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International - Europe
Date Rated:
Valuation (Pre Money):
Industry: Technology
Location: International - Europe
Platform: Seedrs
£200,000 Expansion
Valuation: £2,222,222
Date Rated: 18/07/17



Tax Status: None

Business Summary

Agroop is a company developing technological solutions for the farming sector to help farming entrepreneurs improve their management capacity, increase the sustainability and efficiency of their production, and the profitability of their businesses. Agroop has validated its product in Portugal and is already generating revenues. This round of investment will be used to fund further product development during 2017 and to invest in sales and marketing to support growth in the beginning of 2018.

Note: Raise (200,000€) and Valuation (2,022,222€)

Financial Overview

Date (y/e) Dec-17 Dec-18 Dec-19
Sales Dec-17£81,940 Dec-18£1,558,081 Dec-19£4,869,802
Gross Profit Dec-17£55,541 Dec-18£815,560 Dec-19£2,661,371
GP as % sales Dec-1768% Dec-1852% Dec-1955%
Overheads Dec-17£287,253 Dec-18£601,760 Dec-19£1,026,890
Operating Profit Dec-17-£231,712 Dec-18£213,800 Dec-19£1,634,481
OP as % sales Dec-17-283% Dec-1814% Dec-1934%
Closing Cash Dec-17-£33,722 Dec-18£151,345 Dec-19£812,324

Note: This financial information has been sourced from the company on 18/07/2017. Financial data is NOT verified by Wheatfromchaff Ltd.
The management team has the right expertise to finish the product development and a Marketing and Sales Manager will be hired to complete the team and support the business' growth.
The management team has gained significant start-up experience and relevant industry knowledge and they will be supported by an engaged and experienced board of advisors.
The management team has invested €44k and over four years into the business and the team's salaries will remain low throughout the plan.
In Europe alone there are more than 1.8m farmers and Agroop's addressable market is estimated to be worth over £9bn in its eight targeted countries combined.
Agroop already has some positive testimonials but it is finishing the product development with added features while gaining initial commercial traction.
Key competitors are raising substantial funds in other countries but Agroop intends to compete with a more scalable solution and to gain market share in less sought-after markets.
The company has grown slower than anticipated due to delays for new product development but current sales projections are supported by a higher marketing budget.
This round of investment does not provide enough cash to reach break-even and the company will be dependent on the next funding round of about £300k to get there.
An exit plan has not been provided in the business plan and investors will not enjoy UK EIS tax benefits, but they could still expect around a five-fold return within three years.


In the last funding round, the founders stated that dividends were planned from Year 4 onwards and a potential buyback within 5 years but the current business plan does not mention any of this or the intended exit, therefore investors should ask for clarification in this matter.

Given delays in product development, sales have been lower than expected in the previous round but the company has added further features providing a complete solution and creating a new revenue stream that could help to enhance sales and recover the lost ground.

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