Co-founded in 2011 by Helen Boyle and Claire Ollard, The Dip Society offers healthy dips and pâtés in several British retailers and independent shops including Selfridges, Booths and Ocado. Primed for further growth, the all-female executive team has paired with Seedrs to raise £300,000 by way of a convertible instrument. At this writing, The Dip Society has secured over £79,42o from more than 28 investors.
The key terms that apply to The Dip Society’s convertible include:
Discount – conversion at a 20% discount to the valuation set by a Trigger Event.- Valuation cap of £6,000,000
- Conversion is triggered by (“Trigger Events”):
- An Equity Fundraise – defined as the Company raising investment capital of at least £150,000 from one transaction or a series of transactions, in exchange for the company issuing of Ordinary Shares;
- A Change of Control of the company (transfer of more than 50% of the share capital); or
- An IPO – being a listing of the company’s shares on a recognised stock market or secondary market.
The Longstop Date is 12 months from the date of the convertible agreement.
Be forewarned, readers may not want to read further if they are not near a Dip Society retailer and hungry. Featured dips include Garlic with Artichoke and Thyme, Super Duper Spicy Houmous, Zingy Cucumber Tzatziki, Hot Smoked Salmon, Beetroot with Mint and Honey and Avocado Houmous.
For more detailed campaign and financial information, registered Seedrs investors may click here.
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