emption|
|Pre money valuation:||£79,292,346.01||£81,178,411.72 - 2.38%|
TruRating is offering existing Seedrs investors the chance to participate in a follow on funding round - reflecting an offer made to all existing shareholders.
To support this we have recently posted an update which summarises our recent momentum (and navigation of the impacts of Covid-19) and a short letter that provides further context to the context to the offer. We have also provided a deck that showcases our product / service offering and examples of how merchants are using TruRating.
Thank you so much for your ongoing support for the business, it is hugely appreciated.
Trurating has raised £6.274m as part of a series of investment discussions, at a share price of £25.06. £2.34m of this investment was structured as a "bonus" round for existing investors whereby for each new share bought (at £25.06) the founder would gift 1 of her shares.
This effectively means that for each full price share bought an investor gets an additional ‘free’ share. Seedrs investors are able to take up their entire pre-emption allocation on the full £6.274m on this basis and you may invest more if you'd like.
The company has structured this transaction in accordance with advice from their tax advisors, so that at completion of the funding round:
- Seedrs will subscribe for new shares in TruRating on behalf of investors at the full share price of £25.06. The company intends to apply for EIS relief for interested investors on these shares;
- For each share issued, Seedrs will also be issued a call option on an additional share to be transferred to Seedrs by the founder. The options will be called shortly after the close of the round so that Seedrs receives an additional share for each share bought;
- As a result of this mechanism, all shares will be shown in investor portfolios shortly after the close of the round at a share price of £12.53.
Seedrs does not provide tax advice and investors should seek their own tax advice if they feel it is required. Tax treatment is dependent on individual circumstances and subject to change.
The valuation shown in the campaign is based on the full £25.06 share price however investors will benefit from the offer to be gifted one free share for every full priced share in the business.
Please note that the business has £1.5m in long term director loans that don't accrue interest and have no fixed repayment date.
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