BorrowMyDoggy single company EIS
The businessMost dog owners cannot be with their dogs 24/7. There are also many dog lovers who would like to own a dog, but can’t. BorrowMyDoggy matches the two, solving both problems. Dog lovers volunteer their time to take local dogs for one-on-one dog sitting. Owners get peace of mind knowing their dog is being taken care of by a verified, insured dog lover.
The growth opportunityBMD is a subscription business. Dog owners pay £44.99 per year and borrowers pay £9.99. Subscriptions are paid in advance, creating a recurring revenue stream.
There are 9 million dogs in the UK and Ireland and BMD estimates around 70% of dog owners use services such as dog sitters, dog walkers and kennels, spending an average of £242 a year, more than five times BMD’s annual subscription. There is a significant opportunity for international expansion in USA and Europe, where there are more than 100 million dogs.
The financialsBMD was founded in 2012 and has received £2.1 million in subscriptions since. It was shortlisted in the prestigious Europas Awards for Best Sharing Economy Start-up. Founder and CEO, Rikke Rosenlund, was shortlisted for Best CEO. As of today, BMD has 523,000 members and 58,500 subscribers.
It forecasts to generate EBIT of £4.4 million on revenue of £10.1 million in 2020. It ambitiously aims to deliver investor IRR of 73% and a cash multiple of 9.5x net cost of investment. The investment is EIS qualifying with advance assurance received.
- Single company
- Target return
- Funds raised / sought
- Minimum investment