Thank you for committing to invest in Vendoir via Crowdcube in our last two rounds. As Shareholders, we have to keep you updated on any key changes or decisions related to the business. Due to various reasons beyond our control and the current economic crisis, some investors dropped off during the cooling-off period in this year’s round. Following that, Vendoir and Crowdcube have been in discussion on a few items which we believe puts us in a risky position beyond our control if we were to progress to payment collection. Based on this, we have decided to end this round with Crowdcube and proceed with Seedlegals, to carry out a private round using a leaner approach that will enable us to reach out to more investors known to us who will be able to lead this round and ensure we raise a substantial amount that will enable us to execute our road map, make progress and bring value to you as an investor.
As we know, businesses and individuals are facing an immensely challenging time due to the current overall economic crisis. It meant that some investors had to pull out from the Crowdcube round during the cooling-off period, and few others not responding to Crowcube. This resulted in the round ending at 78% after the cooling-off period. Crowdcube requires any round to sit at 90% of the funding target after payment collection to complete the round. As Co-Founders, we decided to backfill the round personally and got it back up to 93%. Although Crowdcube would normally progress if the round only sits at 95%; however, they decided to advance to payment collection by offering us various scenarios making us liable for any gaps. For example, in the event there were payment failures, the company will be required to cover the shortfall.
Based on the above, we have decided to conduct this private round via Seedlegals, this will help accelerate the process, save money and let our UK investors take advantage of the SEIS we still have available making the campaign attractive to many. In general, we already have commitments of around £70,000 from investors connected and known to us. Some investors have also agreed to increase their investment based on SEIS availability. Also, we are expecting our R&D tax credits back from the government of around £30,000 in the coming weeks.
We would like to invite anyone who has already committed to investing via Crowdcube or is now in the position to invest in us, to do so via Seedlegals. The minimum investment amount is £250 to participate in this round. We have also dropped the valuation down to £2,950,000, to give you the opportunity to up your stake in the business. There is very little SEIS left, so we recommend anyone interested click here ASAP, and press I am interested and state the amount you wish to invest in the message section so that we can share legal docs and proposal with you. The terms will be the same as Crowdcube but with the added benefit of SEIS and a lower share price. We plan to close this by 23/09/2022.
Here is our most up-to-date pitch deck. We are also happy to jump on a call with any investor to discuss any further questions you might have. We are also planning a community meetup at some point next week. All investors can also expect our quarterly business update at the end of the month. Overall, we have made great progress and can’t wait to share this with you all.
Thanks for your support as always.