Primorus Investments plc
("Primorus" or the "Company")
Second Round Investment in WeShop
Primorus Investments plc (AIM: PRIM, NEX: PRIM) pleased to announce it is making a further £675,000 equity investment in WeShop ("WeShop") on a fully-diluted valuation of approximately £30m. Primorus previously invested £200k in WeShop in August 2017 on a pre-new money valuation of approximately £25m.
The funds are proposed to be used for marketing activity to grow user acquisition and engagement on the platform to a target of over 1 million users. Since the last investment round, Primorus has been informed by management that:
- there has been strong growth in user numbers and the platform is now in a position to be marketed across a number of mechanisms including digital marketing, PR, influencer marketing, "above the line" campaigns and grass root initiatives.
- To date, the platform has had over 600,000 unique users with over 70,000 registrations of users posting more than 360,000 products to their profiles and driving sales of over £350,000 to retailers in the UK.
- The platform hosts over 9m products from 314 UK retailers.
Based on the current trajectory of user acquisition vs digital marketing spend, it is anticipated that WeShop will have over 1 million registered users by Q4 2018. At this point, management of WeShop believe that the valuation of the business would be significantly higher than the current level.
The management of WeShop expect to raise further funds by the end of Q1 2018 to to help it achieve its growth targets on the way to a planned IPO in late 2018.
Alastair Clayton, Executive Director commented:
"It is very pleasing to see the great progress made by the management of WeShop since our initial investment in the summer. All key management are now in place and under the stewardship of Matthew Hammond and his accomplished senior management and product teams including CTO John Pervanas, formally CTO of QuidCo."
"Having set their Key Performance Indicator as a minimum of 1m registered users by Q4 2018 we look forward to updating shareholders on the progress WeShop makes towards this target over the coming quarters."
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
For further information, please contact:
Primorus Investments plc: |
+44 (0) 20 7440 0640 |
Alastair Clayton |
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Nominated Adviser: |
+44 (0) 20 7213 0880 |
Cairn Financial Advisers LLP |
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James Caithie / Sandy Jamieson |
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Broker: |
+44 (0) 20 3621 4120 |
Turner Pope Investments |
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Andy Thacker |
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