Microcosm - 2nd Seedrs crowd-funding round

VB, my head hurts just reading your posts.

It must be pretty all consuming at the moment.

^^^ this sounds like my day job. trying to convince the company to hire some staff so I'm not switching roles every hour. Feels like I'm trying to stop leaks in a dam with my fingers! (although we are making progress)

Started using your cock too?

Toes can come in hand for those low, hard reach ones.

haha if I used my cock, maybe I'd get paid more!

Or less.

Probably less, much less.

You'd probably end up handing out iou's.

touche!

In a week or two time, it will open for previous investors. Who will then have 10 working days to choose to take up their right to preserve their positions.

Which means in 3-4 weeks time, we'll launch the public part.

Actual date to be determined, and I will have the go-live button... so I will do my best to spread word of the go-live time in advance (via this thread, and email).
This is good to know. Was worried I'd missed the boat.

Don't burn out David!

He can't burn out - he's David!

My initial investment was only £50, so I'll definitely keep my %age for the sake of a few quid. I'd also like the chance to put a little extra in when possible, depending on my situation on the day (ie. skint, as usual, or slightly less than skint).

Subscribed.

We are hiring: https://www.lfgss.com/thread108998.html

Needed to start that process, and if anyone knows any exceptional front-end devs we really want to hear about them.

As for the fund-raising... spoken to accountants late last week, we still have a little work to do before we can launch the funding, but will keep everyone informed.

Let me know when you're looking for a janitor or something entry level :-) Got no transferable skillset.

fluffer?

Thanks, I'm fine.

Does anyone know if the extra £ required to keep up one's share comes under the SEIS relief umbrella?

Yes.

The new issue will also be covered by SEIS.

thanks David for the quick reply. I don't know much about this, but doesn't that mess with the SEIS relief numbers? forgive me if this is a silly question.

£50,000 first round investment
~£10,000 additional investment to exercise pre-emption rights (assuming everyone does)
£100,000 second round investment

total investment £160k but SEIS relief limited to £150k?

edit: rereading, I understand that any pre-emption investment will take away from the second round investment limit, so that the total is £150k.

The issue is for £100k and the exercise of pre-emption rights comes from that amount.

To illustrate, using your example:
£50k first round
£10k pre-emption rights
£90k second round

If not everyone exercised their rights, then the second round total that is available would increase.

David - how's the timeline for this looking? I am wondering whether I should put some £ into my Seedrs account to be ready.

It is slow going on clearing the ground-work (which I find incredibly frustrating).

The groundwork involves getting the company valuation verified, allocating some options in the existing option pool and topping up the option pool. These all need to be done to get us to the point that we know the exact numbers to supply Seedrs.

Unfortunately those things require 3rd parties, and some legal paperwork (EMI agreement, etc), which is why it's frustratingly slow.

In the mean time we've been updating materials that allow us to list faster. Things like creating a pitch deck to not only distill our communication and thoughts but to have as a source guide when we update the Seedrs listing.

The more observant will notice we've also updated http://microcosm.app/ . It's prettier.

Back to the question... hopefully we will launch in a week's time, as that will give us 2 weeks for the preemptive period for a public go-live in the first week of August.

And to answer a question you didn't ask, you don't need to put money in the account to be ready... but you do need to have cleared the KYC (Know Your Customer - anti-money laundering checks) stuff. The easiest way to trigger that is to invest £10 in any other startup on Seedrs, or to load money into Seedrs... it essentially involves providing proof of identity, address, etc.

Whilst I am here... if anyone who is an existing investor has changed their address since investing, you really want to make sure you've updated Seedrs and ideally told me too. The SEIS1 form for your tax relief is bogged down in a question, and as soon as the accountant answers that the SEIS1 will be filed and the SEIS3 will be generated by HMRC for you guys... and I believe those get posted to you. So keep Seedrs up to date with any address changes.

I also missed out on the last round as I was skint. I have loaded my seedrs balance :)

hmmm being non-uk looks like it might be tricky for me (even with a place still in the uk).

Velocio, envelope stuffed with notes ok ? ;)

Girth: all you need is a registered UK address.