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Technology

Coconut

Status: Funded

Jun 9th 2021 - Jul 23rd 2021

Coconut automates bookkeeping and tax for sole traders. The company argues that in the next 24 months, 3.5 million sole traders in the UK will be required to complete 4 tax submissions a year instead of 1, in light of Her Majesty's Revenue and Customs (HMRC's) Making Tax Digital (MTD) initiative. Coconut aspires to become the leading sole trader finance and MTD product in the UK targeting the aforementioned audience. Coconut asserts that its total revenue grew by 174% in 2020 despite COVID-19. It also claims to have onboarded 8,000 paying customers, registered a 174% revenue growth in 2020, and signed 2,800 accountants on its portal to date. Coconut connects with over 25 banks, giving automatic tax insights using banking data based on the principles of 'Open Banking'. The company will use the investment to target 100 million+ self-employed businesses in Europe and North America and grow its business across different verticals.

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Coconut Rating Review

Pitch rating powered by CROWDRATING

Rated on 15/07/2021

Pitch Rated

55%

Insufficient Data

Management

90%

Product

74%

Investment

UNRATED*

* Section unrated owing to insufficient or incomplete information available at the time of rating.

  • £2,006,334
    pledged
  • 286%
    of goal

    £700,000
    target

    £18,003,459
    pre-money valuation

    10.03%
    equity available

    2,324
    investors

    £863
    pledge per investor

    09904418
    company number

    Active
    company status

    07/12/2015
    incorporated 6 years

    £0.02
    share price

What the ratings mean

  • 49% and under
    We suggest potential investors carry out further study of their own
    50-64%
    Room for improvement
    65-79%
    Worth considering
    80%+
    Gold rating, our highest rating

RISK WARNING - The ratings are based on the information provided in the fund raiser’s pitch deck, business plans and financial forecasts which have appeared on a FCA regulated crowdfunding site. Where possible we validate the business plan to public sources such as LinkedIn, Companies House, Credit Agencies and internet searches. We cannot guarantee the information is correct. The ratings report takes no account of the investors/ individual circumstances. Do your own due diligence and get professional advice before investing. Your capital is at risk when investing in private companies.

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Management 90%

Skills 91%
The 'Coconut' management team comprises skilled professionals whose published LinkedIn profiles include expertise in management, technology, sales, marketing and finance. They have an experienced team in place that consists of a Founder/CEO, Founder/CFO, CTO and Head of Marketing. The Founder/CEO is competent in management consulting, financial modelling, business analysis, mergers & acquisitions and business development. The Co-founder/CFO is proficient in entrepreneurship, information security, strategic planning, fintech, start-ups, and auditing. The CTO has operations management, scrum, agile project management, web development, python and perl skills. The Head of Marketing is skilled in account management, integrated marketing, consumer insight, brand management and project management.

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Funding progress



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  • £2,006,334
    pledged
  • 286%
    of goal

    £700,000
    target

    £18,003,459
    pre-money valuation

    10.03%
    equity available

    2,324
    investors

    £863
    pledge per investor

    09904418
    company number

    Active
    company status

    07/12/2015
    incorporated 6 years

    £0.02
    share price

  • Internet Business Awards Category Award Winner 2015
  • Hertfordshire Business Awards Finalist 2014

As seen in:

  • The Guardian
  • Financial Times
  • Yahoo! Finance
  • The Times
  • The Daily Telegraph