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Wearth London

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Wearth is a thriving online platform which helps consumers make sustainable swaps to protect our planet.

150%
 - 
Funded 27 Sep 2021
£150,013 target
£226,203 from 253 investors
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Business overview

Location Leatherhead, United Kingdom
Social media
Website www.wearthlondon.com/
Sectors Home & Personal Digital B2C
Company number 10627883
Incorporation date 20 Feb 2017
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Investment summary

Type Equity
Valuation (pre-money) £3M
Equity offered 7.01%
Share price £14.8
Tax relief

EIS

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Business highlights

  • £1.8m sales in the past year (vs £977k in previous period)*
  • +1521% increase in website visitors from Y1 to Y3 (96k vs 1.56m)
  • More than doubled social media followers in the past year to 110k
  • Team includes board member, Julien Callede (made.com co-founder)
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Key features

  • Secondary Market
  • Seedrs nominee min. £14.80 +
  • Pay by Bank payments not accepted
  • Idea
  • Investor Perks
  • Key Information
  • Team
  • Updates
  • Investors 253
  • Discussion
  • Documents

Idea

Introduction

Wearth is an eco-friendly & vegan online platform launched in 2017 with the mission to help build a greener future for e-commerce. Our ethos is that anyone can make a difference, no matter how small, to help tackle the environmental issues our world is facing. We have developed a curated online marketplace of over 250 sustainable brands across a wide range of categories from ethical homewares & vegan beauty to zero waste and slow fashion.

Ethical consumer spending in the UK has more than doubled in the last decade, increasing from £21 billion in 2010 to £47 billion in 2019. This growth looks set to continue in the wake of the pandemic with 80% of consumers now planning on shopping with businesses which make a concerted effort to be environmentally-friendly.

We are positioned well to be an important part of this movement towards eco living and we are listed by industry-leading consumer group, Ethical Consumer, as one of the 'top 5 ethical online retailers' in the UK.

Substantial accomplishments to date

Despite bootstrapping the business since our launch, we have made significant progress in establishing Wearth as the go to place to discover eco-friendly & ethical products online.

• Record Q4'20 sales of £750k (P&L +£37k)*

• Over 2m annual website visitors

• Sold over 180,000 eco-friendly products to date

• Increased conversion rate from 2.08% for 2019 to 2.74% for 2020

• Engaged community of over 110k social media followers across Instagram, TikTok & Facebook

• Developed an innovative shop by values feature where you can shop by certain characteristics, e.g. plastic-free, refillable & recycled materials

• Over 80% of our brands have a female owner/co-founder

• Support British makers with over 70% of our products made in the UK

• Recently launched new Pantry category with zero waste food staples including pasta, coffee, grains and herbs/spices, all in reusable packaging

*Based on unaudited management accounts.

Monetisation strategy

On our platform we charge a commission for each sale from the brand, our standard commission is 25%. We are a managed marketplace where we cover optimising/listing products, customer service and marketing. Our aim is to not only be a revenue source for our partners but we also work to create exclusive opportunities for our brands including press features, influencer collaborations and promotions to our community.

Key departments we see for growth in the ethical market are refills (e.g. cleaning & beauty), homewares, fashion & gifts. In themselves these have significant market sizes in the UK. This offers a great opportunity for Wearth to grow and become a household name as these categories continue to mature.

In terms of demographics, millenials (25-34) are our main customer base, representing 35% of our sales, which aligns with consumer research on millenial spending habits (73% of millenials are willing to pay more for sustainable goods, Nielsen). That being said, over 30% of our sales have come from shoppers over the age of 45, representing the broad nature of our customer base.

Use of proceeds

Organic/content marketing - We will be continuing to develop our SEO strategy and enhance our content offering. As part of this we are launching our improved Eco Inspo content platform later this summer.

Paid marketing - Invest in our existing PPC channels, which consistently perform above 400% ROAS, offering room to push for customer acquisition. With a larger marketing budget at our disposal we will also explore other paid media channels, such as TikTok.

Team - We will be growing our team to help us continue to scale and realise our ambitions for Wearth. Our focus for hires will be on digital marketing, content creation and operations.

Tech stack - We are currently building our new website in partnership with 5874, one of Europe's leading Bigcommerce development agencies, to improve both our frontend performance/features and backend capabilties. We also have plans to develop a Wearth mobile app in the near future.

Investor Perks

Please note that any discounts, rewards and/or offers listed by a company in its campaign are subject to the terms and conditions applied by that company and listed above. It is the company’s responsibility to honour such discounts, rewards and/or offers and Seedrs does not take any responsibility for them.

Key Information

Outstanding Debt

The company has a Bounce Back Loan with Santander for £25,025.67, to be repaid over 5 years. The interest rate is 2.5% p.a. and repayments started on 06/06/2021.

The company has a PayPal Working Capital Loan of £36,550. This had a £3,412 fixed cash fee advance, and 10% of PayPal sales go towards the repayment of the loan.

The funds raised from this investment round will not be used to repay these loans.

Founding Team

Please note, Co-Founder Imogen Minoli is part-time on the business. The other co-founder in the business, Ed Davies, is full-time.

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If you successfully purchase a share lot of this business, you will be granted access.

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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 £3,000,833

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).

Learn more about investing and pre-emption rights.

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.

Learn more about Custodian here

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.

Learn more here

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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