Den Returns to Seedrs Less Than a Year After Raising Over £800,000 Through Last Equity Crowdfunding Round

Less than a year after securing £800,000 through its previous Seedrs campaign, UK-based plug socket brand Den has returned to the equity crowdfunding platform and has so far surpassed its initial £150,000 funding target.

As previously reported, Den describes itself as a new technology startup that is looking to transform the way people use light switches and plug sockets around the world by providing “safety, energy saving, security, and convenience. 

“Light switches and plug sockets have been around for over 100 years and have hardly changed since. They are extremely dated. Although some wireless light switches and plug sockets do already exist, we’ve found they are all really complicated products that no one really understands how to use. Many of these have replaced the familiar rocker-switch with high-tech touch pads and buttons, making them complicated, unfamiliar and essentially not mass-market. At Den, we’re reinventing the light switch and plug socket, and we aim to wipe out the existing standard of switches around the world.”

Den also revealed that the latestfunding round is being raised by way of a convertible equity instrument, which means shares will not be issued immediately but will be triggered by a future event. The terms revealed:


  • Shares will be issued on a Trigger Event (of one occurs prior to the Longstop Date), at the lower of: (i) the share price set by the Trigger Event less the Discount; and (ii) the valuation cap (no further discount applies to the valuation cap).
  • Discount: 20% discount to the valuation set by the Qualifying Funding Round.
  • Valuation cap of £27,500,000. Please note that the discount does not apply to the valuation cap.
  • The Trigger Events include:
    • A Qualifying Funding Round – defined as the Company raising investment capital of at least £1,000,000 from one transaction or a series
      of transactions, in exchange for the company issuing equity Shares; or
    • A change of control transaction or an IPO.


  • The Longstop Date is 12 months from the date of the convertible agreement.
  • If conversion has not been triggered by the Longstop Date, shares will be issued on the Longstop Date at a company valuation of £20,307,566 (the
    post-money valuation of last funding round).
  • The instrument will also convert at this valuation immediately prior to any winding up event.

In regards to what the funds from this round will go towards, Den added:

“We’ve completed the first half of our mission: to develop, manufacture and ship our core products to happy customers. Now we need to execute on the second half of our mission: to launch entire range of products and significantly build out sales and marketing.”

The funding round is set to close in September.

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