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Makerble

Platform:
Angels Den
Stage:
Expansion
Industry:
Environmental & Ethical
Location:
UK - London
Date Rated:
03/10/17
Raise:
£200,001
Equity:
14.32%
Valuation (Pre Money):
£1,196,654
Industry: Environmental & Ethical
Location: UK - London
Platform: Angels Den
£200,001 Expansion
Valuation: £1,396,655
Date Rated: 29/09/17

MANAGEMENT

PRODUCT

INVESTMENT
Tax Status: EIS

Business Summary

Makerble is a software solution that simplifies data gathering and analysis for non-profits seeking to measure their impact, allowing them to demonstrate to an individual donor the direct impact their money has had. It also provides a donation platform. Revenue comes from per-user licenses, and commission on donations. These funds will be used to expand the team and provide working capital as revenue generation begins.

Financial Overview

Jun-22
Date (y/e) Jun-18 Jun-19 Jun-20 Jun-21 Jun-22
Sales Jun-18£196,343 Jun-19£1,930,411 Jun-20£9,348,934 Jun-21£21,039,640 Jun-22£46,914,399
Gross Profit Jun-18£196,343 Jun-19£1,930,411 Jun-20£9,348,934 Jun-21£21,039,640 Jun-22£46,914,399
GP as % sales Jun-18100% Jun-19100% Jun-20100% Jun-21100% Jun-22100%
Overheads Jun-18£239,300 Jun-19£685,906 Jun-20£2,627,512 Jun-21£4,548,268 Jun-22£8,212,724
Operating Profit Jun-18-£42,957 Jun-19£1,244,505 Jun-20£6,721,422 Jun-21£16,491,372 Jun-22£38,701,675
OP as % sales Jun-18-22% Jun-1964% Jun-2072% Jun-2178% Jun-2282%
Closing Cash Jun-18£72,143 Jun-19£1,316,648 Jun-20£8,038,070 Jun-21£24,529,442 £63,231,117

Note: This financial information has been sourced from the company on 17/09/2017 or from public sources. Financial data is NOT verified by Wheatfromchaff Ltd. NB: Cashflow is estimated based on EBITDA.
67%
SKILLS:
EXPERIENCE:
COMMITMENT:
The team lacks a dedicated salesperson/marketer, though the CEO's background provides some support in this area and the company appears well advised overall.
Both Founders are experienced and recognised for their work in social enterprise and have established organisations in the sector before.
While the CEO has active roles in a number of other organisations the team appear fully dedicated to the success of Makerble and have been working together for many years.
72%
MARKET:
PRODUCT:
COMPETITION:
The UK charitable sector is large and proving impact is a challenge that can improve efficacy and lead to more giving.
The system is mature and is generating good feedback from initial users. Makerble diversifies by providing a donation stream as well as a service.
The team have prepared a detailed competitive analysis and so can clearly demonstrate the advantages of their offering.
86%
PROFITABILITY:
CASHFLOW:
RETURNS:
The financial projections demonstrate a fine-grained awareness of the business and, while growth is very rapid in the early years, Makerble shows awareness of CAC in it's various channels.
With subscriptions providing the bulk of revenue the cashflow should be predictable, allowing stability and flexibility in the long term.
At this valuation, if the projections can be met investors stand to make an excellent ROI. The option of a share buyback adds some mid-term liquidity.


Conclusion

Makerble has developed and launched a piece of software that receives good reviews from early users and should provide a highly scalable source of income for the company. While the Founders don't appear to have much commercial experience, their careers have been focused on the charitable sector, where they have built extensive networks and personal brand strength. This offers some hope that the ambitious growth targets (almost 4x Y-on-Y over the first 5 years) can be met. Given the potential returns, the detailed business plan and the current valuation, this appears to be a very promising company.

Related Links

Angels Den Pitch

www.makerble.com

 

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The Ratings we publish have been approved and issued at Financial Promotions in the United Kingdom by Wheatfromchaff in the United Kingdom who is Authorised and Regulated by the Financial Conduct Authority FRN: 751017. Wheatfromchaff Limited registered office is Kilver Court, Kilver Street, Shepton Mallet, Somerset, BA4 5NF and telephone number +44 (0) 1749 347 577. Telephone calls may be recorded. VAT No: 214 0196 49

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