Wow, GBP 3MM fresh capital for startup TheVeganKind. The last round of capital was just a year ago (March 2020). With the conclusion of the new round of financing, the share price has increased by a whopping 65% in 12 months. Covid was certainly also a factor in last year's sales growth. But that doesn't change anything about the success of the founders: A lot is being done right here and I see a good chance of a significant increase in value for the company's value in the future.
The startup is valued at GBP 11.5MM post-money after the current round. I can't post TheVeganKind's revenue as it's not publicly available. However, since many other startups call for high turnover multiples in the range of a factor of 4-10x in their investment rounds, I can say that TVK is valued rather favorably in this comparison even after the current round of financing. The fact that a large sum was raised with GBP 3MM and the investors were able to push through an attractively low valuation here may have played an important role here.
I have massively oversubscribed my pre-emption rights. In addition, this investment is the highest amount I have ever invested in a primary campaign (not secondary market). In the first step, my investment was not scaled back when the campaign closed tonight. So far, the entire investment amount remains in the campaign without being reduced. It remains exciting until the due diligence of Seedrs will be completed in a few weeks and I will receive the share certificate.
My strategy here is based on two pillars: Stay involved with a higher amount in the long term in order to benefit from the growth of TheVeganKind. And I shot so much that I can also trade on the secondary market and sell a part again promptly, provided a good premium is paid. The share price of the current pre-emption round is GBP 3.38. In recent months I have been able to sell shares in the range of GBP 8-10 per share on the secondary market. In this comparison, the pre-emption share price is so cheap that a good trading opportunity could arise.
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Greetings Filip again, I finally managed to buy some TVG shares :). There is also ODDBOX, BUX in my viewfinder and I will definitely buy some HYCUBE shares, which are very successful.
Hi Philips, it is very nice to ready this your investment memo. I also increased my holding in TVK. I should have purchased more. However my argument was that after this pre-emption right, it would be less demand in purchasing through SM.
Similarily to the Cheeky Panda Share. It was so hot but after Chris off loads £3M worth of shares, the demand isn't there anymore.
Hi samurai,
I agree with your assessment for The Cheeky Panda, where the large secondary sale will mean heavily increased shares available on the Secondary Market (SM). However, for The Cheeky Panda, April was the first cycle where shares were eligible for trading again. It's possible that in half a year demand is bigger again than supply, leading to increased sales prices. For TVK, I expect an immediate option for an upside from SM sales within the next 3 months. The crowd allocation of pre-emption round was small at below GBP 300k. TVK has >1000 investors that might create demand on the SM again, creating visibility and triggering as well new shareholders to come in via the SM.