We’ll be closing our investment round with Seedrs on Friday 24th May. As I write, that gives readers a week to invest. You invest by clicking the link above, if you want to invest more than £5,000, drop firstname.lastname@example.org a line and I will send you a full prospectus (you can also download the prospectus together with other supporting documents from Seedrs).
We are of course over-funded to the tune of 157%, a tremendous vote of confidence from the 427 people who’ve invested via the platform and to the larger investors who’ve come to us directly.
I’d particularly like to thank John Roe, who has – in the latter stages of the campaign stepped up to be our lead investor. John, as a private individual is responsible for nearly one third of the money we have raised in this round. He manages my pension and many billions of investments for people like me who invest in Legal and General Multi-Asset funds.
Proving the concept
In an abstract way, we have already proved that people are prepared to invest in an idea which though not fulfilled – is now reckoned to be worth over £3.5m.
But I am under no illusion, turning a good idea into a minimum viable product that can influence people to take better pension decisions is a major undertaking in itself.
The first thing to do is to build around us founders, a group of talented diverse people who share our entrepreneurial zeal. Thanks to the success of the round, I have found several high calibre people who will be working at AgeWage.
We have moved from camping out on the sofas of the 7th floor of WeWorks in Moorgate to our own office.
We promise to spend the money we’ve raised carefully and we will not be awarding any founders bonuses for the success of the round, every penny is to be spent on delivering the proof of concept.
That POC is simple, to demonstrate we can produce accurate scores from bulk data and to prove that those scores positively engage people with their pensions.
There is much more beyond the MVP. We want to help people take action to bring pensions together , to invest more responsibly and ultimately to turn pots to wages in older age.
We will also be seeking every penny worth of grants available in the UK (and still from Europe). We would rather not lean on our shareholders for further development, though a further round of funding will follow later in the year as we build our digital support service through phone and web apps.
If you are an investor
We don’t take our investors for granted, whether you invested in pre-seed or in this round, you will not just be kept informed but invited to participate. Next week, as part of our POC we will be opening our doors to investors who want their pots analysed for value for money.
If you would like to share your pension details with us, then we will issue data access requests to your providers so we can compare your investment value (NAV) with what you would have got if you had contributed to the AgeWage index. We will give you scores.
We want our investors to be first in the queue of people we help.
Doing not talking
I look forward to the next few months as a time to do rather than talk. For years I have heard my friends and colleagues moan about the lack of support for people as they save and spend their pension pots.
Now you have given us the chance to do something about it and to do so on an industrial scale.
Thanks to our investors, big and small, AgeWage is in a position to work with Royal London and many other pension providers to improve engagement, decision making and ultimately the age wages of millions of people.
If you are not yet an investor, here again is the link- if you are and you want to top up, the link is still open to you.