Rightangled

Rightangled have returned to CC to raise a bridge round ahead of a series A. The raise is just c5m after the last CC with the raise aimed to give the group enough working capital to build inventory and bid on corporate COVID19 testing contracts.
The raise is in private now but has, in 24hrs, got to 500% funded.
I really like the business. It’s achieved a lot so far. The pivot to COVID19 was v commercial. The only thing I struggle with is that despite bidding on contracts for “hundreds of thousands” of corporate tests and “massive” C2C demand, they only expect c£350k revs till the end of the year, meaning around 2k tests sold. That’s feels quite low.
My gut feeling is that we were spoilt on previous rounds with valuations that were too low but I can’t help but feel that they could be doing more in the current situation.

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I didn’t know the company. DNA testing has already blown up in the US with lots of families getting kits for each other last Christmas. So the sector has potential. Sounds like its marketing could be better.

My previous thread on Rightangled and Genomes.io

I ended up investing a small amount in Rightangled, and have also top up on this round.
I’m glad they are expanding beyond DNA tests and are now also doing COVID-19 tests.

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How close are they to providing COVID-19 tests? It would be an amazing moneymaker.

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They are selling them already.

Is it reliable? £140 is not cheap, but can do. This is why it’s worth hanging out on this forum!

From the company;

“ The assay used has been confirmed by Public Health England to have >98% accuracy. Please find the specificity sheet here. The NHS is already procuring the same assay from the manufacturer. We currently are providing the lab capacity to run the assay through our network of independent partner labs in the UK.”

They’re looking into an anti-body test but don’t have one yet. They have built in no major corporate sales of the COVID test but are bidding on contracts for “hundreds of thousands” of tests for corporates. None of that is built in.

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I don’t know anything beyond what is on the website and the Crowdcube campaign.

You can see some media coverage links they sent to investors:

Here are some links to the features we received lately on CNN, Talk Radio, LBC and Sky News.

They said the have discounts for NHS staff. I wouldn’t buy a test unless I’m a key worker etc. and someone provide it cheaper or for free. I guess what Rightangled needs to do is to have contracts with NHS, the government, big companies etc. to sell tests in bulk, rather to sell them directly to customers.

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Is this campaign not for public? Sorry maybe a rookie question.

I’m not sure if it is still private, link below anyway:

It’s currently still private. Will go public in a few days. But the link above should still work.

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Thank you I will keep an eye on it

Good one. I invested in R1 as felt the valuation/risk/size of the prize looked v appealing. Good decision, as it’s now almost a 5 bagger based on valuation this round. Their ability to pivot so quickly during the current environment only increases my belief in these guys to smash it from here…

the website looks a bit amateur and no where near enough information for me from a business or medical pov. unfortunately im highly cynical and so what is to stop some madman setting up a quick website, putting it on crowdcube and taking the money.

thoughts?

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Always best to come from a position of skepticism in my view!
I’ll have a stab at responding though, although others should chime in and interested to hear others views.
Rightangled is I believe the only testing company that has been backed by NHS England and regulated under the Care Quality Commission for screening and diagnostic services. This to me is a pretty immense level of accreditation.
Its services are used by Bupa and various private clinics across Harley Street and others across the UK. I imagine Bupa have carried more extensive due diligence than I ever could!

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As a starting point I’d suggest On CrowdCube you request access to the “private documents” both the pitch deck and financial snapshot. If you have questions check to see if any have already been answered under the “discussions” section and if not then create a new discussion thread or connect Rightangled directly…

thanks JBL and Ticktock, i was expecting a bit of abuse but v. helpful cheers

Ive since had a look and I was almost convinced but im going with my gut instinct on the website compared with AIM company websites, although i understand this is only a start up.

The way this is worded is annoying me
“Launched COVID-19 test. PHE confirmed assay to be >98% accurate”

why does it say “to be” and not “is” or even “will be” would be better

the worst thing about humanity is lawyers and their use of wording

anyway il see you on thursday for the freetrade pitch

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Never abuse in response to valid questions!

I hear you on wording but I think it is likely the require wording they have to use.

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