Crowdcube • Tilt
Crowdfunding udziałowy
Tilt
Tilt is a UK live shopping marketplace where sellers auction and sell products through interactive livestreams and AI tools (Snap listings, shoppable Clips, agentic search) power both sides of the marketplace. Founded by early Revolut employees, backed by Vinted Ventures, Balderton, TQ Ventures, Earlybird and Seedcamp, and live in the UK, Spain, Italy and Poland.
Key project data
Target amount
3,0 MEUR
Kapitał własny
3.6%
Valuations
63,96 MEUR
Potencjalne zyski
x7
Przewidywany rok zakończenia
2032
Would AI invest?
72/100
1
100
Przegląd wygenerowany przez sztuczną inteligencję
AI project overview
Condensed summary based on project data
<p><span style="font-size:28pt"><span style="font-family:"Times New Roman",serif"><strong>Tilt — Crowdfunding Investor Memo</strong></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Tilt is a live shopping app where people buy from sellers streaming live video, and where anyone can start a selling business with little upfront money, helped by the company’s AI tools.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Sector: <strong>Live commerce marketplace</strong> · Stage: <strong>Post-Series A growth</strong> · HQ: <strong>London, UK</strong> · Raise: <strong>up to £3.0M on Crowdcube</strong> (part of a £19.5m wider round) · Platform: <strong>Crowdcube</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:680px"> <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:#faeeda; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:473px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">3 / 5</span></strong><span style="color:black"> — Stretched but arguable. The price equals the share price of the company’s June 2026 £19.5m ($26M) institutional round joined by Vinted Ventures — but works out at roughly 24 times the company’s reported 2025 revenue, above the 3–5x revenue range typical for marketplace exits, and Crowdcube investors receive a more junior share class at that same price.</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:#faeeda; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:473px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">AI SCORE 72 / 100 — Good. </span></strong><span style="color:black">Strongest evidenced precondition: a verified founding team of early Revolut operators with three completed institutional rounds and £19.5m of fresh funding closing now. Biggest gap: the economics — a £9.5M loss on £1.33M statutory turnover in FY25, with no burn, runway or take-rate figures in the pack we reviewed.</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:473px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Target 5–7x over 4–6 years</span></strong><span style="color:black"> — the standard expectation for this stage; the company states no target of its own. If reached, illustratively <strong>5x–7x</strong> before fees and future dilution. Method: standard post-Series A hurdle applied to the disclosed entry price (£63.96M pre-money, ≈£83.5M after the wider round); no recorded exits of comparable European live-commerce companies were found to benchmark against. 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> </p> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5"><strong>How to read the score</strong></span></span></span></h2> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:680px"> <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:507px"> <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:507px"> <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:507px"> <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:507px"> <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:507px"> <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> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:680px"> <tbody> <tr> <td style="background-color:#f0f4f8; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:680px"> <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 founders’ Revolut history, all three prior fundraises (£2.7M seed 2022, $18M Series A 2024, $26M in June 2026), the investor names, and the company’s registration against public sources. The revenue, GMV, margin, retention and user figures rest on the company’s own materials — the biggest open items (absolute GMV, take rate, cash burn and runway, the ownership table) are in the questions section below. <strong>Your money is locked in. </strong>Crowdfunding shares normally cannot be sold early — expect your money to be tied up for several years, until the company is sold or a similar event happens.</span></span></span></p> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:680px"> <tbody> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:680px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Three answers, one honest note. </strong>The fairness score says whether the entry price is supported by the benchmarks we could find. The AI Score is our read on whether the company has the preconditions in place to reach a stage where a sale or similar event becomes possible — it audits readiness on the disclosed evidence; it is not a probability of success, and even companies with every precondition 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 from named benchmarks, 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 Crowdcube, a licensed crowdfunding platform, before going live. Nothing in this memo is a recommendation.</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>At a glance</strong></span></span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:680px"> <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:340px"> <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:340px"> <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:340px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Founding team verified against public sources: Neil Shah was Revolut’s fifth employee and led its international expansion; Abhi Thanendran was Revolut’s first data scientist and became Head of Data & Machine Learning (TechCrunch, Sifted, Balderton).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">You invest at the same share price as the June 2026 £19.5m ($26M) round joined by Vinted Ventures, TQ Ventures, Balderton, Earlybird and Seedcamp — a price set by professional investors weeks before this offer.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company reports revenue tripling (£0.9M 2024 → £2.7M 2025, £10M estimated 2026), 8x monthly revenue growth since the 2024 Series A, and 70% of monthly sales value coming from repeat buyers.</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:340px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">You receive Ordinary shares at the same price as investors holding preference shares: in a sale, roughly £34.7m must be paid to those senior shareholders and other senior claims before Ordinary shareholders receive anything (Summary of Key Information).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The statutory accounts show a £9.5M loss on £1.33M turnover in the year to July 2025, and the disclosure states the company will need to raise further capital — which would shrink your percentage.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Whatnot, the US category leader, was valued at $11.5B in October 2025 and is expanding in Europe; the deck’s European market-size chart names no source, and independent estimates we found diverge widely from it.</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:680px"> <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:680px"> <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. One structural point to understand before anything else: you buy Ordinary shares at the same per-share price as the recent institutional round, whose investors hold preference shares — the right to be paid back before ordinary shareholders if the company is sold or wound down (a “liquidation preference”), currently totalling about £34.7m. In a large, successful sale everyone shares alike; in a small or disappointing one, Ordinary shareholders can receive little or nothing. Full mechanics are at the end of this memo.</span></span></span></p> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:680px"> <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:680px"> <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">Tilt runs a mobile app where sellers broadcast live video streams and viewers bid on or buy the items being shown — mostly fashion, trainers, watches, trading cards and collectibles. Buyers get entertainment and bargains (the company reports products at 40–60% off retail); sellers get an instant audience and AI tools that remove most of the admin: “Snap” turns a held-up item into a ready listing in seconds, and “Clips” turns unsold items into shoppable short videos. The company earns money by charging fees on transactions completed through the platform, so its revenue grows with its sellers’ sales. It reports 2.9 million total app users, around 33,000 sellers, and more than 235 sellers earning over $10,000 a month; per the deck, eleven sellers have become millionaires on the platform. Tilt is live in the UK, Spain and Italy per the deck — the company’s June 2026 press release adds Poland — with Europe-wide, US and Middle East expansion named as next steps. This raise lets the public invest up to £3.0M inside the £19.5m round closed with institutional investors in June 2026; the company says the funds support product development, AI capabilities and continued expansion.</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:680px"> <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:487px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">5–7x over 4–6 years — the company states no return target of its own in the pack we reviewed, so this is the standard expectation for a company at the post-Series A stage, where the product is proven and the bet is on scaling.</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:487px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company’s stated plan is expansion: deepen the UK, Spain and Italy, then the rest of Europe, the US and the Middle East, widen product categories toward the full retail market, and keep building the AI tools that make selling easier. No comparable exits were provided in any material reviewed, and no exit route (sale to a larger company, stock-market listing) is named in 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: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:487px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">At the disclosed entry price (≈£83.5M after the wider round), a 6x return implies a sale of the company at roughly £500M. Marketplaces are typically valued at 3–5 times revenue at exit, so that requires roughly £100–165M of annual revenue — about 10–16 times the company’s own £10M estimate for 2026 — which at typical platform fee levels implies well over £1 billion of goods sold through the app each year.</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:487px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Illustratively 5x–7x before fees. Method: the stage-standard hurdle applied to the disclosed entry valuation; the required ≈£500M exit cannot be compared against recorded exits because none were found for European live-commerce marketplaces — the nearest reference point is Whatnot, the US leader, valued at $11.5B in a private round in October 2025, a valuation event rather than an exit. Crowdcube’s fees also apply: a 2.49% investment fee now and 5% of any profit at sale. 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> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:680px"> <tbody> <tr> <td style="background-color:#fbf1dc; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:680px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Why aim for this target? </span></strong><span style="color:black">Startup investing is high risk. Most early-stage companies fail or return little, and a small number of winners must make up for the losers. At the post-Series A stage the product risk is largely behind the company, so the standard aim is lower than for a seed company but still demanding: roughly 5–7x over 4–6 years. Reaching it remains a minority outcome even for well-prepared companies.</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>📊 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:680px"> <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:167px"> <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:67px"> <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:73px"> <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:373px"> <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="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:167px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Team capability</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">86</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:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">14%</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:373px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Excellent</strong> — Both founders’ senior Revolut histories are confirmed by independent sources; the board includes partners from Balderton and TQ Ventures; the company has raised three institutional rounds on schedule.</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:167px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Traction & growth</span></strong></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:67px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">74</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:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">27%</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:373px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Good</strong> — Reported revenue tripled two years running and sales value is growing 4–5x in each live market; but the statutory accounts show losses widening to £9.5M on £1.33M turnover, and the deck’s revenue figures sit on an unstated period basis that differs from the filed accounts.</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:167px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Product-market fit</span></strong></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:67px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">76</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:73px"> <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:373px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Good</strong> — Buyers reportedly spend over an hour a day in the app and 70% return for a second purchase; seller success stories are concrete and press-covered; some engagement figures carry no date or measurement period.</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:167px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Market size</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:67px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">64</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:73px"> <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:373px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Average</strong> — Live commerce is proven at vast scale in Asia and the category is drawing major Western capital; but the deck’s European market chart names no source, no independent estimate we found matches it, and Western consumer adoption of the format is still unproven at scale.</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:167px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Business model</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:67px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">66</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:73px"> <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:373px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Average</strong> — Transaction-fee model with reported gross margin above 40% and rising; but the fee level (take rate) is not in the pack we reviewed and the filed accounts show the model running at a substantial loss so far.</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:167px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Competition</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:67px"> <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:73px"> <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:373px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Average</strong> — A far larger, far better-funded US competitor (Whatnot, $11.5B, October 2025) is expanding into Europe alongside TikTok Shop and eBay Live; Tilt’s counterweights are a strategic investor from re-commerce (Vinted) and its position as a home-grown European platform.</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:167px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Network effects</span></strong></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:67px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">70</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:73px"> <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:373px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Good</strong> — Repeat buyers generating 70% of monthly sales value and ~255 average viewers per qualifying stream are real markers of a two-sided flywheel; the cohort data that would prove the flywheel is compounding 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:167px"> <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:67px"> <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="background-color:#d9ebc2; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:73px"> <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:373px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Good</span></strong><span style="color:black"> — preconditions largely in place, with the specific gaps named in the questions below.</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:680px"> <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:680px"> <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:680px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">What was total GMV (value of goods sold) and net revenue over the last twelve months, and what is the current monthly run-rate of each?</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:680px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">What is your take rate — what percentage of each transaction does Tilt keep — and what does the full seller fee schedule look like?</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:680px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">How is the “40%+ gross margin” defined — what sits in cost of revenue (payment processing, buyer protection, shipping subsidies, streaming infrastructure)?</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:680px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">What is the current monthly net cash burn, and how many months of runway will you have at close of this round if the full £3M is 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:680px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Can you share the ownership table by share class — what do founders, each preference class, the employee option pool and Ordinary holders represent — and is the option pool expanding before the next round?</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:680px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">The deck shows revenue of £0.9M / £2.7M / £10M estimated for 2024–2026 while the filed accounts show £1.33M turnover for the year to July 2025 — what period basis does the deck use, and how much of the £10M has been achieved 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:680px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">The pitch page states $46M raised in total while your June 2026 press release states over $50M — which is correct, and what explains the difference?</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:680px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Is the £19.5m “wider funding round” the same $26M round announced in June 2026 or additional money on top, and how much is already committed?</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:680px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Are secondary shares bought through this offer eligible for EIS tax relief, and how will Crowdcube allocate investors between new (primary) and existing (secondary) shares?</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:680px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Beyond the 70% repeat-buyer headline, what do the buyer and seller retention curves look like — for example, how much of a buyer group’s first-year spending is still there in month 12?</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:680px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">What is the status and early performance of the Poland launch, and which market comes next?</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:680px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">How will this round’s proceeds be split across product and AI, market expansion, and team?</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:680px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Which reward applies at £10,000 — a year of zero seller and shipping fees (deck) or zero Tilt fees capped at £2,000 saved (pitch page)?</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:680px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">What information rights and reporting cadence will Crowdcube investors receive after the round closes?</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 shares in Retro Labs Ltd (the company behind Tilt), held for you by Crowdcube’s holding company (a “nominee”) — you are the beneficial owner, but Crowdcube’s nominee holds the legal title and handles the paperwork. Each share carries one vote and equal dividend rights, and you have the right of first refusal on future share issues (“pre-emption”). If the company is sold, money flows to lenders first, then to shareholders with priority rights totalling about £34.7m, and only then to Ordinary shareholders like you — unless the sale is large enough that everyone shares alike. New (primary) shares qualify for EIS 30% tax relief; whether existing (secondary) shares do is one of the questions above. 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 founding story checks out fully against independent sources. Neil Shah joined Revolut in 2015 as its fifth employee and rose to lead international expansion and authorisations; Abhi Thanendran, a former hedge-fund quantitative analyst, was Revolut’s first data scientist and became Head of Data & Machine Learning (TechCrunch, Sifted, Balderton). The board adds Daniel Waterhouse of Balderton (who led the Series A) and Schuster Tanger of TQ Ventures. The company reports a 60-person team with 20 engineers drawn from Revolut, Klarna, DoorDash, Depop and others.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:680px"> <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:340px"> <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:340px"> <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:340px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Founders’ Revolut roles confirmed by TechCrunch, Sifted and Balderton — directly relevant operating experience in scaling a consumer app internationally.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Experienced investor directors on the board (Balderton, TQ Ventures).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Three institutional rounds raised across four years — repeat backing from the same investors.</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:340px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The deck’s claim that the CEO is a data advisor at Deel was not found in the independent sources we searched.</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 are not in the pack we reviewed.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Key-person arrangements are not in the pack we reviewed.</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <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 company reports revenue of £0.9M in 2024 and £2.7M in 2025 with £10M estimated for 2026, monthly revenue up 8x between May 2024 and March 2026, and sales value multiplying in every live market — UK 4x in two years, Spain 4x in five months, Italy 5x in eight months. The filed accounts show turnover growing £53 → £250,756 → £1,330,070 across the three years to July 2025, with losses widening to £9.5M in the final year.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:680px"> <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:340px"> <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:340px"> <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:340px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Around 33,000 sellers, over 235 earning more than $10,000 a month, and eleven reported seller-millionaires — concrete, named seller stories covered in the June 2026 press.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Growth multiples reported consistently across the deck, the regulatory disclosure and press.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Statutory turnover grew more than fivefold in the year to July 2025.</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:340px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">FY25 statutory loss of £9.5M against £1.33M turnover — the growth is heavily funded by investment.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The deck’s 2025 revenue (£2.7M) differs from filed FY25 turnover (£1.33M) and the deck does not state its period basis.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Growth is reported as multipliers; absolute GMV figures are not in the pack we reviewed.</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <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 company reports 2.9 million total app users, buyers spending more than an hour a day in the app, and 70% of buyers returning to make a second purchase. The product surface is broad and specific: AI listing (Snap), shoppable clips of unsold items, conversational search across live streams, one-tap bidding and payment, and buyer protection.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:680px"> <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:340px"> <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:340px"> <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:340px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">70% of monthly sales value from repeat buyers (June 2025 – May 2026) — a dated, defined engagement metric.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Over an hour a day of reported use — engagement the deck compares to social apps rather than shopping apps.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Seller-side friction removal is specific: listings created in seconds, 5–10x faster sell-through per 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:340px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The 2.9M users and one-hour figures carry no date or measurement period in the pack we reviewed.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The deck presents the AI seller copilot as a current pillar while the pitch page calls it an upcoming feature.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No feature-level usage figures are in the pack we reviewed.</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <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">Live commerce is an established mass-market channel in Asia — estimates around the pitch’s $370Bn+ figure sit within the wide range published by independent researchers — and the category is attracting major Western capital. The deck’s specific European chart (£13Bn in 2025 growing to £130Bn by 2033 at 34.7% a year) names no source, and no independent estimate we found matches it; one published compilation puts Europe at roughly $10Bn today, and independent global estimates differ from each other by an order of magnitude depending on definition.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:680px"> <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:340px"> <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:340px"> <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:340px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The Asian precedent is real and enormous; McKinsey (cited by TechCrunch in 2024) projected live formats reaching 10–20% of all e-commerce.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Whatnot’s $11.5B valuation and Vinted’s strategic investment in Tilt both signal serious investor conviction in the category.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company frames a category-expansion path from collectibles and fashion toward broader retail.</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:340px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The deck’s Europe market chart is unsourced and unmatched by any independent estimate we found.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Western consumer adoption of live shopping remains unproven at scale — a 2024 survey cited by TechCrunch found 57% of US adults uninterested or unaware.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Published market estimates vary so widely that sizing the real opportunity from public data alone is not possible.</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <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">Tilt charges fees on transactions completed through the platform, so revenue scales with seller sales; the deck reports gross margin above 40% and “on pace to 50%”. The fee level itself — the take rate — is not in the pack we reviewed, and the filed accounts show the model running at a substantial loss while the company invests in growth.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:680px"> <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:340px"> <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:340px"> <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:340px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Revenue reported tripling year over year with expanding gross margin.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Repeat buyers generating 70% of sales value reduce the need to keep buying new customers.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Multiple monetisation surfaces visible in the product: transaction fees, boosts, buyer-protection fees, shipping.</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:340px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Take rate and the seller fee schedule are not in the pack we reviewed.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The margin definition for a marketplace (what sits in cost of revenue) is not stated.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">FY25 loss of £9.5M — the unit economics at maturity are not yet demonstrated in the filed numbers.</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <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 names its competitor set only generically — marketplaces, social platforms and other live shopping apps. Public research fills in the picture: Whatnot, the US category leader, raised $225M at an $11.5B valuation in October 2025 and is expanding in Europe; Palmstreet raised $25M backed by Andreessen Horowitz; TikTok Shop and eBay Live operate adjacent formats. One June 2026 report frames Vinted’s investment in Tilt as a strategic response to Whatnot’s European push.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:680px"> <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:340px"> <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:340px"> <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:340px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Vinted Ventures as first strategic investor from re-commerce — operational expertise and a signal that incumbents take Tilt seriously.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Press describes Tilt as the only major European-grown live-commerce platform operating at scale.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Claimed moat is specific: AI-native tooling, localized demand data, home-grown seller community.</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:340px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Whatnot’s resources dwarf Tilt’s — $11.5B valuation and hundreds of millions raised against Tilt’s ≈$50M.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">TikTok and eBay can bundle live shopping into platforms with existing billion-user reach.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No named competitive comparison appears in the company’s own materials.</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5"><strong>Network effects</strong></span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The deck describes twin flywheels — better seller economics attract sellers, more sellers create more content and bigger audiences, engagement data improves matching, better matching lifts conversion and repeat buying. The disclosed markers point the right way: 70% of monthly sales value from repeat buyers, around 255 average viewers per qualifying stream, and 70% of buyers making a second purchase.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:680px"> <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:340px"> <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:340px"> <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:340px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Repeat-buyer share of sales value is high and dated (June 2025 – May 2026).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Average audience per stream is disclosed with its cohort filter stated — unusually careful for a deck metric.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Expansion playbook repeated across three markets suggests the flywheel travels.</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:340px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Cohort retention curves — the direct proof a flywheel is compounding — are not in the pack we reviewed.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Cross-side liquidity metrics (fill rate, time-to-first-sale) are not in the pack we reviewed.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Network effects in live commerce have not prevented multi-platform selling elsewhere; nothing in the pack addresses seller exclusivity.</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <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:680px"> <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:473px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">£63,963,103 (pitch page; consistent with 1,818,063 fully diluted shares × £35.182).</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:473px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">≈£83.5M if the full £19.5m wider round completes (derived).</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:473px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Equity — Ordinary shares (one vote, dividend and pre-emption rights), primary plus up to £275,000 of existing employees’ shares (secondary) once £2M is reached, held via Crowdcube’s nominee.</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:473px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The full £3M Crowdcube allocation ≈ 3.6% of the post-money company; £1,000 buys ≈ 28.4 shares ≈ 0.0016% before future dilution (derived from disclosed figures).</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:473px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Anchored to the June 2026 institutional round — the same share price as that round, per the regulatory disclosure and pitch FAQ. No independent valuation methodology is 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">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:473px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Whatnot — $225M Series F at $11.5B, October 2025 (much later stage). Palmstreet — $25M raised, May 2025 (valuation unpublished). No published revenue-multiple series for European live-commerce marketplaces at this stage was found; beyond these entries, insufficient comparables for this sector and stage. Derived multiples on Tilt’s own figures: ≈48x filed FY25 turnover, ≈24x reported calendar-2025 revenue, ≈6.4x the company’s 2026 estimate.</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="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:473px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">3 / 5 — stretched but arguable. It rests on: (1) the June 2026 institutional round at the identical share price — a price set by TQ Ventures, Vinted Ventures, Balderton, Earlybird and Seedcamp weeks before this offer; (2) derived revenue multiples (≈24x reported 2025 revenue) sitting above the 3–5x range typical of marketplace exits. Crowdcube investors also take a more junior share class at the institutional price.</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:473px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">EIS 30% relief on new shares; rewards worth over £1,000 can affect EIS; ≈£34.7m of liquidation preferences rank ahead of Ordinary shares; Crowdcube fees of 2.49% on investment and 5% of any profit.</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:680px"> <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:633px"> <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: absolute GMV and revenue run-rate; take rate; cash burn and runway figures; the ownership table by class; option-pool size; a use-of-funds split. 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:633px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Internal inconsistencies</strong> — (a) Total raised: pitch page “$46m” vs the company’s own June 2026 release “over $50M”. (b) £10,000 reward: deck “no seller or shipping fees for a year” vs pitch page “zero Tilt fees until you’ve saved £2,000”. (c) Deck 2025 revenue £2.7M vs filed FY25 turnover £1.33M, period basis unstated. (d) Live markets: deck shows UK/Spain/Italy; the June 2026 release adds Poland. (e) Copilot “current” in the deck, “upcoming” on the pitch page.</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:633px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>External discrepancies</strong> — One, minor: the pitch page’s “$46m raised” conflicts with the company’s own press release and Dealroom (“over $50M” / “$50.7M”). The discrepancy runs in the company’s favour — the pitch understates the total — and is treated as immaterial to the investment decision.</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:633px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Negative public information</strong> — <em>None found</em> in public registries or news searches; Companies House status Active.</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:633px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Prior fundraises</strong> — Confirmed: £2.7M seed led by Earlybird (September 2022); $18M Series A led by Balderton (August 2024); $26M with Vinted Ventures and others (June 2026 — outlets differ on whether TQ Ventures or Vinted led). Balderton’s Series A announcement cited 500,000+ users in year one; subsequent reported growth is consistent with that trajectory.</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:633px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Valuation reasonableness</strong> — Entry price equals the June 2026 institutional round. Derived multiples: ≈48x filed FY25 turnover, ≈24x reported calendar-2025 revenue, ≈6.4x the company’s 2026 estimate, against a 3–5x typical marketplace exit multiple; Whatnot ($11.5B, October 2025) is the only category valuation benchmark found and sits at a much later stage.</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">Ordinary shares in Retro Labs Ltd, priced at £35.182 each (the price includes 0.5% stamp duty on any secondary shares). Crowdcube Nominees Limited holds the legal title on trust for you — you get the economic benefit; the nominee handles voting and paperwork. Each share carries one vote and equal dividend rights. A decision to sell the whole company can be forced on all shareholders by holders of 50% of the shares (the “drag-along” below), so in practice the institutional shareholders and founders together will decide when and how an exit happens.</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 regulatory disclosure states plainly that the company will need to raise further capital after this round. Every new round issues new shares, shrinking every existing holder’s percentage. You have pre-emption rights — the right to buy into future issues in proportion to your holding — which lets you maintain your percentage if you add more money. Holders of Seed preference shares additionally have protection that grants them extra shares if the company ever raises at a lower valuation (“broad-based weighted-average anti-dilution”); Ordinary shares have no such protection, so in a down round the dilution falls relatively harder on you. Illustrative example with standard mechanics: if the company later raises £30M at a £170M pre-money valuation, all existing holders are diluted by 15% — a 0.0016% stake becomes ≈0.00136%, and any return multiple shrinks proportionally.</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">Payout order per the regulatory disclosure: lenders and other creditors first; then Series A-4 preference shareholders receive their preference; then the other preference shareholders (including Seed) receive theirs — the preferences total approximately £34,702,727; then Deferred shares receive £1 in total; whatever remains is split pro rata among Ordinary shareholders, including any preference shareholders who choose to convert and share alike instead of taking their preference (they take whichever pays more). In plain terms: in a large exit, everyone shares alike and the preference is irrelevant; in a small one, roughly the first £34.7m goes to the preference holders and Ordinary shareholders split what is left — possibly nothing. The exact split cannot be computed because per-class share counts are not in the pack we reviewed. Drag-along: holders of 50% of shares can force everyone to sell on the same terms. Co-sale rights on founder share sales belong to preference shareholders only. No lock-up appears in the pack; your beneficial interest can be transferred to another Crowdcube member, but there is no organised market — treat the shares as unsellable until an exit.</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> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The ownership table — who owns what percentage, by share class, before and after this round.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Employee option 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">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, reporting is provided to investors.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Any lock-up on shares.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The per-class split of sale proceeds in exact percentages.</span></span></li> </ul> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Each of these exists in the shareholder documents and could have been disclosed — a genuine gap, unlike operating figures. Each also appears in the questions section.</span></span></p> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:680px"> <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:680px"> <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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Crowdcube GB
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Wysoki
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Good
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GBP 10
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GBP 1357,04M
