Sponsored by The Funky Appliance Company
After a fantastic Inspired Home Show in Chicago earlier this year, The Funky Appliance Company believes it now stands on the threshold of major success and has returned to Seedrs with their latest EIS eligible round. At the conclusion of this funding round, the company will sign a distribution deal with a leading distributor in the USA for the company to launch their range of Funky products in Q1 2024.
The company was founded by serial Entrepreneur Joe Sillett (Ex-Woodworm) and his wife Sadie after they believed that the appliance world offered consumers the same-looking products. Every Funky product has its own bespoke design and tooling and is not shared with any other appliance brand. Starting with a Funky Iron in 2019 and then a Funky Kettle and Funky Toaster in 2021, The Funky Appliance Company will launch their debut Funky Air Fryer in Q4 2023.
The company’s products have already won numerous awards and prestigious titles from industry professionals across various media and their designs and general approach have caught the attention of some of the world’s leading appliance businesses.
The company has a very strong Management Team, which was recently boosted by the recruitment of Phil Knight, who was previously SVP Global Digital at SharkNinja appliances, helping the brand grow from $0 to $1bn in 8 years. Phil is now the Global Digital Director at The Funky Appliance Company where he is now ready to scale the company’s online sales channels. Peter Groom, Global Sales Director was instrumental in Flip Video’s success before bringing FitBit to Europe where he built sales from $0 to $300m in five years. Peter will go full time in the business at the end of this funding round and will build the company’s wholesale business.
The company is running a 50% discount offer on the share price for this round, with the two previous round’s share price of £47.53 now being made available for £23.77, a tactical and strategic decision by the Management Team which is capped at an overall £1m investment in the business.
Round 1 investors in 2017 invested at £4 a share and without the discount in this round would be on just under 12 times return on their investment. Even with the discounted offer, Round 1 investors are just under 6 times in this round.
The company is forecasting revenue of between £3m and £4m in the next financial year FY23/24, September 1st 2023 to 31st August 2024 which would see the company post a significant six-figure profit. In 5 years’ time, the company expects revenue to be between £25m and £30m.
The brand’s website is www.funkyappliance.co
The company continues to prepare exciting designs ready for market. These designs include a Funky Microwave (which has had significant interest from global appliance businesses), a Funky Hair Dryer, a new 2-Slice Funky Toaster as well as a Funky Housewares and a Funky Cookware range.
The global SDA business is huge and is predicted to rise to $452bn in revenue by 2029.
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For more information: https://www.seedrs.com/the-funky-appliance-company5
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