At a Glance
Oode Limited UK is a fintech company, which has developed an online payment infrastructure to help service providers promote, sell and manage their time.
Traction and Ask
We’ve already accumulated €100k worth of sales and 2800+ customers, such as coaches, consultants, and designers, while still being in pre-revenue mode. This gives us a cushion for strategic decision-making and a launchpad to build up our revenue engine, so we scale to €30k MRR before Q4 2024.
Oode is now looking to raise €350k pre-seed funding. The ideal investor would have expertise in SMEs, SaaS or Fintech in the European and North American markets. The investment is needed to:
- Accelerate growth and further expand market verticals
- Reach profitability with €350k ARR by Q4 2024
- Strengthen the team with two new hires in sales and marketing
Market, Business Model, Financials and Team
Founded in 2020 in London, Oode is poised to capture a share of the global social commerce market worth €677,4B (+31.6% CAGR/Year) targeting the solopreneur segment in the US and Europe, which counts 74M solopreneurs as of today.
Oode is monetizing through a transaction-based business model, with an option for monthly plans, charged to service providers and solopreneurs selling online. Revenue growth is projected at 400% YoY (breakeven in Q4 2024), reaching €600k+ by Q4 2025.
Oode’s team of 10 (3 full-time / part-time co-founders and 7 full-time / part-time employees), with multiple exits, combines 50+ years of collective expertise in fintech, back-office systems and e-commerce.
Competitive Advantage
The key USP versus competitors like Stripe, Paypal, and other plain vanilla checkout products is Oode’s out of the box business management suite. Not only do we simplify online payments, but also streamline back-office tasks to create an unmatched business management platform for solopreneurs. This typically comes with a ton of friction and extra costs, which Oode dissolves completely.
Round Details
At a €3,5M pre-money valuation, Oode aims to close this pre-seed round by 31 October 2023. Some minority investors have already committed to join with €50k. The minimum investment ticket size is €20k.
Oode has previously invested €600k in its own capital and raised €100k from business angels to develop the product and validate the product-market fit, which means that, after this round is secured, Oode is fully ready for international commercial uptake. Oode is seeking to exit in 5 years at a target valuation of €100M (25x return of investment).
Get in Touch
Amanda Honkanen, Co-Founder & CEO, and the other founders are speaking with potential investors over the next few weeks and are keen to pitch, demo and open up their traction and financial plans in detail.