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UK - East
Date Rated:
Valuation (Pre Money):
Industry: Technology
Location: UK - East
Platform: Crowdcube
£300,000 Expansion
Valuation: £2,450,980
Date Rated: 05/01/18



Tax Status: EIS

Business Summary

Thyngs has developed a line of NFC/QR-code based stickers that can turn any object into a contactless point of sale for a low up-front cost (with further revenue coming from transaction fees). With over 250,000 units sold already they have gained crucial early traction and are ready to scale.

Financial Overview

Date (y/e) 2016/17 2018 2019 2020 2021
Sales 2016/17£325,000 2018£1,400,000 2019£3,600,000 2020£10,600,000 2021£34,400,000
Gross Profit 2016/17£170,000 2018£900,000 2019£2,500,000 2020£8,700,000 2021£29,900,000
GP as % sales 2016/1752% 201864% 201969% 202082% 202187%
Overheads 2016/17£371,000 2018£1,000,000 2019£2,300,000 2020£5,100,000 2021£8,100,000
Operating Profit 2016/17-£201,000 2018-£74,000 2019£192,000 2020£3,600,000 2021£21,800,000
OP as % sales 2016/17-62% 2018-5% 20195% 202034% 202163%
Closing Cash 2016/17- 2018- 2019- 2020- -

Note: This financial information has been sourced from the company on 05/01/2018 or from public sources. Financial data is NOT verified by Wheatfromchaff Ltd. FY 2016/17 figures are not yet actual.
Thyngs' management team covers all the key roles and individuals have proven their abilities in previous positions. The presence of an FD provides additional re-assurance.
The team is experienced in related fields and members have worked together before to take a business through to an IPO.
Key personnel appear to have other ongoing commitments but significant work has already gone into developing the business. The FD is not yet registered as a director of the company.
Contactless payments are becoming more and more popular and the market is predicted to undergo significant growth.
Thyngs has already launched its line of products and services and is generating material revenues from initial partners.
There are competitors in the space, but these tend to focus on a centralised POS service rather than Thyngs more 'disposable' offering.
The projections that have been provided are basic but demonstrate good profit margins (though we are skeptical that these can be improved to 87%) and overheads that scale appropriately.
There is insufficient information available to fairly rate this aspect of the business
Given the CEO's background investors may reasonably expect an exit (although little analysis provided) and, if the growth plan can be achieved then this should generate reasonable returns.


Thyngs has a very experienced management team and a product that is gaining traction so given the projected growth in the sector there is a significant opportunity here. There is a risk of established and well funded payment processor competitors such as Squareup developing competing product lines, but Thyngs has an early mover advantage and, given the management team's skills, could turn that threat into an opportunity.

Related Links

Crowdcube Pitch


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