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UK - Northern Ireland
Date Rated:
Valuation (Pre Money):
Industry: Technology
Location: UK - Northern Ireland
Platform: Crowdcube
£400,000 Expansion
Valuation: £2,399,520
Date Rated: 28/04/17



Tax Status: EIS

Business Summary

AirPOS is point-of-sale and e-commerce software company aiming to help small retailers to better serve their customers, lower operating costs and increase sales. AirPOS provides a complete platform, available on Windows, Android and iPad achieving a subscription base of over 600 retailers to date. This round of investment will be mainly used to fund the marketing plan.

Financial Overview

Date (y/e) Dec-16 Dec-17 Dec-18
Sales Dec-16£139,820 Dec-17£523,378 Dec-18£1,423,527
Gross Profit Dec-16£54,936 Dec-17£279,387 Dec-18£896,512
GP as % sales Dec-1639% Dec-1753% Dec-1863%
Overheads Dec-16£274,934 Dec-17£521,794 Dec-18£1,042,918
Operating Profit Dec-16-£260,118 Dec-17-£242,407 Dec-18-£146,406
OP as % sales Dec-16-186% Dec-17-46% Dec-18-10%
Closing Cash Dec-16£10,238 Dec-17£223,004 Dec-18£76,598

Note: This financial information has been sourced from the company on 28/04/2017 or from public sources. Financial data is NOT verified by Wheatfromchaff Ltd.
The Founder is a multi-skilled individual and he has gathered a team with strong product development expertise but further marketing skills would be beneficial in the growth stage.
The Founder has not achieved the level of growth expected here before, but he will be supported by successful advisors and a Chairman with significant startup experience.
The Founder has invested several years and has had a low salary to date, other Directors are not remunerated and there is a full-time and loyal management team driving the company.
During the next two years, the industry expects to add further 30m POS terminals worldwide and the company is targeting 88% of the total 17m businesses that are not still selling online.
Although the product is only available in English and limited to three currencies (£/€/$), the product has achieved relevant commercial traction and gained positive testimonials.
There are a variety of small, large and well-funded players in this industry providing similar solutions but AirPOS intends to grab market share of the unaddressed micro-merchants segment.
The company is acquiring customers for less than a quarter of their expected Lifetime value which if it can be sustained demonstrates a very attractive business model.
The team intends to increase the subscription base to £102k per month by the end of 2018. This would help the company be self-supporting but this round provides only limited headroom.
Given the limited forecast, it is difficult to foresee what investors could expect if an exit is achieved but a growing subscriber base would support an increasing valuation over time.


The company has proven commercial traction with over 600 subscribers across 12 different countries in this fast growing market, but it will prove more difficult to build a significant market share as there are numerous other companies in every country providing similar solutions. It will therefore take time and a sustained marketing spend to build awareness of the AirPOS product and its unique benefits so investors may need to be patient to see superior returns.

It would be re-assuring if the business could confirm it will trademark its brand before investing much more in it.

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

Related Links

Crowdcube Pitch


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