We’re crowdfunding!


#122

Thanks so much for the detailed response :+1:

(Please continue to post such quality replies as you grow to become Amazon like in stature :pray:)


#123

Info Memo now available on Dozens Info Memo


#124

It was a very interesting read with my morning coffee, very clear and concise and I look forward to seeing where Dozens goes


#125

Hi Aritra,

Is the longterm plan to eventually become a fully fledged UK bank with salary payments, transfers, direct debits, and standing orders etc? Considering that Dozens wants to become ‘the new home for your money’.

From what I’ve seen so far of the app (I’m just waiting for my card to arrive now) to fully activate all the features, I could definitely use Dozens as my main bank account. It has everything I could possibly need to help budget and manage my finances as a main financial hub. The high-interest rate on the bond is also a unique USP that nobody else is offering to customers.

I’m very excited to see the long term future and where Dozens is going to go.


#126

In the (very insightful) investor memo posted above, the stated intention is to become a fully-fledged UK bank.


#127

MRMR beat me to it :slight_smile: yes absolutely intent is to become a bank - and till we do, bring you as many banking features etc as possible with our eMoney license, investment license, financial product innovation and partnerships. Glad you like what you see so far!


#128

Apologies I’d totally missed the memo when scrolling down. I’ll have a good read :slight_smile: .

There seems to be a really good buzz around Dozens, and an option for customers to really get the most out of their money is only a good thing.


#129

Hi @AC ,

Thank you for making yourself available to provide clarification. A thumbs up from me.

Thank you for making the investors memo available before the campaign goes public tomorrow.

I’ve read the memo.

I understand Dozens is a brand owned by Project Imagine.

Relevant information can be found for both Project Imagine and Dozens in the Financial Conduct Authority (FCA) website:

Project Imagine on FCA

Dozens on FCA

It seems to me these confirm the claim that Project Imagine is both an authorized investment firm and an e-money institution.

There’s also information available about both Project Imagine and Dozens on the Companies House website:

Project Imagine on Companies House

Dozens on Companies House

After being asked

you stated

Given that:
a) a share has a price of £20

b) the valuation is at £20,000,000

c) then there are 1,000,000 shares outstanding.

Reading the Written Resolution of Project Imagine

and looking at the statements of capital listed on the Companies House website (see links above), one can see that Project Imagine has several different classes of shares with different rights attached:

A ORDINARY;
B ORDINARY;
C ORDINARY;
PREFERRED ORDINARY;
DEFERRED.

It remains unclear to me, after reading the documentation provided in the context of the present crowdfunding campaign till the moment I started writing this post:

a) the exact number of shares outstanding for Project Imagine;

b) the class of shares and their rights that an investor in the present crowdfunding campaign live ond seedrs will receive: pre-emption, dividends, voting…

c) if the valuation and corresponding per share price of the present crowdfunding campaign round is calculated on a fully-diluted basis, i.e. assuming the US $3M convertible loan converts and any employee stock options are exercised.

I honestly think one shouldn’t have to ask. If the information was provided in the pitch deck and I missed it, I apologise and would appreciate it to be pointed to me.

Many thanks


#130

Hi @Raul, the issuance is simple - there are 1m effective shares outstanding today, each worth £20, giving us £20m pre-money val and depending on new shares being issued and final amount raised, we will arrive at the post money val. So, to be clear, if you invest £20,000 and final amount raised is £5m, your ownership will be £20k / £25m = 0.08%.

Our share structure is not simple as I raised a lot of money upfront and also wanted a fair way to share the upside with people who joined my dream as coworkers. Class A is for founder shares that I started the company with. Class B is investors - same as what you will get through the nominee structure in Seedrs. A and B together make the 1m shares above.

Class C is a subset of A that is used to incentivise employees - not with options etc but with a portion of founder shares. As their hard work and contribution is just as relevant and important to our future as my early entrepreneurial efforts, and with Inclusivity as a key founding principle, I wanted early employees to own a piece of the company from day one. Of course we allow for usual vesting periods, so because they are shares and not options, an equation exists between A and C shares. In time, we may do Growth shares and EMIs like other startups, for future employees. The easy way to think about all of this is to think of the management team and me as one block owning the A and C shares, currently amounting to 35% of the company.

As this is a technical and potentially confusing topic and most people will do the amount invested / post money valuation calculation and not go to CH to check shares outstanding, we left it out of the docs - your point is valid though for those interested in the detail, so apologies for the inconvenience caused.


#131

Thank you very much.
Much appreciated


#132

Does Dozens come up on the Seedrs main ‘invest’ page for everyone here?

It seems to be missing for me?

I can get to it through my investment account but not from the main page…


#133

Guessing it’s not yet live?


#134

its impressive to see @AC continuously answering questions on both here and the seedrs forum. Gives me great confidence in dozens and the team :raised_hand: :grinning:


#135

Went live on Friday didn’t it?


#136

Only to those pre registered. Live to public is today.
Assume it will be around 9am?


#137

Indeed - the public details are meant to go live some time between 9 and 10 I believe

Thursday there was a pre-announcement only to existing dozens customers (and waitlist), Friday was to others who had pre-registered to be on the early-bird list and today all is public.


#138

Wonder how quickly it will go - sold out by 12:00?


#139

Ah fair enough!

Did overfunding ever get discussed?


#140

Hi - yes Overfunding was discussed and is also referenced in the pitchdeck memo added to seedrs… essentially I think its limited by Seedrs so could be upto £8 - 9 Million I believe


#141

image