Idea
Introduction
Omni’s acclaimed exclusive plant-powered formula offers dogs a nutritionally total diet plan with tested health advantages. Plus, over half of dogs trialled revealed choice for it over their typical meat-based meal so it tastes good, too!
Vet Dr Guy Sandelowsky co-founded Omni after his dog, Bondie got mouth cancer. Following 9 months establishing a protein-led formula with Associate Veterinary Professor Dr. Mike Davies, Omni was trialled with 100 dog guardians feeding meat-based diet plans with 91% positive feedback, and introduced in 2021.
Independent research studies have actually discovered dogs fed plant-based diet plans measure up to 18 months longer than those consuming meat, along with going to the veterinarian less & requiring less medications.
As feeding a dog a common meat diet plan develops the exact same carbon emissions as driving a Land Cruiser SUV throughout the year, changing to plant-based can have an extremely positive planetary effect, too.
We’re raising to scale D2C, launch brand-new items, broaden into retail & go into brand-new markets.
Substantial achievements to date
In 2021, we soft introduced in May, establishing, with a membership design and bigger food loads survive on our website from September.
Since then Omni has:
– Averaged 30% month on month development*
– Retained over 50% of consumers (post-trial) after 1 year. This is 2x greater than the typical retention rate for animal items.
– Delivered over 500k meals
– Achieved gross earnings of £650k in 2022*
– Published a peer examined paper, which shows the health advantages of Omni.
– Had Omni advised by 9 out of 10 veterinary experts.
– Launched on Amazon and approached by Walmart in the United States to offer Omni
– Developed a variety of plant-based dog snacks, which we prepare to launch in Q1.
– Been included in The Guardian, the Financial Times, Sky news, The BBC, The grocer, and the Evening Standard.
– Delivered tactical marketing and brand name building through social channels, Google and a neighborhood of influencers.
– Won a World Finance Innovation award 2022.
Monetisation method
We introduced on a DTC design, through our eCommerce website, which permitted us to scale without extra investment. We’ve supported our website and neighborhood of consumers, and grown to a typical month-to-month earnings of £70k in Q4 2022*.
We have actually an engaged base of 13k+ social fans and a subscriber list of 11k, along with a prospering client commitment benefits program.
Over 70% of our sales are from membership, which we’ll continue to build on.
We’re now equipped on Amazon to reach a larger audience, and are wanting to more broaden into retail this year along with checking out leading animal sellers for our meals and soon-to-be-launched snack variety.
*Based on unaudited management accounts.
Use of profits
Our focus will stay D2C, as this is already a tested success, and we wish to continue our direct relationship with customers, increasing numbers and transforming brand-new consumers.
Alongside this, we prepare to utilize part of our funds to promote & establish our brand-new item varieties and check out brand-new markets:
– 61% Marketing – Targeted social, Google and influencer projects for D2C, along with Amazon marketing spend and retail channels.
– 18% New item launch of our plant-based snack variety.
– 10% Team hire to support our German growth, with customer support assistance and digital online marketer works with.
– 7% Channel growth into retail
– 4% Internationalisation, preliminary established expenses for German market
Key Information
Outstanding ASAs
The business has a variety of impressive Advanced Subscription Agreements (ASAs) amounting to £665,000, which might transform to equity as part of or after this round and water down existing investors:
All of the ASAs have the following crucial terms:
Discount: 20%
Longstop date: 18 months from the date of the contract (significance that the longstop dates will be reached in between 28th April 2023 and 1st July 2023 depending upon the date of the ASA)
Valuation Cap: £5,000,000
In addition, Atomico, Kale United and Foodhack (amounting to £115,000 of financial investment) have the following terms for conversion:
Conversion trigger: (1) Financing Round (a brand-new equity financing round of £500,000 or more), or (2) Sale or IPO
Conversion cost: a discount rate of 20% of the Subscription Price (being the most affordable cost per share in the Financing Round) or the Exit Price (being the cost per share pursuant to such Sale or the cost per share released pursuant to such IPO) as relevant
Share class: Ordinary shares
Conversion trigger: (3) Longstop Date or (4) Dissolution Event
Conversion cost: a rate per share based upon a £5,000,000 assessment cap.
Share class: Ordinary shares
Purple Orange Ventures, Shio Equity, Trellis Road and ANDA4 (amounting to £550,000 of financial investment) have the following terms for conversion:
Conversion trigger (1) Financing round (a brand-new equity financing round of £500,000 or more) (2) Sale or IPO
Conversion cost: the lower of (i) a discount rate of 20% of the Subscription Price (being the most affordable cost per share in the Financing Round) or the Exit Price (being the cost per share pursuant to such Sale or the cost per share released pursuant to such IPO) or (ii) a rate per share based upon a post-money assessment of £5,000,000
Share class: Ordinary shares
