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Horizon Guides

Media & Creative Services
UK - South East
Date Rated:
Valuation (Pre Money):
Industry: Media & Creative Services
Location: UK - South East
Platform: Crowdcube
£150,000 Expansion
Valuation: £849,858
Date Rated: 11/09/17



Tax Status: EIS

Business Summary

Horizon Guides is a B2B marketing platform connecting tour operators and travellers through the provision of highly targeted travel guides. The guides are free for readers to download and are used to generate leads for partner travel companies. Horizon Guides has already signed up 10 tour operators who share their mission and 20 guides have been published. This round of investment will be used to fund further product development and hire editorial and sales roles.

Financial Overview

Date (y/e) Feb-18 Feb-19
Sales Feb-18£22,580 Feb-19£183,300
Gross Profit Feb-18£10,580 Feb-19£148,100
GP as % sales Feb-1847% Feb-1981%
Overheads Feb-18£80,180 Feb-19£194,056
Operating Profit Feb-18-£69,600 Feb-19-£45,956
OP as % sales Feb-18-308% Feb-19-25%
Closing Cash Feb-18£80,401 Feb-19£34,450

Note: This financial information has been sourced from the company on 11/09/2017. Financial data is NOT verified by Wheatfromchaff Ltd.
The management team has the required managerial and product development skills and this round of investment aims to deepen the available sales expertise to support growth.
This industry is well known by the Founder and one member of the team has successfully grown and exited a company. The management team will also be supported by experienced advisors.
Although most of the management team seems to be part-time, they have already invested significant time into the business.
The global digital advertising market was worth about £4.5bn last year and the company has estimated its addressable market to be worth about £1.7bn.
The MVP is functioning well with positive feedback. It has achieved customer engagement and commercial traction and is helping clients lower their customers acquisition cost significantly.
The company has achieved a much lower cost of acquisition compared with the industry average and it has access to a network of over two thousand freelance travel writers.
Planned growth during the next two years seems reasonable given the increase of the sales team and the intended marketing budget. If this growth is achieved, profit margins may improve rapidly.
The recurrent revenue model will help to strengthen the company's cash position over time and this round of investment should provide sufficient headroom to achieve break-even by 2019.
Achieving £18,2m of annual recurring revenue will be a strong challenge for the team, however, if only a £5m turnover is delivered by year five, investors could still expect rewarding returns.


It is early days for Horizon Guides, but it has already generated over 10k leads and achieved positive customer feedback that should help to gain brand awareness. The company is now ready to ramp up its marketing spending and increase its sales team intending to take advantage of its network of freelance writers to grow sales rapidly. However, the sales team will need to increase considerably in the coming years to achieve such aggressive growth after year two.

Related Links

Crowdcube Pitch


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