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Wriggle

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Wriggle is a real-time marketplace for local eat-out food & drink

156%
 - 
Funded 8 May 2019
£600,000 target
£940,290 from 453 investors
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Business overview

Location Bristol, United Kingdom
Social media
Website www.getawriggleon.com
Sectors Food & Beverage Digital Mixed B2B/B2C
Company number 08599213
Incorporation date 5 Jul 2013
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Investment summary

Type Equity
Valuation (pre-money) £5.1M
Equity offered 15.45%
Tax relief

EIS

  • Idea
  • Team
  • Updates
  • Investors 453
  • Discussion
  • Documents

Idea

Introduction

Wriggle is on a mission to help people discover, and spend their money at the best local food & drink establishments.

Our mobile app marketplace creates a tapestry of amazing eat-out food & drink establishments, all inviting customers to try them out. Wriggle's users (or "Wrigglers") search and pay directly through the mobile app, then head to their chosen establishment to enjoy their food and drink.

This is a proven, established model. Wriggle is a market-leading eat-out transactional platform in 3 cities (Bristol, Brighton and Cardiff), with a proven model currently generating over 20,000 transactions per month (March 2019). After keeping things tight and proving our model, Wriggle is ready to scale up and attack our vision of creating a national consumer champion, supporting the best local eat-out establishments across the country.

Intended impact

FOR USERS

The UK Eat-Out sector is booming. It's a £50bn market, and growing as a millennial audience increasingly spends on experiences (eating out and events), over goods or products. This audience represents 80% of Wriggle's customer-base, and research shows this demographic now spends on out-of-home food between 20 and 30 times a month.

Enter Wriggle. Our digital marketplace curates quality local establishments, giving customers breadth of choice and an unparalleled user experience. They can browse, search, save money and purchase, all within one visually-pleasing, easy-to-use mobile app.

FOR EAT-OUT ESTABLISHMENTS

Wriggle is changing the way that eat-out establishments bring in new customers.

For these businesses, Wriggle is a direct sales and marketing platform, providing access to thousands of local foodies. It’s revenue generating, simple and risk-free, in a way that digital channels like Google Ads and Facebook, or flyering or print media, can be less so - and it generates a monthly-recurring income stream.

Substantial accomplishments to date

The Business:
- A proven model grown to over 20k transactions per month (in only 3 cities) - and growing consistently in every city.

- City #1 (Bristol) profitable (gross profit), and Cities #2 and #3 following the same path.*

- With 175k monthly revenue in March 2019, we estimate an £2m+ annualised platform revenue, going to awesome local eat-out establishments.*

- We've successfully tested a city-by-city roll-out model (launch process 2x better in Cardiff, our latest city, than our previous best), and we aim to be significantly better in our next city.

- Over 215,000 monthly web and app traffic.

- Over 4.7 million views for our local food & drink videos - part of our award-winning content marketing strategy.

- Gathering large volumes of hyperlocal data on food & drink preferences (for instance, over 45,000 pieces of customer feedback on Wriggles), which helps local establishments to optimise their performance and understand their customers.

Our customers love us:
- Average rating of 4.7 out of 5 from 1,000+ ratings on Apple and Google play store.

We've won Awards along the way:
- Sparkies Awards Best App (twice).
- Sparkies Awards Best Marketing Campaign Award (judges said "Wriggle has achieved staggering results with an impressively small team and a tiny budget.").
- Seedcamp Winner.
- [email protected] South Winner.

*Based on unaudited management accounts

Monetisation strategy

Revenue Stream 1: Platform Fee

Customers purchase directly over the Wriggle mobile-app or website - and Wriggle takes a 15% + 20p fee.

In doing so, Wriggle allows local businesses to leverage the rapidly expanding mobile-payment economy whilst directly reaching a local foodie audience.

Revenue Stream 2: Business Subscriptions

Currently, over 100 businesses are paying Wriggle's subscriptions, ranging from £24 to £100 per month for additional marketing services. We expect this to grow substantially in both volume and pricing as we provide further optional services and value-adds for businesses.

Revenue Stream 3: Marketing Services

Because we build up large hyperlocal audiences, we have an opportunity to help relevant food & drink brands reach them. By way of example, Gousto, the recipe kit, sold 1,400 boxes in 2 months through Wriggle, in which we generated over £28k marketing services revenue.This opportunity will only grow as we reach further locations.

Use of proceeds

With our model proven, this round of investment is to achieve 3 things:

1. Geographic growth - launching in new cities across the UK.

2. Revenue growth within existing cities - we have only just begun in existing markets - and will continue to go deeper. As an example, we estimate our largest market, Bristol, is currently 1/26th of its total opportunity - so there's plenty of room for growth.

3. Tech - we will substantially grow our tech team (3x new developers, an experienced UX designer, and a Product Manager) - as we look to build out a suite of tools to help the eat-out industry market themselves - each providing additional subscription revenue opportunities.

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

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Investing carries risks, including loss of capital and illiquidity. Please read our Risk Warning before investing.

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.

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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 £5,140,320

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.

Learn more about pitch type on Seedrs