Sementi • Ample
Equity crowdfunding
Ample
A food-tech social business turning surplus farm produce into food products for the UK public sector.
Key project data
Target amount
0,24 MEUR
Equità
6.39%
Valuations
3,6 MEUR
Would AI invest?
59/100
1
100
Panoramica generata dall'intelligenza artificiale
AI project overview
Condensed summary based on project data
<h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5"><strong>Ample — Crowdfunding Investor Memo</strong></span></span></span></h1> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Ample turns fruit and vegetables that farms cannot sell — usually because of size or shape — into low-cost soups, sauces and stews for schools, hospitals and their caterers.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Sector: <strong>Food & Beverage / B2B food production</strong> · Stage: <strong>Seed (SEIS/EIS)</strong> · HQ: <strong>Redditch, United Kingdom</strong> · Raise: <strong>£244,722 (£218,230 committed from 43 investors at review)</strong></span></span></p> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5"><strong>Snapshot</strong></span></span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:640px"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:207px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">1 · Is the price fair? 💶</span></strong></span></span></p> </td> <td style="background-color:#f0f4f8; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:433px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Insufficient comparables to assess</span></strong><span style="color:black"> — the company set the price at a £3.6M company value before this round. We found no valued funding rounds or recorded sales of comparable UK surplus-food producers to measure that against, so this is honestly unscored — see the valuation detail and the questions section.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:207px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">2 · Can they reach an exit stage? ⭐</span></strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:433px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">AI SCORE 59 / 100 — Average</span></strong><span style="color:black"> — the strongest evidenced building block is the team’s publicly confirmed surplus-food track record and the confirmed Oakland International partnership; the biggest gap is that the revenue evidence is a chart without figures, dates or a named company, and two of the deck’s key people left the board before the campaign went live.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:207px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">3 · If they do, what could it pay? 🎯</span></strong></span></span></p> </td> <td style="background-color:#f0f4f8; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:433px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Target <strong>8x–12x over 5 years</strong> — the company’s own plan (a £40M company value in year 5, set at 5 × its forecast profit). If reached, illustratively <strong>8x–12x</strong> before fees and future dilution. Method: at the disclosed terms (6.39% of the company for £244,722, implying a ≈£3.83M value after the round), an 8x–12x outcome requires the company to be worth roughly £31M–£46M at sale; we found no recorded sales of comparable companies to benchmark that against — the requirement sits inside the company’s own £40M forecast. These figures do not include dilution from future fundraising rounds, which would reduce actual returns — see the dilution section.</span></span></span></p> </td> </tr> </tbody> </table> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>How to read the score</strong></span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:640px"> <tbody> <tr> <td style="background-color:#d9ebc2; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">85–100 · Excellent</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:467px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">All key preconditions for reaching an exit stage are evidenced and strong — rare at this stage</span></span></p> </td> </tr> <tr> <td style="background-color:#faeeda; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">70–84 · Good</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:467px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Preconditions largely in place, with specific gaps — named in the questions section</span></span></p> </td> </tr> <tr> <td style="background-color:#faece7; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">50–69 · Average</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:467px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Meaningful preconditions missing or weakly evidenced</span></span></p> </td> </tr> <tr> <td style="background-color:#fcebeb; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">30–49 · Weak</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:467px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Several core preconditions absent, or the evidence points against them</span></span></p> </td> </tr> <tr> <td style="background-color:#fcebeb; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">1–29 · Critical</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:467px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Fundamental preconditions are not visible in the evidence</span></span></p> </td> </tr> <tr> <td colspan="2" style="background-color:#f0f4f8; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:640px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">What we could check. </span></strong><span style="color:black">We verified the company’s registration and filing history at Companies House, founder Leon Aarts’ large-scale surplus-food kitchen record, the Oakland International partnership, partner Juniper Ventures’ school-meals profile, and the July 2025 government food strategy against public sources — 13 of 26 checkable claims fully confirmed, 9 partially. The revenue chart, the status of each named customer, the ownership table and the Oakland financing terms rest on the company’s own materials — see the questions section. </span></span></span></p> </td> </tr> </tbody> </table> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Three answers, one honest note. </strong>The fairness line says whether the entry price is supported by sector benchmarks we could find — here, none usable were found, so it is unscored rather than guessed. The AI Score is our read on whether the building blocks for reaching a company sale or similar event are visible in the disclosed evidence — it audits readiness, not the probability of success, and even companies with every building block in place fail more often than they succeed, which is why crowdfunding only works as a small part of a diversified portfolio. The returns range is an illustration built from the company’s own disclosed plan, not a forecast. Where something was not in the pack we reviewed, it did not lower any score — it appears in the questions list instead, so you can ask the company directly before investing. The listing was reviewed and approved by Republic Europe, a licensed crowdfunding platform, before going live. Nothing in this memo is a recommendation.</span></span></p> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5"><strong>At a glance</strong></span></span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:640px"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:320px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ Three reasons to look closer</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:320px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Three reasons for caution</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:320px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A confirmed partnership with Oakland International (press release, April 2025) — an established 1998-founded chilled-food logistics group; Ample’s registered office is at Oakland’s Redditch site (Companies House).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Founder Leon Aarts’ record is publicly confirmed: he built and ran Felix’s Kitchen for The Felix Project and fed around 5,000 Londoners a day from Wembley Stadium during Covid.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A confirmed policy tailwind: the government’s “Good Food Cycle” food strategy (July 2025) and its stated ambition that at least half of public-sector food be sourced locally or to higher environmental standards, in a market officially estimated at £2.4bn–£4.9bn a year.</span></span></li> </ul> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:320px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Companies House shows two of the deck’s key people left before the campaign was approved: Abeed Janmohamed resigned as director in November 2025, and Steve Thomas resigned in March 2026 and ceased to be a major shareholder in May 2026. The campaign lists a two-person team.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company filed dormant (non-trading) accounts for 2024, yet its revenue evidence is a chart with no year, no figures and no named company on it — and the deck’s Year-1 plan of £2.975M revenue cannot be reconciled with that chart from the pack.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company’s own documents disagree with each other: the deck seeks £950k while this round is £244,722; the deck sizes the market at £5.2bn while the campaign page says £2.4bn; Oakland’s backing is “secured” in the deck but “up to £500k” on the campaign page.</span></span></li> </ul> </td> </tr> <tr> <td colspan="2" style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:640px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Deal terms. </span></strong><span style="color:black">No terms were identified in the reviewed documents that would prevent a crowdfund investor from sharing in the upside. The detailed share terms (the Articles of Association filed in November 2025) were not in the pack we reviewed, so the class rights should be confirmed — see the questions section. Full mechanics are at the end of this memo.</span></span></span></p> </td> </tr> <tr> <td colspan="2" style="background-color:#e6f1fb; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:640px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">ℹ️ Information, not investment advice. </span></strong><span style="color:black">Capital at risk — you could lose the full amount invested. Full notes are at the end of this memo.</span></span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5"><strong>🏢 What the company does</strong></span></span></span></h1> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Ample (legal name Ample Innovation Ltd, Redditch) buys fruit and vegetables that UK farms cannot sell — produce rejected only for size, shape or colour — and turns it into soups, sauces and stews for the public sector. The customers are schools, hospitals and the catering companies that serve them; the company reports target prices of £1.04 per school meal portion and £1.60 per hospital portion, made possible by cheap surplus ingredients. Production is planned through “Ample Kitchen”, a facility at partner Oakland International’s site, where meals are cooked in bulk and then chilled or frozen. The company also runs “Ample Marketplace”, a platform for selling farm surplus, launched in 2024 per the April 2025 partnership announcement. So far, the company reports NHS tasting sessions, trials with the Crown Commercial Service, and discussions with the caterers Entegra and Bidfood; a chart in the deck shows monthly revenue growing from roughly £8k to £150k over nine unlabelled months. This raise of £244,722 funds equipment and infrastructure (40%), reusable container rollout (30%), sales expansion (20%) and working capital (10%), per the campaign page.</span></span></p> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5"><strong>📈 The returns picture</strong></span></span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:640px"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:193px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">The target</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:447px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">8x–12x over 5 years — this comes from the company’s own plan: a forecast company value of £40M in year 5, set at 5 × its forecast profit, against roughly a £3.83M value after this round. (For context, the standard expectation for seed-stage investing is around 10x over 5–7 years, so the company’s target sits in the normal range for the stage.)</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:193px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">How the company plans to get there</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:447px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Per the deck: build production capacity of up to 150,000 meals a week in year one and double it in 2026-27 with a further fundraise; reach revenue of £2.975M in 2025-26 rising to £18.9M by 2029-30; be profitable from year one; win roughly 3% of the school-meals market and 5% of NHS meals by year three (about 28 million meals a year). The company provided no examples of comparable companies being sold (the dossier explicitly records that none were provided in any material reviewed), so the exit route — who would buy the company, and at what kind of price — is not described.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:193px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">What has to be true</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:447px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">For an 8x return, the company must be worth roughly £31M at sale; for 12x, roughly £46M (simple arithmetic from the disclosed 6.39% for £244,722, with no dilution adjustment). Using a common rule of thumb that food producers sell for around 2–4 times revenue, that needs roughly £8M–£23M of annual revenue at sale — the deck’s own 2029-30 forecast is £18.9M. The company must also complete the larger fundraising its plan assumes: the deck’s plan is built on £950k plus £500k from Oakland, while this round is £244,722.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:193px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">If reached — potential returns</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:447px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Illustratively 8x–12x before fees, per the company’s own target. We found no recorded sales of comparable UK surplus-food producers to compare the required £31M–£46M sale value against, so the only available benchmark is the company’s own £40M forecast, which sits inside that band. Most early-stage investments return little or nothing — a small number of winners must make up for the losers. These figures do not include dilution from future fundraising rounds, which would reduce actual returns — see the dilution section.</span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5"><strong>📊 Score breakdown</strong></span></span></span></h1> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>Score = each category’s score weighted by its importance; weights sum to 100%.</em></span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:640px"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:153px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Category</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Score</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:67px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Weight</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:360px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Verdict & key reason</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:153px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Team capability</span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">62</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">23%</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:360px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Average</strong> — Leon Aarts’ surplus-food operating record is publicly confirmed and directly relevant, and the deck’s named specialists have confirmed or consistent professional histories; but Companies House shows two of the seven deck-roster figures resigned as directors before the campaign was approved, and the campaign presents a two-person full-time team.</span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:153px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Product-market fit</span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">58</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">18%</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:360px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Average</strong> — a clearly defined product (a limited range of vegetable-rich soups, sauces and stews at £1.04–£1.60 per portion) aimed at a confirmed customer pain (cost and nutrition standards); validation so far is tasting sessions, trials and an early-adopter partner, per the company — no signed supply agreement appears in the pack.</span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:153px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Traction & growth</span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">50</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">18%</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:360px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Average</strong> — the deck’s chart shows monthly revenue growing from roughly £8k to £150k with a rising repeat-customer share, alongside recognisable customer names; but the chart carries no year, no figures and no named company, the business filed dormant accounts for 2024, and the pipeline claims (Entegra, Bidfood) are described as discussions, not contracts.</span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:153px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Market size</span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">72</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">13%</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:360px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Good</strong> — the target market is real and publicly evidenced: official estimates put UK public-sector food and catering spend at £2.4bn (Defra 2010 basis) to ~£4.9bn (recent Defra statements for England), and the July 2025 government food strategy is confirmed; the concern is the company’s own inconsistent sizing (£5.2bn in the deck vs £2.4bn on the campaign page).</span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:153px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Business model</span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">55</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">9%</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:360px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Average</strong> — a detailed five-year plan with stated prices, margins above 50% and a clear surplus-ingredient cost advantage; but the plan’s funding assumptions (£950k plus £500k from Oakland) exceed this £244,722 round, and the Oakland money is “secured” in the deck but “up to £500k” on the campaign page.</span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:153px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Competition</span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">55</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">9%</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:360px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Average</strong> — the company’s own table shows it entering a market led by very large incumbents (Chartwells £1B+, Sodexo £1.5B+ in sales); its differentiation — surplus-based low cost plus sustainability credentials — is plausible and no direct surplus-to-B2B-meals competitor was found in our research, but the claim of being “the only brand” to guarantee compliant sourcing rests on a policy ambition described as a mandate.</span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:153px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Regulatory & compliance</span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">60</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">10%</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:360px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Average</strong> — the policy direction genuinely favours the company (confirmed government strategy and sourcing ambition), and its partners bring accredited capability (Juniper’s ISO-certified school catering, Oakland’s food-logistics infrastructure); the company overstates the policy as “mandated” “laws”, and its own food-safety accreditation status is not in the pack we reviewed.</span></span></p> </td> </tr> <tr> <td style="background-color:#d9ebc2; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:153px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">AI Score</span></strong></span></span></p> </td> <td style="background-color:#d9ebc2; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">59</span></strong></span></span></p> </td> <td style="background-color:#d9ebc2; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">100%</span></strong></span></span></p> </td> <td style="background-color:#d9ebc2; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:360px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Average</span></strong><span style="color:black"> — weights are the seed defaults with 10% allocated to Regulatory & compliance pro-rata from the other categories, because the demand thesis rests on public procurement policy and food-safety accreditation gates.</span></span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5"><strong>❓ Questions to ask before investing</strong></span></span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:640px"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:640px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">These are facts the company holds and can supply on request. They were not in the materials we reviewed — they may well exist in interviews, webinars or the company’s data room. The score above is based on what <em>was</em> available — these questions are how you close the gap.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:640px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Which calendar year does the revenue chart cover, which legal entity booked that revenue, and what were total revenue and gross margin for that period in pounds?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:640px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Given the dormant 2024 accounts, when did Ample Innovation Ltd begin trading, and what revenue has it recorded so far in 2026?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:640px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Is the Oakland International financing of about £500k a signed commitment? Is it money for shares, a loan, or investment in the facility — and what conditions attach to it?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:640px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">How does this £244,722 round relate to the £950k raise in the deck — is it a first slice of a larger plan, and what happens to the plan if the rest is not raised?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:640px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Steve Thomas and Abeed Janmohamed appear as core team in the deck but resigned as directors before the campaign was approved. What roles, if any, do they hold now — and who runs strategy/marketing and finance today?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:640px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Who works full-time for Ample today, and in what roles, beyond Andrew Steel and Leon Aarts?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:640px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">What type of shares will this round’s investors receive, with what voting rights — and do any existing shares carry the right to be paid back first if the company is sold (a “liquidation preference”)? If so, how is the remainder split?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:640px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Will this round’s investors have the right to join future fundraising rounds to protect their stake (“pre-emption”), given the November 2025 shareholder resolution removing pre-emption rights on the public file?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:640px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Please share the current ownership table (cap table), including the stakes held through Steeldom Associates Ltd and De Bellefroid Ltd, and any employee share pool.</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:640px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">For each of Oddbox, Tower Hamlets, University Hospitals Birmingham, Sodexo and The Royal Marsden: is the relationship a signed paid contract, a paid trial, or a discussion — and what is its annual value?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:640px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">What production capacity (meals per week) is installed and accredited today, and which food-safety accreditations (for example BRC) does the facility hold?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:640px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">What is your fully loaded cost per meal at current volumes, and what does it need to be to hit the £1.04 and £1.60 price points at above 50% gross margin?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:640px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">How much cash does the company hold today, what is the monthly spend, and how long will this round’s money last at £244,722?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:640px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">How much was raised in the September and December 2025 share issues shown at Companies House, at what price per share, and from whom?</span></span></span></li> </ul> </td> </tr> </tbody> </table> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5"><strong>📜 What you own</strong></span></span></span></h1> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">You would own ordinary company shares — either through a holding vehicle run by the platform (the “nominee” route, from £22.20) or directly in your own name (from £10,000). The nominee holds the shares on your behalf and normally votes for the pooled investors as one block; direct investors hold and vote their own shares. The exact share class and voting rights were not in the pack we reviewed — they are set out in the Articles of Association filed at Companies House in November 2025 and should be confirmed before investing. UK investors may qualify for SEIS or EIS tax relief on this round (SEIS on roughly the first £250k of campaign-page investment, allocated first-come first-served, per the platform). If the company is one day sold, the sale proceeds flow to shareholders according to those Articles — full mechanics are in the reference section below.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>Everything below is reference detail for readers who want to go deeper.</em></span></span></p> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5"><strong>🔍 Detailed review</strong></span></span></span></h1> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5"><strong>Team capability</strong></span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The deck presents a seven-person team with “more than 150 years of relevant experience”. Public sources confirm the most important claim: Leon Aarts built and led Felix’s Kitchen for The Felix Project and ran the Wembley Stadium operation feeding around 5,000 Londoners a day during Covid — directly relevant, at-scale surplus-food operating experience. Abeed Janmohamed’s commercial background (Cricinfo, ESPN Digital Media Europe, chief revenue officer of Eagle Eye Solutions plc) is also confirmed — but Companies House shows he resigned as an Ample director in November 2025, and Steve Thomas, the company’s original controlling figure, resigned as director in March 2026 and ceased to be a major shareholder in May 2026. The campaign page lists a two-person team: Andrew Steel (director, 39.10% pre-round owner, full-time) and Leon Aarts (founder, full-time).</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:640px"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:320px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:320px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:320px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Founder’s large-scale surplus-food kitchen record confirmed by multiple public sources (The Caterer, Wharf Life, Prism Gift Fund).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Named specialists have confirmed or consistent professional histories (Janmohamed in commercial roles; a matching agronomy/supply-chain profile for Howard Radcliffe).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Both listed team members are stated as full-time after the round, per the campaign page.</span></span></li> </ul> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:320px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Two of the deck’s key figures left the board before campaign approval (Companies House TM01 filings, Nov 2025 and Mar 2026) — the deck predates the departures, so the roster it shows is out of date.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The employment status of the other five deck-roster members is not in the pack we reviewed — see the questions section.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The Steve Thomas–Felix Project leadership claim could not be located in public sources.</span></span></li> </ul> </td> </tr> </tbody> </table> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5"><strong>Product-market fit</strong></span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The product is a deliberately limited range of vegetable- and legume-rich soups, sauces and stews (eight examples listed in the deck), cooked in bulk from surplus produce, chilled or frozen, and delivered in trays of about 20 portions to fit school and hospital kitchens. The company reports completed NHS tasting sessions and Crown Commercial Service trials, and names Juniper Ventures — a confirmed Newham school caterer serving 23,000 meals a day across roughly 60 schools — as an early adopter providing test kitchens.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:640px"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:320px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:320px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:320px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The customer pain is publicly evidenced: official reviews describe public-sector kitchens squeezed between budgets and nutrition standards.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Product economics target the actual budget constraint: £1.04 per school portion, £1.60 per hospital portion, per the deck.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The named early-adopter partner is real and at meaningful scale (Juniper’s profile confirmed via Newham Council).</span></span></li> </ul> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:320px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Validation in the pack stops at tastings, trials and discussions — no signed supply agreement appears in the materials reviewed.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The Juniper–Ample relationship itself was not found in public sources; it rests on the company’s statement.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No trial results or price validation against the £1.04/£1.60 targets are in the pack we reviewed.</span></span></li> </ul> </td> </tr> </tbody> </table> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5"><strong>Traction & growth</strong></span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The traction evidence is a bar chart showing monthly revenue rising from roughly £8k to about £150k over nine months labelled April to December, with a growing repeat-customer share and logos including Oddbox, Tower Hamlets, University Hospitals Birmingham, Sodexo and The Royal Marsden. The chart carries no year, no printed figures and no statement of which legal entity booked the revenue. Companies House shows Ample Innovation Ltd filed dormant (non-trading) accounts for 2024, so if the chart is real it most plausibly shows 2025 — which would mean material revenue for which no totals are given anywhere in the pack. Pipeline claims — Entegra (a 100M-meal procurement system, per the campaign) and Bidfood’s Open Doors programme — are described as discussions.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:640px"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:320px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:320px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:320px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Taken at face value, the chart shows a steep revenue ramp with a rising recurring share — the shape investors want to see.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The customer names on the chart are recognisable public-sector and food-sector organisations.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">An endorsement from a named executive (Keston Williams, COO, Barfoots of Botley Ltd) is included in the deck.</span></span></li> </ul> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:320px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The chart has no year, no values and no entity attribution, and cannot be reconciled with the dormant 2024 accounts or the deck’s £2.975M Year-1 plan from the pack alone (both recorded unresolved in the dossier).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Every named pipeline relationship is at discussion stage per the company’s own wording — none is stated as a signed contract.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No revenue totals, customer counts or contract values appear anywhere in the materials reviewed.</span></span></li> </ul> </td> </tr> </tbody> </table> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5"><strong>Market size</strong></span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The market is real and publicly evidenced. Official estimates put UK public-sector spending on food and catering at £2.4bn a year (Defra’s long-standing 2010 estimate, still cited in Parliament) up to roughly £4.9bn (recent Defra statements for England). The government’s “Good Food Cycle” food strategy launched on 15 July 2025 (confirmed), and its ambition that at least half of public-sector food be sourced locally or to higher environmental standards is confirmed as an ambition. On the supply side, WWF values edible on-farm food waste at £1.8bn a year, matching the campaign’s figure.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:640px"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:320px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:320px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:320px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Both of the company’s headline market figures have official antecedents (£2.4bn Defra 2010; ~£4.9bn recent Defra).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The policy tailwind is confirmed and recent (Good Food Cycle, July 2025).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The surplus-supply problem the company solves is independently quantified (WRAP: 3.6M tonnes of farm surplus and waste worth £1.2bn; WWF: £1.8bn edible).</span></span></li> </ul> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:320px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company’s own documents size the market inconsistently — £5.2bn in the deck vs £2.4bn on the campaign page.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The deck’s segment split (schools 56.9% of spend) does not match the official 2010 split (schools 29%), and no public source matching it was found.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The “mandated” framing overstates the policy: the 50% sourcing goal is a government ambition, not a law, and it refers to local/higher-standard sourcing, not UK SMEs.</span></span></li> </ul> </td> </tr> </tbody> </table> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5"><strong>Business model</strong></span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The model is to buy surplus produce cheaply, manufacture at scale at the Oakland site, and sell branded and white-label meal components on subscription-style contracts. The deck’s five-year plan runs from £2.975M revenue in 2025-26 to £18.9M in 2029-30, with gross margins of 55% rising to 64% and profitability from year one. The plan is funded, per the deck, by £950k of investment plus about £500k from Oakland — against which this round raises £244,722.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:640px"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:320px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:320px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:320px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The cost advantage is structural and plainly explained: surplus ingredients cost a fraction of standard wholesale (the deck claims up to 50% cheaper).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A complete five-year plan with prices, margins and capacity milestones is disclosed — unusually detailed for this stage.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Use of funds for this round is itemised (40% equipment, 30% containers, 20% sales, 10% working capital).</span></span></li> </ul> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:320px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">This round covers about a quarter of the deck’s stated funding plan; how the plan flexes at £244,722 is not in the pack we reviewed.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The Oakland financing is “secured” / “approximately £500k” in the deck but “up to £500k” on the campaign page — the firmness of the commitment differs between the company’s own documents.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No actuals — cash, monthly spend, runway, cost per meal — appear in the materials reviewed; the deck’s own meal targets also sum to 27.65M against a stated “28 million”.</span></span></li> </ul> </td> </tr> </tbody> </table> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5"><strong>Competition</strong></span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company’s own competitor table shows a market led by large, entrenched caterers: Chartwells (£1B+ sales, 2M+ meals a day), Sodexo (£1.5B+), ISS Education (£800M+), plus regional players. Ample positions itself as a differentiated B2B supplier of meal components to all of these catering models rather than a head-to-head caterer — selling into the incumbents as well as around them. Our research found adjacent surplus-food businesses (Oddbox, Too Good To Go, Winnow, Olio, charitable redistributors) but none manufacturing B2B meal components from farm surplus.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:640px"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:320px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:320px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:320px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company discloses a full, named competitor table rather than claiming an empty market.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Positioning as a component supplier means incumbents are potential customers — the deck’s traction chart already shows Sodexo.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No direct surplus-to-B2B-meal-components competitor was found in the public sources reviewed.</span></span></li> </ul> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:320px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The incumbents’ scale (the company’s own figures) means procurement relationships and price pressure favour established suppliers.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">“Ample is the only brand to guarantee” compliant sourcing is an exclusivity claim that cannot be verified and rests on describing a policy ambition as a “DEFRA/CCS directive”.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The per-competitor sales and meal figures are company-compiled and were not verified against public sources.</span></span></li> </ul> </td> </tr> </tbody> </table> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5"><strong>Regulatory & compliance</strong></span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The demand thesis rests on procurement policy, and the policy direction is confirmed: the Good Food Cycle strategy (July 2025) and the government’s 50% local/higher-standard sourcing ambition are real. The company’s framing goes further than the record supports — “mandated”, “strict new ESG procurement laws” — where public sources describe a non-binding ambition, with compliance against even existing buying standards reported at about 50% (Green Alliance, November 2025). On the delivery side, food manufacture for schools and the NHS requires food-safety accreditation; the company’s partners bring accredited capability (Juniper holds ISO 9001/14001/45001 per its own materials; Oakland operates BRC-grade logistics), but Ample’s own facility accreditation status is not in the pack we reviewed.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:640px"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:320px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:320px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:320px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Confirmed, recent policy tailwind directly aligned with the product (sustainability, local sourcing, nutrition).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Partners with accredited, at-scale compliance track records on both logistics (Oakland) and school catering (Juniper).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">SEIS/EIS advance assurance from HMRC is reported by the company — a standard but real regulatory step completed.</span></span></li> </ul> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:320px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company describes an ambition as a mandate; if procurement rules stay non-binding, the regulatory pull is weaker than the deck implies.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Ample’s own food-safety accreditations (e.g. BRC) are not in the pack we reviewed — a gating requirement for NHS and school supply.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No procurement-framework registration status is stated following the Crown Commercial Service trials the campaign mentions.</span></span></li> </ul> </td> </tr> </tbody> </table> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5"><strong>💶 Valuation detail</strong></span></span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:640px"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:207px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Pre-money valuation</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:433px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">£3.6M — the value placed on the company before this round’s money goes in, set by the company (the platform states it does not review or establish the valuation).</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:207px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Post-money valuation</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:433px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">≈ £3.83M–£3.85M — derived: £244,722 ÷ 6.39% ≈ £3.83M; £3.6M + £244,722 ≈ £3.84M. The two methods agree.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:207px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Instrument</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:433px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Equity (company shares) at £3.70 per share, via nominee or direct holding. Share class not in the pack we reviewed.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:207px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Ownership % offered</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:433px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">6.39% of the company for the full £244,722 target. A £100 investment buys roughly 0.0026% of the company.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:207px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">How the valuation was set</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:433px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Methodology not disclosed in provided materials (recorded explicitly in the dossier).</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:207px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">External benchmarks</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:433px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Insufficient comparables for this sector and stage. Our research found: Oddbox (UK farm-surplus veg boxes) raised a £521k seed round in 2018, valuation undisclosed, and about $34.2M in total since (SeedLegals; PitchBook 2026); Too Good To Go was reported weighing a €200–300M round at a valuation above $1bn (Bloomberg, June 2025) — a different scale and model. No valued seed rounds or recorded exits for UK surplus-food B2B manufacturing were found.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:207px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Valuation fairness (1–5)</span></strong></span></span></p> </td> <td style="background-color:#f0f4f8; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:433px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Insufficient comparables to assess</span></strong><span style="color:black"> — a score of 1 or 5 requires at least two named independent benchmarks, and none usable were found. For orientation only: £3.6M pre-money equals about 1.2 × the company’s own Year-1 revenue plan.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:207px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Notable terms</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:433px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">SEIS tax relief on roughly the first £249,720 of campaign-page investment (first-come, first-served; £55,000 of the company’s SEIS allocation remains); EIS above that. HMRC advance assurance reported by the company. Card payments not accepted.</span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5"><strong>🚩 Red flags & integrity checks</strong></span></span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:640px"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:47px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">1</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:593px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Missing critical data</strong> — not in the pack we reviewed: the ownership table; the Articles of Association (filed at Companies House, November 2025, obtainable); revenue totals with dates and the entity that booked them; the contract status of each named customer; the Oakland financing terms and signature status; the facility’s food-safety accreditation status. Each appears as a question above.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:47px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">2</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:593px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Internal inconsistencies</strong> — market sized £5.2bn (deck) vs £2.4bn (campaign page); raise of £950k plus £500k corporate (deck) vs a £244,722 round (platform); Oakland backing “secured” / “approximately £500k” (deck) vs “up to £500k” (campaign); a seven-person deck team vs a two-person campaign team; “28 million meals” vs the deck table’s own 27.65M; a Year-1 plan of £2.975M revenue vs an unlabelled £8k–£150k monthly ramp.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:47px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">3</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:593px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>External discrepancies</strong> — the deck describes a “mandate” that 50% of public-sector food come from UK SMEs by 2030; public sources record a non-binding government ambition for local/higher-standard sourcing, with no SME framing and no statutory 2030 date. Companies House shows director resignations (Janmohamed, Nov 2025; Thomas, Mar 2026) not reflected in the deck’s roster — the deck predates the departures, so this is a dating gap, not a contradiction. Dormant 2024 accounts sit against a press statement that Ample Marketplace launched in 2024 and an undated revenue chart — recorded unresolved. No claim met the bar of a direct contradiction by a named public record.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:47px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">4</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:593px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Negative public information</strong> — <em>None found in public registries or news searches</em> for the company or the named principals.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:47px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">5</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:593px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Prior fundraises</strong> — Companies House shows share issues on 17 September 2025 and 15 December 2025, consistent with pre-campaign investment; the campaign notes £194,720 of direct investment not claiming SEIS and £55,000 of SEIS allocation remaining (implying earlier SEIS use). Amounts, prices and investors for the 2025 issues are not in the pack we reviewed. No prior crowdfunding campaigns were found; delivery against earlier milestones cannot be assessed from the pack.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:47px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">6</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:593px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Valuation reasonableness</strong> — £3.6M pre-money equals about 1.2 × the company’s own 2025-26 revenue plan (£2.975M) and cannot be measured against verified financials (the last filed accounts are dormant). No valued comparable rounds or recorded exits were found for this sector and stage (Oddbox’s 2018 seed valuation undisclosed; Too Good To Go at a different scale). Recorded as a comparison, not a judgement.</span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5"><strong>📜 Instrument & investor terms — full mechanics</strong></span></span></span></h1> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5"><strong>What you own — in full</strong></span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Equity — shares in Ample Innovation Ltd at £3.70 each. Small investors hold through the platform’s nominee (a holding vehicle that owns the shares on your behalf and typically votes for all pooled investors as one block); investments of £10,000+ can be held directly in your own name. The share class and its voting rights are not in the pack we reviewed — they are defined in the Articles of Association adopted 28 November 2025 and filed at Companies House. A decision to sell the company would be taken by shareholders under those Articles; how much say this round’s investors would have depends on the class rights and any drag-along clause (see below), neither of which is in the pack.</span></span></p> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5"><strong>Dilution — how your share can shrink</strong></span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company plans to raise again: the deck signposts a “Phase 2” expansion round in 2026-27 of unstated size. Every new share issued shrinks existing investors’ percentage. Whether this round’s investors get protection — the right to join future rounds and keep their percentage (“pre-emption”) — is not in the pack we reviewed; notably, a shareholder resolution removing pre-emption rights was filed at Companies House on 28 November 2025, so this is worth asking about directly. Illustrative example using standard mechanics: if you invest £100 now you would hold about 0.0026% of the company; if a future round issues new shares equal to 25% of the enlarged company, your stake becomes about 0.0020% — the same shares, a quarter smaller slice. This example is illustrative only.</span></span></p> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5"><strong>If the company is sold or wound down</strong></span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Sale or wind-down proceeds go first to lenders, then to any shareholders with the right to be paid back first (“liquidation preference”), then to everyone else. Whether any Ample share class carries such a preference, and how the remainder is split, is not in the pack we reviewed — the SEIS/EIS structure the company reports normally requires plain ordinary shares without such preferences, which is reassuring but should be confirmed against the Articles. Whether a majority can force all shareholders to join a sale (“drag-along”), whether small investors can join a sale on the same terms as the founders (“tag-along”), any lock-up, and any route to sell early are likewise not in the pack. Crowdfunded shares in UK private companies normally cannot be sold until the company is sold or lists.</span></span></p> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5"><strong>Terms not in the pack we reviewed</strong></span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">These exist in the shareholder documents and could have been disclosed — a genuine gap, unlike operating figures. Each also appears as a question in the questions section.</span></span></p> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The share class and its voting rights, and any liquidation preference and the split of remaining proceeds</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The ownership table (cap table) before and after this round, including the founders’ holding companies</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Employee share pool size, and whether it grows before the next round</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Anti-dilution protection, and which classes hold it</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Rights of crowdfund investors to join future rounds (pre-emption), in light of the November 2025 resolution removing pre-emption rights</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Founder share vesting and what happens if a founder leaves</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Information rights — how often, and in what form, investors receive reporting</span></span></li> </ul> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:640px"> <tbody> <tr> <td style="background-color:#e6f1fb; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:640px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">ℹ️ This is not investment advice. </span></strong><span style="color:black">The purpose of this overview is to help potential investors preselect crowdfunding projects quickly. Before investing, the final selected project should be reviewed in detail based on the information provided by the company on the respective crowdfunding platform, and you may want to seek independent professional advice.<em>Memo generated by AI from public information and platform-disclosed company materials. Investors must perform their own due diligence. Past fundraising or operational performance does not guarantee future results. Crowdfunding investments are illiquid, high-risk, and capital loss is possible.</em></span></span></span></p> </td> </tr> </tbody> </table> <p> </p>
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Platform offering this project
Sementi GB
Risk Level
Alta
Return Level
Molto alta
Risk Return Level
Good
Investimento minimo
GBP 10
Finanziato
GBP 3392,59M
