Barnaby 2A

Equity
The Place To Be
€291,899
total amount raised
  • Backed by over 60 investors
  • Eligible for a tax reduction
This campaign ended

Historical accounts


Preliminary note: in comparison with the estimates issued mid 2016, the V2 IT development took longer than initially expected, due to the sophisticated design and the implementation of the security measures linked to the new cashless functionality.

This unpredictable IT constraint coupled with an initial 3 / 4 month charge-free testing period of the new V2 version among 50 venues led the company to actually start invoicing customers mid November 2017 only.

Financial plan


Barnaby’s income structure has been reviewed to better reflect the wide range of targeted venues
.

It now includes (a) a front-end fee, (b) a renewable annual subscription fee, (c) a fee based on the Barnaby customers generated turnover and (d) specific income on tailor-made promotion services.

The turn-over projections are based on the following quite conservative assumptions :
- Acquisition of 11.000 users in 2018, 25.000 in 2019 and 40.000 in 2020.
- Number of paying venues: 170 in 2018, 335 in 2019 and 570 in 2020.
- Frequency of use per person : 1 per week.
- Average individual bill : between 20 and 25 €.
- Cashless payment fee : between 3 and 9 %, depending on venues categories.

Revenue drivers


Turnover structure :
- 2018 : front-end fee + subscription fee : 35% / cashless fees : 50% / others : 15%.
- 2019 : frontend fee + subscription fee : 25% / cashless fees : 71% / others : 4%.
- 2020 : frontend fee + subscription fee : 22% / cashless fees : 77% / others : 1%.
These figures reflect the growing utilisation of the cashless functionality (which will be different from one country to another) and clearly indicate its medium term exponential growth potential.

Cost drivers


Overheads structure :
Staff: end 2017, Barnaby’s team is composed of 9 staff, 8 of them operating either as services providers or as individual entrepreneurs.
- 1 managing Director,
- 3 IT developers
- 2 commercial
- 2 designers
- 1 marketing officer
Between 2018 and 2020, remunerations (bonuses included) will range from 61 to 71% of total overheads after progressive integration of services providers as employees and after new recruitments.

Marketing and communication in the hands of an external Ad agency and a growth hacking firm represent the second most important item ie 20% of the total overheads.
Financial charges growing from 59.000€ in 2018 to 409.750€ in 2020 correspond to fees paid to Stripe® for the secured payment settlements generated by the cashless functionality.

Forecasted investments : mainly IT equipments (PCs + smartphones).
Depreciation : goodwill over ten years, equipments over 3 to 5 years.

This new fundraising will give Barnaby the necessary means to achieve its promising objectives in France as well as in some European countries. Initial targeted cities are Lyon, Brussels, Antwerpen and Lisbon.

These 2018 / 2020 projections rely on three key-variables : the number and the cost of acquisition of users, the number of venues and the turnover generated by Barnaby customers.
In 2020, Barnaby targets an annual turnover of 2.500.000€ resulting in an EBITDA close to 900.000€.

Financial tables



Warning
The company plans to borrow from an organization approximately EUR 135,000, depending on financial needs, in the course of 2018. There is currently no agreement on such a loan. It is understood that without this loan, the company will have less financial means to develop and therefore the projections of the financial plan could not be met.