Microcosm - 2nd Seedrs crowd-funding round

Hi everyone

A bit of clarification about how this is going to work, mainly re-iterating other answers already given above. Sorry if it wasn't clear in the email. Feedback much appreciated, as ever.

(1) The first round of funding for Microcosm was raised at a valuation of £500,000.

The minimum investment on Seedrs is £10.

As the price per share was 43p, £10 got you 23 shares.

(2) The second round will be at a £2,000,000 valuation.

Under our subscription agreement that those who invested first get the ability to retain their original percentage ownership (which would otherwise be diluted as new shares are issued) by investing more money, up to the limit noted in your email this morning). This happens before the offer is opened up to the rest of our membership.

The email sets out how many shares each investor would be able to subscribe for to maintain their holding. As the valuation of the company has gone up, as has the share price. It'll now cost investors £1.49 per share.*

Everyone will get the opportunity to top up their ownership after the pitch has gone fully live, which will be on the usual "first-come, first-served" basis.

When it comes to SEIS, it's not possible under the rules of the scheme for investors to claim the relief until the company which has issued the SEIS-eligible shares has either spent 70% of the money, or traded for 4 months. As ever with HMRC, there is a form-riddled process to work through. Microcosm will file a form SEIS1 once it has hit the criteria to claim the relief. HMRC then send back a set of forms SEIS3. We'll help fill them out and sent to individual investors to file with their tax returns. All the detail's here.

I'll try to stick around here if there's anything else I can do to help.

• NB the minimum investment will remain £10 (well, actually £10.43, which will get you 7 shares at £1.49).