WhyBuy intends to do for things at home what Uber did for car ownership and Deliveroo did for takeaway.
- Over 8,000 total downloads since launch
- The sharing economy is projected to grow to $335 billion by 2025
- Expand consumer options -100s of items they don't need to own
- 100% electric delivery fleet producing zero carbon & minimal cost
How much stuff do you own at home that you never use? How much money is tied up in those things at home that you bought for a single use?
At WhyBuy, we think the answer to both questions is “too much” and we want to be the change that empowers people without compromising on quality or experience.
With a 100% electric delivery fleet, this makes WhyBuy one of the greenest startups in London and is dedicated to saving time, space, money and the environment.
Why buy when you can rent BETTER for LESS?
• WhyBuy allows consumers to have items delivered for short periods at a time of their choosing
• Why buy a high quality drill for £150 that will sit in a cupboard for 364 days a year when you can access one for £15 per day
• Rent a tent from £8, a fondue set from £18
• Buying the cheap alternative results in devices being thrown out after limited use
• Consumers want to be able to access items for brief periods
• High quality, top-of-the-range brands can be provided at a fraction of ownership cost
Substantial accomplishments to date
- Initial Seed Funding was raised by demonstrating to early investors that traditional Peer-to-Peer model for household goods is unable to address consumer concerns primarily around pricing consistency, reliability, product range, delivery and quality
- Trial search campaigns launched to monitor demand and volume of searches for products temporarily
- Backend for logistics and inventory management completed in March 2020
- Consumer facing (front end) of App developed in H1 2020
- Comprehensive Beta testing completed in May 2020
- First B2B partnerships formed as a result of Covid - gyms using the App to rent out surplus equipment during closure
- App store approval received from Google and Apple June 2020
- Fully operational and serving customers from 15th June
- Supply chain tested to ensure sourcing products as orders are placed has been achieved despite Covid19 restrictions
- More than 8,000 downloads achieved from mid-June to end-July at just over £3 per acquired download
Note: Google Ad Campaign for July 2020, Android Only
- Average order value 25% above expected value
- (B2C) business with consumers will pay a fee based on items hired depending on item and period hired
- Average order value target is £38
- We look to achieve a cost per day of hiring of approximately 7.5% of purchasing an item outright and expands opportunities for consumers (min. 2 day rental)
- Bookings are made up to 48 hours in advance to ensure stock and inventory are managed accurately
- Model is not like other P2P's - inventory and stock is curated and managed directly by WhyBuy to ensure quality, pricing and delivery
- 75% of the workforce are expected to be millennials by 2025, who are increasingly conscious of how their behaviour impacts the economy
- The sharing economy is projected to grow from $15 billion in 2014 to $335 billion in 2025
- Living an on demand lifestyle is now the norm
- On demand services such as food delivery, car sharing and furniture is seen as a way of accessing a lifestyle that is prohibitive if one was to own outright
Use of proceeds
Marketing - 75%
- ATL (Radio) to drive Brand Building and Trust
- Digital Targeting at Post Code level for Call-to-Action and high-end conversions
- Management goal to generate 2,000 downloads per week by end-November and 1,500 order per month run rate @average £38 per order by end-March
Electric Fleet Expansion - 5%
- Installation of 6 charging stations on site at warehouse - currently 1
- Electric vehicles average £375 per month on the road including insurance
Stock & Overheads - 15%
- Stock only sourced from partners and suppliers as and when needed
- Overheads of company less than 20k per month including rent, rates, electricity and salaries
A portion of the investment reflected in this campaign was received by the Company in the 6 months prior to the launch of the investment round on Seedrs and the Company has started putting this to use.
£50,000 bounce-back loan at an interest rate of 2.5% per annum. £833.33 is to be paid back per month from June 2021.
£30,000 Director loan with no interest rate. The loan is set to be be paid back at an appropriate time the board decides from company profits, not from funds raised.
The funds raised from this investment round will not be used to repay these loans.
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