Need some help? Close Help


Business Services
UK - London
Date Rated:
Valuation (Pre Money):
Industry: Business Services
Location: UK - London
Platform: Crowdcube
£600,000 Expansion
Valuation: £6,097,561
Date Rated: 25/09/17



Tax Status: SEIS & EIS

Business Summary

GreenJinn is a couponing app, allowing shoppers to target their shop and reclaim from the comfort of their home by uploading a photo of their receipt. The app has over 6,000 monthly active users reclaiming on their purchases at Sainsbury's and Waitrose. These funds will be used to support the growth of the business with marketing and hiring.

Financial Overview

Date (y/e) Aug-17 Aug-18 Aug-19 Aug-20
Sales Aug-17- Aug-18£107,000 Aug-19£1,630,000 Aug-20£16,000,000
Gross Profit Aug-17- Aug-18£92,000 Aug-19£1,402,000 Aug-20£13,760,000
GP as % sales Aug-17- Aug-1886% Aug-1986% Aug-2086%
Overheads Aug-17£235,000 Aug-18£672,000 Aug-19£3,210,000 Aug-20£12,110,000
Operating Profit Aug-17-£235,000 Aug-18-£580,000 Aug-19-£1,808,000 Aug-20£1,650,000
OP as % sales Aug-17- Aug-18-542% Aug-19-111% Aug-2010%
Closing Cash Aug-17- Aug-18- Aug-19- Aug-20-

Note: This financial information has been sourced from the company on 25/09/2017 or from public sources. Financial data is NOT verified by Wheatfromchaff Ltd.
GreenJinn's management team covers all the key roles and the presence of a CFO is good to see at this level of fundraising.
The team are all young and lack significant previous commercial or leadership experience. The advice of the very experienced Mr. de Luca will be very helpful.
The team have already put significant work into bringing GreenJinn this far and appear able to fully commit their efforts to the business.
The couponing market in the UK is large, and has grown very rapidly in recent years. By allowing users to reclaim post-hoc GreenJinn can significantly reduce the hassle in couponing.
The service has been live for almost a year and receives good reviews. It has only attracted 2 retailers as partners, but these 2 are significant wins.
While not in the pitch itself, supplementary discussions show a detailed understanding of the marketplace. GreenJinn has a novel take on the process, but it's limited reach is a disadvantage.
GreenJinn has a sensible business model and has demonstrated good knowledge of their fundamental economics which suggest that the projected exponential growth could well be achievable.
There is insufficient information available to fairly rate this aspect of the business
With very negative EBITDA until year 3 there is a significant risk of further funding rounds that aren't mentioned in the pitch, so it is good that investors will all be on an equal footing.


GreenJinn's team, while inexperienced, have successfully launched and managed their app for the past year, winning agreements with 2 major supermarkets. Even though their growth projections are extremely ambitious, the financial projections indicate that this will be well resourced and so it's hard to fault the plan. It is curious that despite being live, there is no revenue posted from the past year. An explanation of this would be welcome as it may have a bearing on the teams ability to negotiate with retail partners.

The high overheads may be a problem, with the company remaining strongly EBITDA-negative until year 3. Detailed cashflow projections and/or a statement of the current cash position may eliminate this concern, but absent any such statement we must recommend that investors be prepared to follow up this investment in the future. Should a future round come to pass, it is good to see that all investors are of an equal class and will have pre-emption rights.

Related Links

Crowdcube Pitch


Right To Reply

Are you the entrepreneur? If you would like to publish a comment on our rating, please contact the ratings team.

Latest Forum Comments

Read All Comments


The views and opinions expressed on this bulletin board are the sole property and responsibility of the author. Neither Crowdrating nor Wheatfromchaff Ltd, nor any of the directors or officers of Wheatfromchaff Ltd accept any responsibility or liability for them. Readers should be aware that comments do not constitute investment advice and may be inaccurate. Please seek to verify and take advice on all comments before relying on them in the context of any investment decisions you may make. if you wish to use the bulletin board please be aware you are accepting full responsibility and liability for what you write. Please look here for more specific rules we impose on people using our bulletin boards. We moderate all bulletin boards and we reserve the right not to publish your comments.


Your capital is at risk when you invest in shares and debt securities. You can lose some or all of your money and may not be able to realise your investment. Therefore you should should never invest more than you can afford to lose. If in doubt about the suitability or tax implications of any investment, please seek independent financial advice. 

Information published on this website and any other reports or ratings published on or by Wheatfromchaff Limited (trading as Wheatfromchaff) have been prepared by us in the United Kingdom for information purposes only. Wheatfromchaff Ltd is Authorised and Regulated by the Financial Conduct Authority FRN: 751017. 

No content on this website or on any reports or ratings published on this website nor any copy of it, nor any other reports or copies of them published on may be reproduced, redistributed or copied in whole or in part for any purpose. Any and all reports have been approved by, and are being distributed in the UK and the European Union (EU) only and are not to be distributed in any other jurisdictions where their distribution may be restricted by law and persons into whose possession this or any other reports come should inform themselves about and observe such restrictions.

This report and any other reports published on do not constitute an offer or a solicitation to buy or sell any securities referred to herein. It should not be so construed, nor should it or any part of it form the basis of, or be relied on in connection with, any contract or commitment whatsoever. The information on this website or in reports or ratings published by Wheatfromchaff, or on which this or any other reports are based, has been obtained from sources that Wheatfromchaff believes to be reliable and accurate, and in accordance with COBS 2.4 of the FSA Handbook we have verified it to the best of our ability. However, it has not been independently verified and no representation or warranty, express or implied, is made as to the accuracy or completeness of any information obtained from third parties. The information or opinions are provided as at the date of this report or any other report publication dates and are subject to change without notice. The information and opinions provided in this and any other reports take no account of the investors/ individual circumstances and should not be taken as specific advice on the merits of any investment decision. Investors should consider any or all of the reports or ratings we publish as only a single factor in making any investment decisions.  

Wheatfromchaff does not accept any liability whatsoever for any direct or consequential loss however so arising, directly or indirectly, from any use of this report nor its contents. Investors may receive back less that they invested as investments may fall as well as rise in value. Investors should obtain independent advice based on their own circumstances before making investment decisions. By accepting this report you agree to be bound by the foregoing limitations.

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

© Wheatfromchaff Ltd All Rights Reserved February 2017