Crowdfunding: Wrisk

Just wondering if they have one.
It seems to me community forums play an important role when it comes to reinforce the engagement of community members and crowdfunding investors. And to keep them on the loop. Iā€™m not saying itā€™s the only or the best way to do it.

Also, being a potential investor I could register to the forum, read the posts and by doing so ā€œfeelā€ the room, have a sense of the mind set, the goals they want to achieve and the paths they are choosing, and how people are reacting to itā€¦

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Good article. Any views on urban jungle insurance? They are on syndicateroom and seems interesting

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Havenā€™t down as deep a dive on UJ - they seem to be focusing on renters and tenants who want to protect their stuff or deposits. Nice niche, especially in current housing market, but may be a bit more limiting long-term.

Apparently Kinsu are shutting down - Iā€™m not sure if this is permanent or temporary. They seem to have a similar business model to Wrisk.

Hi there Raul

Iā€™m Sima and from the team at Wrisk. Weā€™ve taken an active decision not to open an official community for a couple of reasons. For our investors, we have an active forum via the Seedrs channel where investors leave questions / make comments as needed. These are responded to pretty quickly.

Weā€™ve chosen not to open a community such as this one, not because we donā€™t see the value - itā€™s more down to capacity and focus. Weā€™d love to have one, but donā€™t feel its quite the right time for us just yet. However, as we say at Wrisk, ā€˜things changeā€™ ā€¦

hope that helps

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Thanks for dropping by Sima

It does. I think I get it. Life is made of choices. And priorities. Hey, I may even get to ask the Wrisk team a question in your Seedrs channel if I decide to invest.
I wish you success regardless of my choices.

Btw Iā€™ve read all your blog posts last night. So far I like what Iā€™ve read. Looking forward to access your pitch deck

All best

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Amazing write up! I invested in the first round a while ago. The below shows how theyā€™re different, guessing thereā€™ll be an updated page like this in the new pitch deckā€¦

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Thanks for the info @Rob14.
Since you invested in them in the first round, how happy are you with it? How about your previous and current expectations?
Thanks

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Pitch has gone live for those who signed up for early access.

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Thanks, hadnā€™t noticed the email. 30% funded already

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First impressions.

  • Adding 700 + customers a month
  • Very strong partnerships
  • Generating income but guessing growth was slower than forecast
  • It looks like the share price has remained unchanged since the first raise - some very material convertible loans/equity
  • Raise is for Ā£750k with Ā£2.25m coming from institutional investors (they canā€™t disclose who yet)
  • Two investors have invested Ā£100k each. I wonder if these are the co-founders? I donā€™t know but it would be good if related party transactions were made clear.

Seems like a strong proposition with a fairly reasonable valuation (great for new investors, not so much for early investors). For example crate brewery has a pre money valuation of Ā£12m compared to Wrisks pre money of Ā£13m - completely different businesses but interesting how companies value themselves.

As always do your own research. Crowdfunding is particularly high riskā€¦

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Wasnā€™t the share price around Ā£5 million in the first round?

Hi there

The share price was 2.44p in the first round at a pre-money valuation of Ā£7,012,797.

Thanks
Sima

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The company valuation was ~ Ā£7m for the first round. When you add on the second crowdfunding round (equity convertible) and other equity and loan convertibles you get to the current Ā£13m valuation.

So effectively no return on investment to date (I think).

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Thanks @sk1ma

Whatā€™s the new share price?

Saf,

The share price for this third round remains the same at Ā£2.44. As a member of this community, you will understand investing in start-ups is not without risk, and so maintaining our share price is a positive in its own right, as its also possible for the price to go down.

Please access the campaign on Seedrs from Monday to see the full details :slight_smile:

Sima

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I thought they would have raised a series A by now to be honest, with some kind of uplift. But no uplift is better than a company being greedy and not getting much funding!

The customer numbers are a little lower than expected, which is reflected in the valuation. It seems like this round is better value than the first 2 as it sounds like theyā€™re close to getting that transformative series A now. (I havenā€™t got access to the latest pack yet to see the latest)

Iā€™ve downloaded the app but havenā€™t taken out insurance, so canā€™t comment on the customer side.

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Yes, disappointing but favourable to going belly up, I suppose. I didnā€™t really buy into it in the first round but put something in so as not to miss out. Hopefully it does well now.

I took a look at their pitch deck. Their forecast seem pretty audacious to me. If they manage to deliver OMG. And even if their growth is a bit slower it can still become something special. Still early to say though.
The way I see it the fact they maintain the share price may be a good thing for those investors who want to add to their position at the same price (lower price if one factors in inflation).
I hope they succeed

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Yeah I think itā€™s wise to take the forecasts with a pinch of salt! But it shows how the business could scale and that it could break even with around Ā£8.6m in sales