Cubed Magazine

8/18/2019 Cubed Magazine

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Quarterly Roundup

MeetOur Team

Craft Beer

Acquisitions>THE SECOND CROWDFUNDING EXIT

>£18M THROUGH THE PLATFORM

>PITCH OF THE QUARTER

Issue 1Q2 2016

CUBED


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Westlake (left) and Luke LangCo-Founders of Crowdcube

Contents

Foreword

About Us

Market Leader

Food and Drink

Crowdcube Insight

#FundedClub

Investor FAQs

In The Cube

4

5

6

28

40

54

66

70


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4 5

Welcome to CUBED, our rst quarterly publicationabout Crowdcube and the crowdfunding industry.

When Darren Westlake and I launched Crowdcube veyears ago, we were the rst ever equity crowdfundingplatform anywhere in the world. In de ance of itsrelative infancy, crowdfunding has come of age andis now recognised by many as a mainstream fundingoption. Thanks to investment from our crowd of morethan 270,000 people, hundreds of entrepreneurs haveraised the seed-stage investment needed to make theiridea a reality, or secured the capital required to scaletheir business.

We’ve seen some great success stories from our#FundedClub, Crowdcube’s growing network of fundedbusinesses, which have had a profound social andeconomic impact, creating thousands of jobs andexpanding in the UK and overseas. This magazine setsout to demonstrate the power of the crowd and all thatcan be achieved thanks to your investment.

We hope you enjoy it!

Foreword

Luke LangCo-Founder

Luke cut hismarketing teethworking for asuccessful UK-based ServiceProvider marketingtechnology andinternet solutionsfor businesses.Luke also ran hisown marketingconsultancy thatspecialised indigital marketing,B2B marketingand marketingstrategy.

About usSince 2011, thanks to our crowdover £150m has been invested onCrowdcube (£83m in 2015 alone),funding over 385 successful raisesas a result. On Crowdcube, everydayinvestors can invest from just £10,alongside professionals, angels andsome of Europe’s leading venturecapital rms such as Balderton Capital,Episode 1 and Index Ventures.

Investors can handpick the businessesthey want to back, from startups andearly stage businesses right the waythrough to more established growth-stage businesses, from a range of sectors.

Some of the businesses to raise nanceon Crowdcube include Mondo, themobile- rst challenger bank, whichraised £1m in just 96 seconds (yes that’sright - 96 seconds!), Sugru, the world’s rstmouldable glue, and household names likeEden Project and River Cottage.

The world’s rst crowdfunded exits havealso come from businesses to fund onCrowdcube after Camden Town Breweryand E-Car Club were sold, deliveringCrowdcube investors with a multiplereturn on their investment.

Named as ‘Most Active Investor’ byBeauhurst, a leading source of data onhigh-growth companies, Crowdcubeis the UK’s rst and leading equitycrowdfunding platform.


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M a r k e t

L e a d e r .

Bringing you thelatest trends, researchand predictionsfor the equitycrowdfunding sectorfrom industry expertsand commentators,including the LondonSchool of Economics.


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8 9

Quarterly Roundup

Despite only being ve years young,equity crowdfunding has grown at arapid pace and according to Nesta, it’sthe second fastest growing alternative

nance sector - up 295% in 2015 .

In March 2016, we announced that over£150m has been successfully raisedthrough the platform to date, morethan any other UK platform, rmlyplacing Crowdcube as the leading equitycrowdfunding platform. We were alsopleased to report the rst successfulexits in equity crowdfunding were frombusinesses to fund on Crowdcube: E-CarClub and Camden Town Brewery. This ledto investors receiving a multiple returnon their investment.

The rapid and sustained growth of theequity crowdfunding sector is challengingthe status quo of the nance industry,not only as a result of a growing numberof businesses turning to the crowd, butpartnerships and collaborations withEurope’s leading venture capital rms,Government-backed funds and globalbrands such as Amazon’s Launchpad,all wanting to be part of the industry’ssuccess story. Nesta states that the “ UKonline alternative nance market is growingincreasingly complex, uid and dynamic ”.

Thanks to the crowd, we’re still leading the way, with 50% of equitycrowdfunding investment in the UK going through our platform

Market Leader | Quarterly Roundup

50%£18m

Total£36m

Q1 2016 successful investmentin the UK

Crowdcube

(Based on Crowdsurfer Data Jan 2016 - March 2016 excluding property crowdfunding platforms)


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10 11

The investment raised through ourplatform has resulted in 385 successfulrounds, following investment from thecrowd, which now stands at more than270,000 people.

The most represented sector istechnology, followed by internetbusinesses and then the food andbeverage sector. To date, 28% of thecompanies that have raised nanceon the platform have been star t-upsseeking seed-stage investment, with72% early or growth stage businessesraising growth capital.

27%

Growth

45%

Early stage

28%

Start-up

The crowdfunded capital has alsohad a wider economic and socialimpact. Equity-based crowdfundingnow represents 15.6% of all UK seedand venture-stage equity investment,according to a recent report from Nestaand the University of Cambridge.

Crowdcube data forecasts that thebusinesses behind the 385 successfulraises are estimated to create morethan 7,000 new jobs in the rst threeyears post funding.

RegisteredInvestors

270,000

£

SuccessfullyRaised

£150,000,000 385

CUBED Quarterly Roundup


SuccessfulRaises


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2011

0.3%

2012

0.7%

2013

5.4%

2014

9.6%

2015

15.6%


CUBED Quarterly Roundup

(Based on Beauhurst Data 2011-2015)

Crowdcube has rmly established itselfas market leader. In its report The Deal2015-16, Beauhurst, a leading source ofdata on high-growth companies, namedit ‘Most Active Investor‘ for funding themost deals in 2015. The report also

listed Crowdcube as the top investor

for venture-stage deals and joint thirdfor growth-stage deals, sharing theaccolade with leading European venturecapital rms Balderton Capital andIndex Ventures.

Additional stats:

The biggest raise: JustPark, which raised£3.5m in March 2015.The business also attractedthe highest number ofinvestors – 2,702

The rst crowdfunded

exits: In 2015, E-Car Club

was acquired by Europe’sleading car rental companyEuropcar, then CamdenTown Brewery sold to theworld’s biggest drinkscompany, AB InBev.

The biggest single investment: One investor put £1m into Sugru – creator of the world’srst mouldable glue – in July 2015.

The fastest raise: Digital banking start-upMondo, which raised £1min just 96 seconds inMarch 2016.

The rst bond returns: Crowdcube Bonds raised

over £16m and so farhave paid back a total of£722,000 in gross interestto investors.

The £1 million club: There have been 34 raisesover £1m on Crowdcube,24 of which ‘have’ beensince the start of 2015.

Government backing: The UK government

invested £1.25m in ninedeals via Crowdcube in2015 as a result of itsLondon Co-InvestmentFund partnership.

Equity-based Crowdfunding Share of the UK Seedand Venture Stage Equity Investment Market.


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wisdom of the crowd

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Crowdfunding investors make economically rational decisions,according to new study from London School of Economics

Two-year analysis of Crowdcubedata shows that the ‘wisdomof the crowd’ has madecrowdfunding a “robust source

of entrepreneurial nance.”

A study released by the LondonSchool of Economics (LSE) – Equitycrowdfunding: a new model for nancingentrepreneurship? – has revealed howcrowdfunding investors behave, andthe basis upon which they decide whichbusinesses to back and how much toinvest.

Professor Saul Estrin and ProfessorSusanna Khavul carried out a two-yearindependent analysis of a proprietarydataset gathered from Crowdcube,and interviewed investors directly,to establish what they call “ powerfulempirical evidence” on how equity

crowdfunding works.

The analysis shows that crowdfundinginvestors behave in an economicallyrational way, making decisions based oninformation which is shared betweenthe entrepreneur and investors, aboutcompany valuation and prospectivegrowth, for example.

The researchers also identi ed acollaborative mind-set amongst theinvestors, with a dynamic exchangeof knowledge and interpretation ofthe available information and data.However, they found no evidence ofa ‘herd’ mentality. While investmentdecisions are in uenced by what otherinvestors do, and the signals this givesabout the value and potential of abusiness, the e ect on investmentis gradual rather than explosive andunstable: Estrin and Khavul found thatone pound invested on one day of thepitch generates an additional 51 pence

of fresh investment on the followingday, and an additional 76 pence over thenext ve days.

Market Leader | Wisdom of the Crowd

Writing in Centrepiece, a publicationof the Centre for Economic Performance, Estrinand Khavul state that: “The low transaction costsenvironment” of the Crowdcube platform “bringsincreasing network e ects to bear on investor decisionsin early stage entrepreneurial nance.”

They continue: “As an alternative source of nance,equity crowdfunding appears to have operated in astable and predictable manner through its early period ofemergence [in the UK]…we see no evidence of a stampedee ect from investors.”

The LSE professors’ conclusion is that crowdfundingis “a robust source of alternative entrepreneurial

nance”, and that the information ow it generatesactually reduces the biases inherent in traditionalforms of early stage entrepreneurial nance.

We’ve always known that investors are smart, andit’s great to have this con rmed by LSE. The ndingsquash concerns that the crowd is made up of naïve‘dabblers’ who stampede into supporting pitchesthat seem popular or cool. Crowdfunding is a rationalmarketplace, with investors and entrepreneurscollaborating and sharing knowledge in a way thatleads to sound, well-informed decisions.

Crowdfunding’s greatest strength is the diversity ofthe investor community, which builds a collectivewisdom that gives the crowd the ability to identify

and back the best businesses. All but 7% of the 285UK companies that have successfully funded onCrowdcube are still trading, which compares veryfavourably with the Financial Conduct Authority’s(FCA) estimate that 50-70% of all new businesses setup in the UK fail within ve years.


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16 17Market Leader | Wisdom of the Crowd

Crowdcube has a base of 249,500 registered investors.The platform leads the UK’s equity crowdfundingmarket with a 52% share, according to independentcrowdfunding market researcher Crowdsurfer, andwas responsible for more investments than any otherplatform in 2015 (136 deals) according to Beauhurst,which provides deep data on fast-growth companies.Recently released data from NESTA shows that theequity crowdfunding market almost tripled between2014-2015, with a total of £332m raised in the last year.

The average deal size was £524k, a considerableincrease from the 2014 average of just under £200k.Crowdcube completed a record-breaking year in2015, which saw £83 million successfully investedthrough the platform, funding 166 businesses. It alsowelcomed over 116,000 new members to its crowd ofinvestors and won 12 industry awards from the likesof Shares Magazine, TechCityInsider and City AM.

CUBED Wisdom of the Crowd

Saul EstrinProfessor ofmanagerialeconomics andstrategy at LSE, thefounding head ofLSE’s Departmentof Management,and a researchassociate in Centrefor EconomicPerformance’sgrowth programme.

Susanna Khavulis a Leverhulmevisiting professorat LSE, a Centrefor Economic

Performanceresearchassociate, andentrepreneurshipand innovationfaculty at theUniversity of Texasat Arlington.

Image: www.designraphael.co.uk

(Data was collected Q4 2015)


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Market Leader | Investor Insight18 19

Investor insight An interview with James Wise, partner at one of Europe’s leadingVenture Capital rms

We interviewed James Wise atBalderton Capital to share his insightswith the crowd on what he looks forin an investment opportunity andbuilding a diversi ed portfolio.

What do you look for in aninvestment opportunity?

The three main factors for me are theteam, the vision and the timing. Teamis always the most important factorin an investment. As investors, weknow that we will be working with thefounder for a long time, so we have tobelieve they have the ability and visionto build a world-changing business.And it doesn’t stop with the founder,all the early hires will impact the scalethat the company can achieve. Afterteam, we agree on the vision they havefor the future of their company, and ofthe broader market. Finally we need toagree that this shared vision can be builtsustainably in the right time period. It’sstrange how often we see companieswho have a vision that is too far awayfrom the current market.

What sectors are you mostinterested in right now, andwhy?

I try not to focus on speci c sectors,because whenever I do I have met anexceptional founder who has convincedme otherwise! In reality, most investorshave a few speci c areas in which theyhave some expertise. In my case it istechnology businesses, but within thatyou have to be open to new ideas andconcepts, as it is those businesses whichchallenge the consensus that can drive thehighest returns.

Why is it so important todiversify your portfolio?

Most of the companies we invest in willfail, as that is the nature of investing innew and non-obvious companies. Sodiversifying our capital across multiplecompanies is essential, as it should befor angel investors as well. High betacompanies can massively outperformthe market, but they can also massivelyunderperform. So investors should always

James Wise, Partnerat Balderton Capital

James is a partnerat Balderton Capital,Europe’s largestdedicated venturefund. At 29, he is theyoungest partnerof a venture fund inEurope, and workson investmentsincluding 3DHubs,Crowdcube, Sunrise(sold to Microsoft )and Workable. Hepreviously helpedset-up and run acharity, the SocialBusiness Trust,which providedcapital and supportto build enterprisestackling socialproblems in the UK.@jp_wise

be aware of the risks of investing in private companies,and be sure never to expose themselves more than theycan comfortably a ord, in the same way you would treatassets in other markets such as the FTSE.

What hints and tips would you give toinvestors?

Always look at customer reviews, whether it’s on socialmedia, or from contacting them directly. You will learnmore from a customer who loves or hates the productthan from any industry expert or pitch deck.

A growing number of VC-backedbusinesses are turning to Crowdcube toraise funds, what do you think is drivingthat trend?

I think it’s a great way for these companies to not onlyraise more capital, but leverage the wisdom of a crowd.Venture investors can o er a lot of help in some veryspeci c ways, such as on nancing and hiring, butcrowdfunding gives companies access to 100s and1,000s of potential advisors and advocates. Personally,I also think a lot of entrepreneurs want to make the

nancing market more accessible and transparent,and crowdfunding blows open the traditionally closednetwork of venture investors.


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What trends or predictions do you see arising forthe UK crowdfunding industry?

I think there will be a huge amount of change in the next fewyears, as crowdfunding comes to rival both traditional angelfunds but also retail banks. As well as more businesses raisingfunds this way, I think we will see the rise of super-angels on theplatforms. Those who have proven themselves to bring hugeadded value, will continue to invest and o er advice to otherinvestors. We will also see more tools that help investors managetheir portfolio. It’s not easy being invested in 5-10 companies, butas that happens, the platforms will have to provide services to

support portfolio management.

What is your favourite business that’s fundedon Crowdcube?

There are too many to mention. Currently I am most excitedabout the Dirt Factory in Manchester, it is both launching in myhome city and promoting a sport I love, with a sensible businessmodel. I really hope they can make it work.

Why did Balderton invest in Crowdcube?

Traditional venture funding has its uses, but also its limitations.Crowdcube is disrupting the model by making access to fundingaccessible to more people, in a way that is more transparentand fairer, and challenges the closed networks. Crowdcube is ahuge idea with a great team behind it. It could really shift the wayprivate nancing works in the UK and beyond. That’s an excitingand high impact investment to be involved in.

Market Leader | Investor Insight

CUBED Investor Insight


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2322 Market Leader | Tax Relief

Tax Relief A quick guide to SEIS and EIS tax relief

Understanding the topic of tax reliefcan be complex, so we have puttogether a quick guide to help get youstarted and answer any initial queriesyou may have. Please note that youshould always seek independent taxadvice if you are unsure of any aspectof the process.

What does SEIS and EIS mean?

The Seed Enterprise Investment Scheme(SEIS) and Enterprise Investment Scheme

(EIS) are government schemes designedto encourage investment into seed,startup and growth stage companies byo ering a range of tax reliefs to investorswho purchase new shares in thosecompanies.

How does it bene t investors?

EIS

§ You can claim up to 30% income taxrelief on investments up to £1 millionper tax year;

§ Any gain is Capital Gains Tax (CGT)free if the shares are held for at leastthree years;

§

If the shares are disposed of at aloss (for example, if the companyenters insolvent liquidation) you canelect that the amount of loss, lessincome tax relief, be set against anyincome tax of the year in which theywere disposed, or, on income of theprevious year;

§ Payment of CGT can be deferredwhen the gain is invested in shares ofan EIS qualifying company.

SEIS

§ You can claim income tax relief of50% on investments up to £100,000per tax year;

§ Certain CGT bene ts depending onthe which tax year the investmentwas made.

25% of investment throughthe platform could have beenclaimed back in tax relief.

The crowd have backed more than385 businesses on Crowdcube to date,with 285 funded businesses eligible foreither EIS or SEIS tax relief. This meansthat out of the £150m raised throughthe platform, £37.5m could have beenclaimed back in tax relief to investors.


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Are there any restrictions withclaiming SEIS/EIS relief?

Most importantly, you need to be aUK taxpayer in order to claim SEIS orEIS relief. Moreover, you will not beeligible for SEIS or EIS tax relief if you areconnected with the company. You can

nd a detailed list of ineligibility factorsin section 1.3 of the HMRC guide here .

How can I claim tax relief onmy investment?

SEIS or EIS shares must be held for aminimum of three years to bene t fromincome tax relief, and as such should beseen as a long-term investment. If yourshares are sold before you have heldthem for three years (for instance, if thecompany exits), you will have to informHMRC and repay any income tax reliefyou have claimed.

You cannot claim relief until thecompany sends you an SEIS3 or EIS3form. For EIS it cannot do this until it hasbeen trading for at least four months,and for SEIS it must either have beentrading for at least four months or have

spent 70% of the funds raised.

Your claim can be made on the SelfAssessment tax return for the tax yearin which the shares were issued. If youhave an SEIS3 or EIS3 for a year forwhich you have not yet received a taxreturn you can request a change toyour PAYE (Pay As You Earn) tax code, oran adjustment to any Self Assessmentpayment on account due. You will stillhave to make the claim itself on your taxreturn when you get it.

Claims can be made up to ve yearsafter the investment was made.

Market Leader | Tax Relief

When will I receive my SEIS3 orEIS3 Form?

The company must rstly have beentrading for four months, or for SEIS havespent 70% of the funds raised.

§ The company will prepare all thenecessary paperwork following asuccessful funding round. They willthen make a list of investors who areinterested in receiving tax relief, and

send this information to HMRC. Thisprocess can take up to 6 weeks;

§ Once the certi cates are with HMRCit will be approximately 6-8 weeksbefore they are sent to the companyto sign;

§ Once signed the company will thensend the certi cates to you by post;

§ You can then claim any relief you areeligible for by sending the ‘claim form’section of the SEIS3 or EIS3 form toHMRC;

§ If you are not in a position to send theclaim form, the documentation youare sent will direct you on alternativeways to claim your tax relief.

Please note:

The availability of any tax relief, including SEIS andEIS, depends on the individual circumstances ofeach investor and the company concerned, andmay be subject to change in the future. If you are inany doubt about the availability of tax reliefs, or thetax treatment of your investment, you should seekindependent tax advice before proceeding with yourinvestment.

CUBED Tax Relief


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1,898investors

756£1k

investments

£10,417investedper second

£527avg.

investment

20avg. investorsper second

26 27

Mondo reaches £1m in 96 seconds in recordbreaking raise

Mondo is part of the wave of ntechbusinesses challenging the UK’s nancialservices sector through its smart use oftechnology and customer- rst attitude.It is designed around a generation (socalled millennials) that are mistrustfulof traditional banks, and rely on theirsmartphones to access the servicesand products they want, something thetraditional banks are being slow to do.

Mondo turned down additionalinvestment o ers from notableinternational investors in order to includeits customers in this investment round.

This is Mondo’s second fundraise as itgets ready for a public launch and anaccelerated roll-out of it s services laterthis year.

Market Leader | New Record

New record

We’re the rst bank toenable customers to becomeshareholders through a

crowdfunding platform. Ourcustomers are already helpingus to build the bank from the

ground up by alpha testing themobile app. They deserve to bea real part of our journey to bea bank that people can trustand puts them back in controlof their nances. We want tocontinue to involve them in

future funding rounds.” Tom Blom eld, CEO of Mondo


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F o o d &

D r i n k

.

Sector news fromthe food and drinkindustry, including craftbeer, nut butters andan opportunity for you

to win a one-of-a-kind#FundedClub hamper.


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30 31

What’s next for thefood & drink industry?Crafting a new future

Food & Drink | What’s next for the food and drink industry?

At the end of 2015, Camden Town Brewery announced that ithad been acquired by AB InBev, the world’s largest brewer andone of the biggest companies worldwide. This acquisition came just eight months after Camden’s successful raise of £2.75mon Crowdcube, and provides its 2,173 investors with a healthyreturn on their investment. Camden meanwhile can go on toexpand and innovate on a larger scale than ever before.

Is this an unusual move by AB InBev?

In short, no. The beverages sector has a long history of mergersand acquisitions (M&A). Whilst historically many transactionshave been large in scale, there has been a noticeable increasein recent years of the large global players purchasing craftbreweries. Indeed, the acquisition of Camden was one of threecraft brewery acquisitions announced by AB InBev in December2015 (the other two being US brewers).


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Notable craft breweracquisitions in 2015

§ Heineken acquired a 50% stake inLagunitas Brewing Co., the California-based craft brewer

§ SABMiller acquired London-basedMeantime Brewing Company

§ MillerCoors acquired Saint ArcherBrewing Co., the San Diego-basedcraft brewer

In mature beer markets such as theUS, the UK and Australia, the largeincumbents have been consistentlylosing share to craft brewers. Whilstthe mainstream portfolios of the globalplayers have seen volume declines inthese markets, the craft category hasseen rapid growth and is becoming ameaningful part of the beer category

– craft beer now represents 11% of thetotal beer market in the US. By acquiringcraft breweries, larger players areaiming to tap into the growth of the craftsegment. The global brewers can alsosigni cantly increase the distribution ofthe craft brands they purchase.

This approach to M&A, pushing acquiredbrands through existing distributionnetworks, has been widely used acrossthe wider consumer products space.This includes categories such as food,spirits and HPC (home and personalcare) and is expected to continue aslarger companies seek to ll categorygaps or add category scale in responseto changing consumer demands. Indeed,a recent survey of senior executives inthe food and beverage sector conductedby Ernst & Young showed that 67%of companies in the sector expect topursue deals this year.

Food & Drink | What’s next for the food and drink industry?

With the food and drinksector being the secondmost popular sectoron Crowdcube, we lookforward to seeing moresuccess stories this year.#FundedClub businesseswithin the beveragesector include Flavourly,DeskBeers, UBrew, Bell eldBrewery and BrewDog, justto name a few. BrewDogwas our rst dual raiseand funded over £3m.Since then the companyhas opened over 10 newsites including internationalbars, bottle shops, hotdog hideouts and even aDogHouse. Pictured aboveis the new Soho bar.

Written byConor ParsonsHead of Finance

Prior to joiningCrowdcube in

January 2015,Conor spent fouryears at GoldmanSachs where heworked as anequity researchanalyst within thePan EuropeanConsumerProducts teamprimarily focusingon beveragecompanies.

CUBED What’s next for the food & drink industry?

Image: www.danielcolinhall.c


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January 2013

Whilst training for theParis Marathon, Pip hadthe idea to launch an allnatural nut butter brand.

Meet Pip,Pip & Nut’s founder

June 2013

After purchasing a superhigh powered blender, Pipstarted to road test recipesand prototypes.

April 2014

Pip secured amanufacturing partnerand seed investment.The brand developmentand packaging was almostcompleted...

September 2013

With an initial £10,000start-up loan, Pip made herrst ever sales at a pop-upshop in Shoreditch, andstarted road testing theproducts at Maltby StreetMarket in Bermondsey.

June 2014

Pip entered the Escape theCity competition to liverent free...in a garden shed.

After nding out that shehad won, Pip quit her job tostart living her dream.

September 2014

Pip turned to Crowdcube to raisethe money needed for launch.After nine days on the site, Pip &Nut overfunded to £120,000.

The team celebrated with plentyof gin.

May 2015

Pip & Nut supported Nike’s‘We Run London’ campaignby serving nut butter ontoast to over 3,000runners.

July 2015

Pip & Nut won rstsupermarket listing withOcado and with threeavours launched, thecompany won the‘Great Taste Award’ forevery product.

January 2015

Pip & Nut landed ontothe shelves ofSelfridges. One of Pip'sproudest moments.

December 2014

Crowdcube named Pip &Nut ‘Entrepeneur of theYear 2014’ , the teamhired a new employeeand the rst jars wereshipped to a warehouseready to be sold.

October 2015

Pip & Nut was stocked inFortnum & Mason alongwith 215 Marks & Spencerstores, which became thebest selling brand in the‘Best of British’ range.

September 2015

Sir Richard Branson namedPip & Nut as ‘one of the UK’s topstart-up food and drink businesses’ .The company added The Grocer‘New Product Award’ to thetrophy cabinet for the CoconutAlmond Butter.

November 2015

Sainsbury’s stocked Pip &Nut products in 473 stores- the biggest order to date.Enough butter wasproduced to ll twowhole containers.

Pip & Nut hired the thirdfull time employee.

The company reached its2015 target of stocking1,200 stores.

December 2015We look forward to seeingwhat’s next for this#FundedClub business.

watch this space...

January 2016

Pip & Nut completed a£525,000 private fundinground, with £325,000 inequity and £200,000in debt to drive growthin 2016.

34 35

Pip & nutPip’s success story so far

We love seeing great businesses doinggreat things, thanks to the backing ofthe crowd, Pip & Nut is no exceptionto this. We wanted to showcase someof the milestones of our ever-growing

#FundedClub businesses. The rst ofwhich features Pip & Nut, a businessmaking a range of nut butters, whichraised £120,000 on our site in 2014.

Food & Drink | Pip & Nut

CUBED Pip & Nut

P i p & N u t i s o f e r i n g C r o w d c u b e m e m b e r s 2 5 %

o f a l l o r d e r s o v e r o n i t s

w e b s i t e , w i t h t h e c o u p o n ,

F u n d e d C l u b s o g o a n d o r d e r y o u r s t o d a y .V i s i t s t o r e


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Image: ww w.bigstyles.co.uk

3736

We decided that being the world’s rstand leading investment crowdfundingplatform just wasn’t enough, so we’vebranched out and brewed our very owntipple – Crowd Pleaser (with a little helpfrom #FundedClub business BrewDog).

Crowd pleaser A collaboration between Crowdcube and BrewDog

Food & Drink | Crowd Pleaser


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S H a r e

t o w i nShare this magazine on Facebookor Twitter to be in with a chance ofwinning an exclusive #FundedClubfood and drink hamper.

The hamper includes craft beers, Indian wine, guilt-free snacks, saladdressings, nut butters, a recipe book and much more!

38 39

nom barsPacked full of organic superfoods including virgin coconut oil, cacao nibs, oatsand oat bran to provide a tasty source of slow release energy. The protein nombar includes 17g of organic pea protein, making it a delicious, healthy choice

- perfect for exercise.

nom popcornFrom only 100 calories per bag, nom popcorn is naturally highfree. The wholegrain corn is kettle-popped with virgin coconunatural, unrened sweet and salty ingredients to the corn, to c

treat that you can enjoy at any time.

Find out more atnomfoods.co.uk

Certied by Product AwardsHE

EDITOR’SCHOICE

B E S T S N A C K / F O O D L I N

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Search for nom foods

STOCK UP ON nom bars andnom popcorn

for a healthy, free-from tastytreat when you’re on the go!

All nom products are✔ 100% organic✔ High in bre✔ Certied vegan & ethical✔ Award-winning

Free-from Facts✔ Dairy free✔ Wheat free (bars & p✔ Gluten free (popcorn✔ No rened sugars

Competition time

Food & Drink | Competition

Terms and Conditions

1. All entrants must be UK residents and at least 18years of age;

2. The competition shall end on 30 June 2016;

3. Winners shall be selected at random byCrowdcube and noti ed via the medium eachwinner used to share the magazine;

4. Winners who do not respond to Crowdcube within48 hours of being noti ed by Crowdcube shallforfeit their prize and a replacement winner shallbe selected;

5. Full terms and condition are available here .


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C r o w d c u b e

i n s i g h t .

Five years on and witha growing team of morethan 80 people across

Devon, London, Cardi ,Manchester and Spain,we’d like to introduceyou to some of theCrowdcube team.


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42 43

5 YEARS ONCrowdcube celebrates ve years of equity crowdfunding

Happy Birthday

February 2016 marked our fth birthday, so in celebration we put together ourtimeline of signi cant events and milestones so far.

Crowdcube Insight | 5 Years On

The past ve years have beenamazing. To think that we’vecreated a world rst in equitycrowdfunding, forming a

global company, employing 80 people with ve o ces is justincredible in what’s a relativelyshort time. We owe it all tothose who believed in us inthose early days and of course,the team we’ve built.” Darren Westlake, Co-Founder of Crowdcube


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44 45Crowdcube Insight | 5 Years On

CUBED 5 Years On


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Paul MasseyGeneral Counsel

Paul’s legal experienceincludes working in City law

rms, blue chip technologycompanies and start-ups. He spent four yearsleading commercial legalwork at eBay before joiningCrowdcube. Paul alsolaunched his own start-upand is passionate abouthelping others raise nanceto do the same.

Tom CorrickLegal Counsel

Tom is a solicitorspecialising in corporatelaw. He trained at aregional rm in Devon,before working in the rm’scorporate and commercialteam. Prior to moving backto the West Country, heworked as part of the in-house legal team at LondonCity Airport. Tom holds anLL.B and an LL.M from theUniversity of Reading.

Martin McAnaneyCompliance Ofcer

Martin worked for StateStreet Corporation in theirmiddle and back o cefunctions. He began hiscareer by executing tradeson behalf of institutionalclients in internationalmarkets. He then movedinto post trade compliancefor a number of clientswhich included GoldmanSachs, Morgan Stanley,M&G and Mercer.

Meet the team An insight into our Legal team

Crowdcube Insight | Meet the Legal Team

Tom PottsLegal Counsel

Tom joined Crowdcube inAugust 2015, after workingas a corporate solicitorfor national law rmShoosmiths. He trainedat Ashfords, where oneof his rst projects washelping with the formationof Crowdcube in 2011.After graduating from theUniversity of Cambridge,Tom started his careeras a paralegal at a globalshipping company.

Adam ConnorsParalegal

Adam graduated fromthe University of Exeterbefore undertaking legaltraining in Bristol. Prior to

joining Crowdcube in July2015, Adam worked for aDevon based solicitors’ rmspecialising in insolvencyand litigation for SMEcompanies.

Robert AndariLegal Counsel

Robert is a corporatenance solicitor with

a graduate law degreefrom Kings College,London and postgraduatedegree in Public Policyfrom the London Schoolof Economics. Robertworked previously at MWEaglewood, a hedge fundspecialising in alternate

nance investments, and inprivate practice at Clyde &Co. He has also worked ina compliance function fora wealth management rmin Luxembourg. Robertis based in Crowdcube’sLondon o ce.


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Our legal teamQ&A with our experts, Paul and Martin

Crowdcube Insight | Our Legal Team

What due diligence (DD) doyou do on businesses seekingfunding on the platform?

Crowdcube’s due diligence process takes

place before a pitch goes live and we puta lot of thought into protecting investors.Crowdcube is regulated by the FinancialConduct Authority (FCA) so we have rulesand regulations that guide my work. A big

part of due diligence is behind the scenes,but it is a vital part of building trust withour investors and we do not take that trust

for granted. Our due diligence covers manyareas including nancial checks, corporatelegal review of shareholder rights, alongwith my compliance review of the pitch oradvertising content.

We are also proud of the fact that weuse our bespoke technology to make duediligence e cient, scalable and recorded.This Regtech (nothing wrong with a

buzzword!) side of our business enablesCrowdcube to facilitate SME equity nanceon a scale that has not been seen beforeand it is exciting for me to be a part of that.

It can take 3-4 weeks for a company tocomplete our due diligence process, longerif the company or fundraise is complicatedso it is important that entrepreneurs

are prepared and engaged. We have anexperienced and friendly team to help andlike any good tech startup, we iterate ourmethods and technology to improve the process or add extra checks as we uncovernew anomalies. We also integrate withthird party credit and data providers todo background checks. Our due diligencecan mean that companies are rejected orrequired to restructure or make speci cdisclosures to protect or inform investors .

What type of information doyou check as part of the duediligence process?

An average Crowdcube pitch can haveanything up to 40 statements that need tobe backed up with independent evidencethat we keep on le. Examples of thekind of evidence that we look for include proof of patents, market share data, pressmentions and proof of revenue to name a

few. But it’s not always straightforward!We’ve had entrepreneurs rummagingaround in their mothers lofts trying to nd graduation certi cates and had to getevidence about a speci c water that wasused for brewing a beer.

Two years in the Cube,what have been your keyachievements?

I lead Crowdcube’s legal and complianceteam based in our Exeter headquarters.My role has developed a lot over the two years that I have been at Crowdcubeand I am now lucky to have a greatlegal team to work with. My team arecontinually developing e cient processesand technologies to manage the legal and

operational aspects of the business. It is stillvery hands on as every company raising funds with us is di erent.

We manage the legal aspects of ourcrowdfunding transactions includingcarrying out due diligence before deals go live on Crowdcube and assistingwith issuing shares after funding.Crowdcube is regulated by the FinancialConduct Authority and my role includesunderstanding and implementing thecrowdfunding regulations and other lawsto ensure that we treat customers fairly.We review and approve marketing contentand our website to ensure they are fair,clear and not misleading. There is alwayssomething new and unusual to do. We

recently approved a nancial promotion forthe side of the world’s largest blimp.

Looking back over the last two years since I joined Crowdcube, we’ve had the excuse forlots of great parties and we have achieveda lot. I joined as employee number 16and we are now 80. I am proud of thelegal team which we have integrated to

be at the core of business operations and product design. Creating new innovative products that comply with our regulatoryregime is challenging but rewarding whenwe see SMEs raising investment to createinnovative products and jobs. We have avalue at Crowdcube called “Be the Crowd”and my team constantly works to putinvestors rst which I am very happy toshout about.

I joined the board of EuropeanCrowdfunding Network because a numberof the laws that set the boundaries ofcrowdfunding stem from Europeanrules. The Prospectus Directive has beena particular focus recently as this keyEuropean investment law is under review.

I am also proud of the role that legal have played in developing co-investment modelswhere the crowd is able to invest alongsideventure capitalists. I met Wayra soon afterI joined Crowdcube and worked with theirlegal team to enable co-investment forstartups including OpenDesk, The DoNationand Hubbub. Crowdcube also pioneeredco-investment when the crowd invested intoCrowdcube alongside Balderton Capital. Itis now routine for Crowdcube to providecrowd capital (funds + brand ambassadors)

alongside top-tier VCs in London andbeyond. Series A fundraises such as Mondo,Rentify, Sugru and JustPark are investmentopportunities that were simply not availableto the crowd 12 months ago. That is a hugeachievement for the Crowdcube team.

Paul MasseyGeneral Counsel

Martin McAnaneyCompliance Ofcer


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“The nancial analyst team atCrowdcube review the nancialinformation (historical and

projected) of rms that raise funds on our platform.

In determining the suitability ofa rm for a Crowdcube raise we pay particular attention to the rm’s:

§ Detailed nancial model:Used to assess cash burn andrunway as well as key driversof growth

§ Credit score and associatedinformation: Informs our riskassessment of the rm

§ Filed or Management accounts:Used to verify historicalinformation declared by the

rm in the Crowdcube nancialsnapshot

§ Proposed valuation

In doing so the team attempt tobring a risk balanced approachto their review of applicant rms.

They work closely (and sit beside)our legal team to raise any issuesthat are relevant to both teams(Director’s loans, complex groupstructures, suspicious companyactivity etc).

Our teams are passionate aboutstartups, technology and SMEinvestment and it’s why we cameto work at Crowdcube. As such wehave an ethos of providing value,transperancy and fairness to theCrowd.”

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Meet the team An insight into our Financial Analyst Team

Bill SimmonsCFO

A chartered managementaccountant, Bill has heldFD and CFO positions atAsk Jeeves, Myspace andRated People, and morerecently has applied hisskills & knowledge at anumber of start-up andearly stage businesses. Heunderstands how di cultit is to raise nance fornew companies and ispassionate about the rolewe have in helping nancebusinesses.

Colin MacLaughlinInvestment Manager

Colin is a quali edaccountant and MBA. Hetrained with Ernst & Youngbefore joining HarrisonStreet Real Estate Capitaland subsequently BTin London. He has alsopreviously supportedseveral early stagecompanies and non-pro tsin the UK and US.

Crowdcube Insight | Meet the Financial Analyst Team

Juan AlaimoFinancial Analyst

Juan spent ve years as ano shore equity researchanalyst for an InvestmentBank. He covered theCanadian Telecom Servicesmarket and coordinatedthe Global TelecomServices team. Juan holdsa Licentiate in Economics,cum-laude degree from theUniversity of Buenos Aires.

Ryan GraliaFinancial Analyst

Ryan spent over four yearsin M&A and corporate

nance at DeutscheBank, Houlihan Lokey and

JPMorgan. He also spenttwo years in accountingas a nancial controller atCitigroup. Ryan graduatedwith an Honors degree inEconomics from IndianaUniversity where he waspart of the InvestmentBanking Workshop.

Tej PanesarHead of Creditand Equity Risk

Tej Panesar has workedin banking and privateequity for over 15 year.As Crowdcube’s Head ofCredit and Equity Risk hehas brought, adapted andimplemented a traditionalrisk focused approach,to a rapidly evolvingand nascent nancialservices industry, in equitycrowdfunding. Tej wasCEO of a Polish real estatedevelopment rm for 10years and has worked invarious ntech startups.He began his career inCitigroup as a corporate

banker and is a graduateof the London School ofEconomics.


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the NorthernPowerhouseWe’ve opened a new o ce in Manchester

We have expanded into the North ofEngland with a new o ce, which has

just opened in central Manchester.Senior business development manager,Adam Gillett, has been appointed tolead the regional team.

We’ve already helped nine businesses inthe North West to raise more than £1.4million in the last two years, includingIdeas Britain which secured £270,000 tolaunch in the UK. Ideas Britain, based in

Manchester, aims to help young Britishentrepreneurs make their ideas come tolife. It has built the world’s largest mobilementoring app and has already attractedbrand partners and coaches that includeex-Dyson CEO Martin McCourt, VirginMedia Business chief Jan Collins andmedia entrepreneur (and Eurythmicsfront man) Dave Stewart who will be thecompany’s Creative Director.

Crowdcube Insight | The Northern Powerhouse

The Greater Manchester BusinessSurvey 2014 (published October2015) highlights that 34% of localbusinesses who sought nancelast year reported experiencingdi culties with arranging it. Themost signi cant reason (26%) was

that nance providers were notlending.

We already have a vibrantinvestor community in the Northof England, and there is de nitelyan exciting opportunity to furtherstimulate the start-up scene inthe North West that is alreadybene ting from the Government’smulti-million pound support forthe region. We are determinedto put Crowdcube at the heartof the creation of the Northernpowerhouse.

We asked Adam what he wasgoing to look for in businessesseeking to raise funds onCrowdcube, and what his favourite#FundedClub business is.

“In short, I look for great ideas,

some traction; a credible anddetermined team, and scalability.These are the things that interestus and lead to much deeperquali cation and further challengearound the business’ forecasts.

My favourite business would haveto be Dirt Factory...it will be anexceptional indoor BMX facilitythat welcomes all levels of abilityand will act as a social hub forenthusiasts. The business is alsoreally scalable and plans to reinvest

pro ts to roll out across the UK.”

Adam GilletSenior Business

DevelopmentManager

Adam isresponsiblefor CrowdcubeNorth, supportinghigh growthbusinesses acrossthe NorthernPowerhouse toraise equity onthe Crowdcubeplatform. Adamfounded arisk assuranceconsultancy,working with SMEbusinesses acrossmultiple sectorsincluding tech,food & drink,education andmany others.


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# F u n d e d

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C l u b

.

The latest news andinsights into our ever-growing network ofbusinesses to fund onCrowdcube.


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in THE News

§ Farmdrop closes £3 millionfunding round

This year, Farmdrop closed a £3mfunding round led by Atomico, theinvestment company founded bySkype co-founder Niklas Zennström.

§ Tempus Energy raises £3.78million

Tempus Energy, which raised over£600,000 from 235 investors onCrowdcube last summer, has secureda further £3.78m of funding.

To nd out more about the funded businesses network, visit the#FundedClub hub today.

§ Kellogg partnered withPlan Bee

Kellogg partnered with Plan Bee toestablish and manage the on-sitehoneybee hives and commit to itsongoing sustainability plan.

§ easyProperty secures£25 million of investment

easyProperty has recently secured£25m of funding from a London-basedhedge fund and consortium of angelinvestors.

Farmdro#FundedClub | In The News


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Where are they now?Find out what some of the businesses have achieved andwhere they are now, post-funding

#FundedClub | Where are they now?

7Billionideas

Thanks to the crowd, the CEO of 7billionideas raised nance three years ago onCrowdcube. The company has worked with over 100 schools and 25,000 studentsin the UK, along with building partnerships with major UK education bodies andmuch more.

Eden Project

Thanks to 354 investors, the Eden Project raised £1.5 million through a CrowdcubeBond in less than 24 hours. Since then, the company has appointed a new Chairmanof Trustees, received planning permission for a £6 million, 115-bedroom hotel andlaunched degree level courses.

Beara Beara

Beara Beara has opened its new store in central London and has expanded its teamsince funding on Crowdcube. The founder, Jake Bullough, also gives an overview ofthe company’s nancial performance to date and plans for the future.

Blanco Nino

Blanco Nino, the Mexican food company, raised over £120,000 in 2014. Blanco Ninonow employs nine people, operates a 19,000 sq ft factory and has customers acrossIreland, the UK and Germany.


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Guest Article: EmoovBacked by Venture Capital rms and the crowd

Guest article from Russell Quirk, founderand CEO of eMoov.

eMoov, an online estate agent disrupting the market,successfully raised over £2.6 million on Crowdcubelast year. We wanted to nd out from Russell Quirk,eMoov’s founder and CEO, why he turned to the crowdafter successfully securing venture capital funds fromEpisode 1 and Max eld Capital.

#FundedClub | Guest Article: eMoov 61


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Customers love eMoov.

When you save somebody thousandsof pounds, they tend to look at youfavourably. In the early years, whenonline estate agency was in it’s infancy,and the concept was not known by thegeneral public, many customers showedcuriosity about the internal workingsof the business. I was asked by severalpeople about the possibility of investingin eMoov and if there was any way theycould get “a slice of the pie”.

I constantly found myself having to

turn away friends, customers, sta andfamily. Unfortunately, there was no wayof structuring smaller investments fromthose who did not have six- gure sumsto invest. I thought this was a graveshame. I wanted these people to join mein changing the estate agency sector forthe bene t of the consumer.

These feelings of frustrationserendipitously coincided with the riseof equity crowdfunding as a legitimateavenue of investment for a companyat our stage of growth. I had witnessedother companies lead the way and raisesigni cant +£1m rounds which set aprecedent and a blueprint in which tobase our own crowdfunding campaign.With established VC heavyweights suchas Robin Klein (Just Park) and SimonMurdoch (who shared my enthusiasmwhen I suggested the idea), equity

crowdfunding had the stamp of approvalfrom venture capital and fundraisingexperts. These guys are seasonedveterans who are driven to innovateand support people with ambitionsto grab signi cant market share in ageold industries.

#FundedClub | Guest Article: eMoov

After shopping around variousoptions and structures I decidedto go with Crowdcube and set theminimum target of £1m – takinginspiration from other big hittingcrowdfunding rounds such asSugru and Just Park. Our internaltarget was to match or surpassthese campaigns.

The marketing team was heavilyinvolved in the crowdfundingcampaign. This was becauseit was just as much about theexposure that the campaignbought to the company as it wasabout the money raised.We received unprecedentedtra c and the round positivelya ected listings.

The day we closed the round, andafter a hell of a lot of hard work,we had banked £2.7m and hadan extra 765 investors on our captable. VC’s and ventures fund hadalso joined in on the round.

That’s 765 people who have aninvested interest in eMoov’ssuccess. It’s 765 people who arerooting for the company. It’s 765brand ambassadors. It’s 765people who can join us on our

journey and share in our success.

That’s the magic of crowdfunding.

To nd out more about eMoov,visit: www.emoov.co.uk

Russell QuirkeMoov Founder andCEO

Russell haspioneered theprocess of sellingonline, havingstarted eMoov in2010 after sellinghis successful highstreet business.His passion forcustomer serviceand industryinsight has seenthe company thriveand Russell becomea property expertwithin the mediaspotlight.companies.

CUBED Guest Article: eMoov


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BrewDog Soh

#FundedClub | BrewDog Soho 6564

Image: www.danielcolinhall.c


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Investor FAQs

How can I invest?

To invest you will rstly need to registeras a member. Once you have found apitch you like, state the amount you wish

to invest you wish to invest and enteryour payment details. Please note thereare no fees for investing and no paymentis taken out at this stage. Once a pitchcloses to investment, you will be noti edvia the ‘7 day email’ and payment willcommence after this.

Payment is only taken once the pitch hitsits target, and after the completion oflegal documentation, which we handle.If the pitch does not reach its target, nomoney is taken. You will be noti ed byCrowdcube in both circumstances.

What happens once the targetamount is reached?

Once a pitch achieves its funding targetthe business may choose to ‘overfund’,whereby the company can accept furtherinvestment in exchange for releasingmore equity. Anyone who invests duringthis time has the same rights as thosewho invested before the pitch reachedits target.

Investing in equity: you will be emaileda copy of the adopted Articles ofAssociation and given seven workingdays to review them. During this timeyou can query, reduce or cancel yourinvestment by emailing [email protected]. Once the nal legaldocumentation is complete we will emailyour share certi cate to you, which youcan also download from your Crowdcubeportfolio.

Investing in a bond: you will be givenfourteen days to review the naldocumentation, during which timeyou can query, reduce or cancel yourinvestment by emailing [email protected]. We will then collectpayments and transfer funds to thebond issuer. Once the nal legaldocumentation is complete we will emailyou con rming your bond certi cate hasbeen issued and is downloadable fromyour Crowdcube portfolio.

We can accept payment via Visa andMastercard debit cards as recognisedby our third party payment providerStripe. Unfortunately we cannot acceptpayment via credit card, cheque or directtransfer. We will also run you through

Investor FAQs

The top ve most frequently asked questions

our Anti-Money Laundering check, an identity assessmentensuring all investors are who they claim to be. We arerequired to make these checks as per our regulation by theFinancial Conduct Authority (FCA). Don’t worry, the anti-laundering checks are secure and have no e ect on anycredit scores.

We will email asking for one document to con rm youridentity and one to con rm your address if you fail theauto-check, and provide you with information on whichdocuments we can accept. Unfortunately, if we cannotverify your identity we will be unable to process yourinvestment, and it may be cancelled.

Does overfunding a ect the amount ofequity available to the crowd?

Once a pitch reaches its funding target it may chooseto ‘overfund’, enabling the company to accept moreinvestment in exchange for releasing more equity.Investments made during this time have the same rightsas those made before.

To explain how overfunding a ects the equity availableto the crowd, a company that initially o ered 10% equityin exchange for an initial funding target of £100,000 willneed to release more equity as follows:


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What happens after the sharecerti cates have been issued?

Once the investment round for a pitch has beencaptured and share issues complete, we adviseall businesses to keep investors updated regularlyon the company’s progress. Typically this will be ashort quarterly update, and a larger annual update.Crowdcube also regularly posts company news fromthe #FundedClub via the blog and social channels.

The business you have invested in is responsible for

delivering any rewards o ered. These can only beclaimed once the pitch has closed to further funding,and share certi cates have been issued.

The bond interest payment schedule varies accordingto the company and is set out on each bond’s pitchpage, or in the bond Invitation Document, if it hasone. It is important to carefully read the pitch page orInvitation Document to understand what each bondis o ering. Normally, but not always, bonds makeinterest payments quarterly or biannually, and aremanaged through the Crowdcube platform.

You will be asked to enter bank account details intoyour Crowdcube account before each interestpayment date.

Investor FAQs

How do I diversify my portfolio?

According to Nesta, diversi cation shouldbe considered when making an investment.Diversi cation involves spreading your money acrossvarious kinds of investments, with the aim of reducingyour overall risk.

Having a diversi ed portfolio means that even if afew of your investments are successful, they maydeliver a large enough return to cushion potentiallosses. Since we started, less than 7% of businessesto fund on Crowdcube have failed, demonstrating thesophistication of our crowd.

So far there has been over 385 successful raises on theplatform, ranging from technology to food and drink,which means that you have the opportunity to diversifyyour portfolio across a variety of sectors and growthstages. Also, as the minimum investment is only £10, itis feasible to invest in a variety of businesses, no matterhow much you are prepared to invest overall.

CUBED Investor FAQs


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In the cubeThe stats that count

£1min 96 seconds

FastestFunded

MostInvestors

2,702

LargestSing le Inves tment

£1,000,000

Deal of the quarter:

GripIt

“GripIt, the Dragon’s Den success storyhighlighted the crowd’s love for innovative

products and hardware. Jordan, with the guidance of Deborah Meaden, pitched perfectlythrough the online medium, the award-winning product resonated with the crowd andmomentum took it all the way up to £1.5mwithin six days.”

Michael WilkinsonHead of Equity

Favourite business of all time:BrewDog

“They’re controversial, unpredictable,disruptive and the most important fac-tor; I love their beer.”

Darren WestlakeCo-Founder

In the Cube

£3,514,110

LargestRaise

£

Technology

Internet B usines s

Food and Drink

Top 3 sectors

Matt CooperCommercial Director

Pitch of the quarter:

Mondo“The second Mondo landed we all knew it was going tobe a success but £1m in 96 seconds verges on unbeliev-able. As the ntech sector continues to pick up pace,the mobile rst challenger bank is well on it’s way todisrupting an age old industry weighed down with tech-nical debt. It was a pleasure to be able to o er a dealof this stature to the crowd.”

Two exits E-Car Club

andCamden Town Brewery


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F e e l i n g

i n s p i r e d ?

i n v e s t

t o d a y.

Investments of this nature carry risks to your capital. Please #InvestAware.

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