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Six to Start

Media & Creative Services
UK - London
Date Rated:
Valuation (Pre Money):
Industry: Media & Creative Services
Location: UK - London
Platform: Crowdcube
£400,000 Expansion
Valuation: £12,383,901
Date Rated: 24/04/17



Tax Status: EIS

Business Summary

Six to Start is a company specialised in smartphone fitness games. Six to Start has co-created Zombies, Run!, a fitness app with four million players, and has designed treasure hunts and games involving millions of players. This round of investment will be used to fund marketing and hire staff.

Financial Overview

Date (y/e) Jun-16 Jun-17 Jun-18 Jun-19
Sales Jun-16£849,373 Jun-17£1,285,457 Jun-18£3,895,009 Jun-19£7,346,733
Gross Profit Jun-16£417,461 Jun-17£592,453 Jun-18£1,897,589 Jun-19£3,784,633
GP as % sales Jun-1649% Jun-1746% Jun-1849% Jun-1952%
Overheads Jun-16£459,151 Jun-17£876,168 Jun-18£1,736,294 Jun-19£2,306,417
Operating Profit Jun-16-£49,194 Jun-17-£288,906 Jun-18£152,108 Jun-19£1,466,129
OP as % sales Jun-16-6% Jun-17-22% Jun-184% Jun-1920%
Closing Cash Jun-16£86,860 Jun-17£243,635 Jun-18£664,483 Jun-19£2,358,762

Note: This financial information has been sourced from the company on 24/04/2017 or from public sources. Financial data is NOT verified by Wheatfromchaff Ltd.
Six to Start's team has strong design and product development skills but further sales and marketing acumen seems required to launch the next product.
The management team has deep industry knowledge and they have acquired a great deal of experience growing the business successfully since 2007.
The Founder seems fully devoted to the company where he has invested a decade of his time and most of the team is full-time.
Given the increasing number of runners and smartphone users worldwide, the global fitness app market is already worth over £60bn and is still growing rapidly.
Six to Start has built a solid base designing apps that have engaged millions of users and the launch of virtual races could provide significant upside.
Many competitors providing similar fitness apps have been acquired by large companies with substantial marketing budgets but the company has a unique product able to seize market share.
If the right sales and marketing effort is made, given the current traction of Racelink, the company could now increase its turnover rapidly and become profitable.
This round of investment should provide enough cash to achieve break-even and further funds may not be needed if the team can deliver 80% of its sales projections.
This industry has seen multiple exits but given the high current valuation, investors should not expect more than modest returns if an exit is achieved in the stated of 3 to 5 years time-frame.


The management team has a proven track developing new apps and keeping users engaged; this has provided substantial brand awareness of their products and the next product has already strong traction in the market. The company seems to be on the correct path but investors should note that the pre-money valuation has been set at ten times the current year's projected revenue which is undoubtedly high and superior returns seem achievable only if the company achieves a trade exit on a turnover of over £40m.

Note: We have not received a business plan from Six to Start and therefore this rating is based on the information available within the Crowdcube pitch.

Related Links

Crowdcube Pitch


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