© 2016 by Exodus Ventures Ltd

Case STUDIES

Exodus worked closely with the founders of Blueburra Holdings Ltd (Bingoport) to structure and negotiate the £11m sale of the company to Gaming Realms Plc

  • Blueburra Holdings Ltd operated a number of multi-platform marketing affiliate services and a stable of bingo skins. The main value in the transaction was the Bingoport site, which contributed c.65% of group revenue, and whose primary business was driving traffic to the bingo websites.

  • Exodus worked with Blueburra to identify targets that would potentially be interested in the merger based on its marketing expertise and access to a significant database of players

  • Valuation was negotiated with the potential purchasers based on trading and transaction multiples for comparable companies in the space

  • Given Gaming Realms desire for the founders to continue running the business, Exodus supported in negotiating for one of the founders to stay on for a defined period to help transition the business and for the other founder to be released, in keeping with their wishes

  • Once the terms of the deal had been agreed, Exodus coordinated with the founders, purchaser, legal representatives and buy side M&A team in order to facilitate due diligence and long form documentation negotiations to ensure a smooth close

  • http://www.igamingbusiness.com/news/gaming-realms-acquire-blueburra-holdings

 

From an initial seed raise, Exodus have supported Big Data Partnership with their growth strategy, through two further funding rounds

  • Exodus began working with Big Data Partnership (BDP) at their seed round, when it worked with the company to structure and complete an Angel investment round

  • Following the closing of this round Exodus took a position on the board of the company and worked with them to continue on a growth path that saw it double revenues

  • The company’s strong growth was being constrained by the size of the sales team, so they moved to raise a Series A. With support from Exodus, BDP presented to numerous corporate venture and VC firms, completing this round with Beringea

  • Exodus continued to be involved, advising on the sales structure, consultant utilisation and reporting processes for the business

  • Beringea’s continued support was seen when they offered to cornerstone the Series B round just 12 months later, as the company continued its 100% growth

 

Exodus has worked closely with the founder of GripIt in order establish an international order pipeline, manage working capital with invoice financing and complete a crowdfunding round to fund expansion

  • A patented wall fixing that is being rapidly adopted due to its ease of use, strength and price, GripIt is stocked in all the major UK building supply and DIY stores, and has supplied to several housebuilders

  • GripIt pitched to Deborah Meaden for investment on Dragons’ Den. Following this Exodus completed a commercial review on the business that led to the completion of the investment

  • Exodus then took up a board role to help them grow their business, and have been heavily involved in the building forecasts for their expansion

  • The business is now on the verge of entering the US market with orders from  the  largest distributor of building products and into Australia through a partnership agreement

  • In order to be able to capture these growth opportunities, GripIt chose to raise funds through a crowdfunding platform, Exodus coordinated and managed this process, resulting in a £2m round which closed in just 7 days

  • Exodus remain a close advisor to the CEO  and Investor as the company continues its rapid growth

 

Angel Tech Investors (ATI) first formal investment was into Circus Street, who have increased bookings by more than 5 fold since investment

  • A Digital Marketing e-Learning Platform that is being rapidly adopted across internal marketing teams as well as agencies

  • Having met with management, ATI were immediately impressed by the vision of the team and the quality of the product

  • ATI structured an EIS eligible investment opportunity that was shared with its membership base, with a syndicate of more than 10 investors participating in the round

  • Due Diligence was then performed and an investment agreement with appropriate investor protections and management warranties was drawn up

  • Upon closing, ATI now represent their investors on the Circus Street board, supporting with strategy development and guiding the business towards a profitable exit

 

Having completed Due Diligence and Structuring on behalf of our Investor, Exodus then remained on the board and was instrumental in the negotiating of their subsequent merger

  • City Hawk was a real time restaurant booking service that allowed its users to discover restaurants with immediate availability based on user location, food preference and group size

  • Exodus was initially asked to review City Hawk for its product, market, customers and management in advance of an investment by Karen Hanton (the Founder of Toptable)

  • Following the closing of this deal, Exodus joined the board of City Hawk, advising on the strategic growth and vision for the company

  • Exodus continued working with City Hawk to raise a Series A, which culminated in the strategic merger of City Hawk with Spleet, a mobile payments solution - the joint entity has since rebranded as Cake

  • The Cake has just completed a £1.2m series A via crowdcube and continues to go from strength to strength