Woolies Jeans

By Jovian Garcia-Cummins

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NZ $262,926 pledged


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About

Woolies Jeans

Dear Potential Investors,

In 2018, fed up with my wearing hot and sweaty jeans in a wool shed, shearing New Zealand sheep, I decided to improve on my work wear. The funny thing was that I knew that the perfect pair of jeans could be made out of the product I was working with everyday.

Merino keeps you cool when it's hot and warm when it's cold. What I wanted to do was create a jean, which had the same subtle style of a classic denim workwear jean, whilst offering me the benefits of which merino can offer on the inside. I had my mum help design me a pair.

We designed a fitted work jean with merino lining on the interior. After some trial and development, I haven’t worn a normal pair of jeans since. I have made a few pairs for close friends (in exchange for a few beers), who have told me I should be talking to runway models in Italy about my idea.

I’ve never known much about business but know that these are some of the best jeans I have seen across shearing in England, Ireland, Scotland, Australia and New Zealand. I want to use funds from crowdfunding Woolies in order to patent the designs and to help build a supply chain, with my team, to allow farmers and shearers worldwide to enjoy the product that I have been lucky enough to be able to make.

Yours sincerely,

Jovian Garcia Cummins

 

 

About our Team


What we've done so far

What's next?

Risks and Challenges

 

 

A Note from PledgeMe

We have completed Equifax checks on the company, Woolies Limited, and their Directors, as well as Google and Insolvency checks. One Director, Isaac Williams, has been noted to have one default on his credit report. There were no other adverse findings. 

Updates 5

An Update from Woolies Jeans

30/11/2021 at 2:40 PM

Update to our Investors on our Valuation

To our investors,

Part 1: Introduction

We have been asked to provide more information in regards to our post-raise company valuation of $5,000,000 using the Berkus Method.

We would like to take this opportunity to explain how we have used the original Berkus Method (invented in 1995) and have adjusted it for inflation and USD to NZD exchange rates.

Outlined below is how we have applied the Berkus Method including the assumptions made and how value has been assigned to each of the ‘key drivers’ of the model to arrive at our company valuation.

Part 2: Opportunity to exit investment

If you would like to cancel your pledge and withdraw from the equity crowdfunding campaign you may do so by sending an email to [email protected]

If anyone has a problem with our use of the Berkus Method or valuation, we would like to take this opportunity to give everyone the option to cancel their Pledge. 

Part 3: Our explanation of valuation and use of the Berkus Methodology

The maximum valuation a pre-revenue company can have using the Berkus Method is $2M USD.

The maximum assigned value to each value driver is $500K USD.

We have adjusted this to take into account inflation from when the method was created in 1995.

We have also adjusted this to take into account currency conversion between USD to NZD.

This can be seen below resulting in a final equation of 5,317,278.33 NZD as of 1st December, 2021.

3.1 Break down of our use of the Berkus Method


For the purposes of keeping the Share Price at $1.00 we have rounded this figure down to $5M NZD.

3.2. What is the Berkus Method?

The Berkus Method is a way to value early-stage companies, especially those in technology, developed by American angel investor Dave Berkus in the mid-1990s.

Source: https://www.ilab.ceu.edu/articles/4-best-ways-to-calculate-valuation-of-a-startup

3.3 Why was the Berkus Method used for the valuation of Woolies?

The Berkus valuation method is a straightforward model to value a  pre-revenue company. The Berkus method gives entrepreneurs and early-stage investors a simple tool to value a pre-revenue startup by focusing on risk factors instead of financial projections.

The Berkus method offers budding entrepreneurs and early-stage investors a straightforward framework that allows them to focus on the risk factors rather than final projections to estimate a pre-revenue startup. However, this method’s integrity is not a replacement for the startup’s need to conduct comprehensive due diligence.

3.4. How does the Berkus Method work?

The Berkus Method assigns a number, a financial valuation, to each major elements of risk faced by all young companies – after crediting the entrepreneur some basic value for the quality and potential of the idea itself. 

Below is each of the major elements and assignment values sourced from Berkonomics.com.

Source: https://berkonomics.com/?p=1214

Below is an assessment of how we have used the Berkus Method in relation to our current business position.

Please note: These value drivers have been updated on 02/12/21.

✅ Sound idea ~ NZ $1,326,030.10 (Inflation Adjusted / Currency Adjusted)

Non Inflation / Non-Currency Adjusted = $500K USD 

We feel we have created a product which can improve the quality and comfort of work wear.

✅ Prototype ~  NZ $1,326,030.10  (Inflation Adjusted / Currency Adjusted)

Non Inflation / Non-Currency Adjusted = $500K USD

We have developed a prototype which is ready for sale to customers.

✅ Quality Management Team ~  NZ $1,326,030.10 (Inflation Adjusted / Currency Adjusted)

Non Inflation / Non-Currency Adjusted = $500K USD

A balanced management team with success in previous business endeavours.

✅ Strategic Relationships ~ NZ $1,326,030.10 (Inflation Adjusted / Currency Adjusted)

Non Inflation / Non-Currency Adjusted = $500K USD

Established relationships with a network of NZ farmers.

Note: We have rounded down our post-raise valuation of $5,317,278.33 NZD to $5,000,000 NZD to allow for a Share Price of $1.00.

3.5 How has Woolies arrived at our post-raise valuation of $5,000,000 NZD using exchange rate and inflation adjustments?

As outlined above in the Berkus Method, the maximum pre-revenue valuation for a start-up using the Berkus Method allows for a valuation of up to $2 million.

We have adjusted this maximum to include inflation adjustments and USD to NZD currency conversion as follows:

$2,000,000 USD inflation adjusted from 1995 – Present Day = $3,629,776.90 USD


Source: https://www.usinflationcalculator.com

$3,629,776.90 USD exchange rate adjusted from USD to NZD = $5,317,278.33 NZD


Source: https://www.google.com/search?q=3%2C629%2C776.90+usd+to+nzd

A Big Thank You to All of our New Investors in Woolies Jeans

30/11/2021 at 2:40 PM

We would like to send this message to say thank you so much to all of our new investors for your support.

There are now only 4 days left of the crowdfund so the opportunity to purchase shares is now coming to an end.

To purchase shares, simply click on 'Make a Pledge' on the Pledgeme website. If you have already invested, it is still possible to purchase more shares.

We are extremely excited about what the future will bring and how we can grow our incredible product.

During the crowdfund, we have been testing our protypes on some individuals, who have arthritis, that have indicated that their knee pain has been significantly reduced, due to the anti-inflammatory nature of our merino, in Woolies Jeans. 

We all look forward to seeing how we can continue research on this next year and how we can communicate this potential benefit to our future customers.

We also look forward to sending the first lines of our jeans to all of the investors, who have invested at least $2,500.

Have a fantastic day, and make sure to tell a friend about Woolies Jeans!

Kind Regards,

Woolies Team

 

 

‘Woolies Jeans’ Raises $239,476 Halfway Through PledgeMe Crowdfunding Campaign

04/11/2021 at 8:55 AM

Woolies Jeans, a startup company created by farmer Jovian Garcia-Cummins, has completed the first of a 2 month equity crowdfunding campaign via PledgeMe, generating $239,476 in new funds. The investors are not the typical private equity or angels, but rather 175 fans, who turned their enthusiasm into company shares.

Woolies are not your everyday jeans. They are designed to ‘keep you cool when you are hot and warm when it’s cold’ and utilize NZ Merino to do so. “They will be the most comfortable pair of jeans on the market - always made in NZ” says founder Jovian Garcia Cummins. The jeans are lined with a special type of merino so customers get a traditional jean exterior denim look, with a comfortable merino interior.

The crowd-funding campaign, which kicked off in early October, hit its minimum target of $50,000 within a few days. The average investment has been around $1,400 per person. New investors can still invest via Pledgeme.co.nz and clicking on the Woolies Jeans Campaign. Investors who have already invested are still able to invest more - should they decide to do so.

The company is aiming to take ‘NZ Made’ merino wool jeans worldwide and is planning on using the crowdfunding funds to do so.

“I want to give everyone the opportunity to invest into this company from day 1,” Jovian Garcia-Cummins says, of the brand’s decision to raise money via the crowdfunding route with PledgeMe.

“A friend of mine was extolling the crowd-funding space. It’s the ultimate smart money because you’re raising money from people who love your product and will evangelise and become advocates for your brand.”

 

“Not only will they invest and buy your product, but they will tell other people about and spread the word,” he adds. And just like that: Woolies Jeans has nearly 200 new brand ambassadors.

Still, Garcia-Cummins says, the crowd-funding bet wasn’t a sure thing. There are plenty of start-ups that fail to meet their goals. And there’s a lot of preparation before the launch, including investor videos, decks, and PledgeMe checks.

Now facing a waiting list and an increasing demand for his product, Garcia-Cummins says he’s very excited for what might unfold in 2022.

Following the successful fund raise, Woolies Jeans is planning on an expansion for the brand, including putting out a mens and women’s line of merino lined jeans and making available worldwide.

To find out more and check the progress of the crowdfunding campaign, go to https://www.pledgeme.co.nz/investments/491-woolies-jeans

 

We're 17% of Being Fully Funded

14/10/2021 at 2:52 PM

Thank you! It's been a fantastic start to the campaign - more than 100 of you have joined us as owners and shareholders of Woolies Limited.

It's thanks to people like you that we're here, about to take NZ merino jeans to the world stage and help NZ so much!

We are extremely excited about producing these jeans on scale and to have so many happy customers, when they buy these jeans!!

It's so encouraging to read the comments our investors make when they pledge.

Thanks for your support!

Woolies Team

Thank you to our investors so far!

09/10/2021 at 10:15 AM

Thank you so much to everyone who has already backed this exciting company - let's all take these jeans WORLDWIDE!

We've hit the minimum investment we need to raise but we really want to achieve our maximum investment target of $500,000. We are very grateful for all of your support!

Here are the links of some of the media Woolies Jeans has been in -

Stuff.co.nz -
https://www.stuff.co.nz/life-style/fashion/126552894/shearers-plan-to-create-the-worlds-most-comfortable-pair-of-jeans

NZ Herald -
https://www.nzherald.co.nz/hawkes-bay-today/news/hawkes-bay-shearer-fed-up-with-uncomfortable-pants-launches-merino-jeans/SVANQYIZHC67OXJHQFNVC25ERU/

Otago Daily Times -
https://www.odt.co.nz/rural-life/rural-people/shearer-aiming-take-jeans-product-world-stage

We are thrilled to have you all onboard as investors! Please feel free to invest again or share the Woolies Jeans crowdfund with friends and family as we enter this amazing journey together.

Thanks so much and I hope you enjoy the audio of Jovian LIVE on the Jono and Ben Show linked below:

https://www.youtube.com/watch?v=MFfDkrzPlI8

    Details

    Offer Details

    Current Valuation 4,500,000
    Raise Minimum 50,000
    Raise Maximum 500,000
    Share Price 1.00
    Minimum Pledge 250.00
    Maximum Shares Offered 500,000
    Explanation of valuation:

    Our valuation has been created with the help of our advisors. It is based on the Berkus method of valuation, which is commonly used by venture capitalists to create valuations for pre-revenue “start-ups”.

    Financial Summary

    Prev Year Current Year Est. FY 2023 Est. FY 2024
    Revenue NZ $0 NZ $0 NZ $1,176,000 NZ $1,764,000
    Operating Expenses NZ $0 NZ $200,000 NZ $217,500 NZ $313,750
    EBITDA NZ $0 NZ $ NZ $ NZ $
    Net Profit NZ $0 -NZ $200,000 NZ $478,500 NZ $730,250

    Company Details

    Company Name: Woolies Limited

    Company Number: 8204532

    Company Documents

    Information_Memorandum_Final_Woolies_Ltd.pdf

    (application/pdf, 15.7 MB, uploaded 03 October 2021)

    Company_Constitution_-_Woolies_Limited.pdf

    (application/pdf, 239 KB, uploaded 03 October 2021)

    Company_Extract_Woolies.pdf

    (application/pdf, 745 KB, uploaded 30 September 2021)

    Certificate_of_Incorporation_Woolies.pdf

    (application/pdf, 587 KB, uploaded 30 September 2021)

    Director Details

    Name Role Profile URL Invested?
    Felix Watkins Director https://nz.linkedin.com/in/felix-watkins
    Isaac Williams Director https://nz.linkedin.com/in/isaac-williams-82906b100
    Jovian Garcia-Cummins Director http://

    Questions 7

    Ask a Question (You must login to ask a question)


    I am unsure of your valuation. Can you please provide more information of how you used the Berkus Method to calculate this?

    Posted on 04-10-2021 by Adrian Edge

    Hi Adrian,

    Thank you for your question. The valuation has been determined using the Berkus Method as follows:

    ✅ Sound idea ~ $2M

    ✅ Prototype ~ $1M

    ✅ Quality Management Team ~ $1M

    ✅ Strategic Relationships ~ $1M

    Cheers

    Answered on 04-10-2021 by Jovian Garcia-Cummins


    Doesn’t the Berkus Method have category maximums of 500k?

    Posted on 04-10-2021 by Adrian Edge

    Yes, but we have adjusted it for New Zealand currency and inflation for 2021.

    Answered on 04-10-2021 by Jovian Garcia-Cummins


    How many pairs have you made and sold to date?

    Posted on 05-10-2021 by Paul Naske

    Hi Paul, I haven't sold any pairs so far. Selling the jeans can influence the design patent - hence why I am trying to raise money so I can patent and then sell afterwards. Thanks.

    Answered on 06-10-2021 by Jovian Garcia-Cummins


    Hi Jovian - In terms of your forward projections, are your current team planning on drawing salaries, or hiring people. I imagine that this will very quickly become a full-time job for one or more people, and there doesn't appear to be much (if any) provision for that in the forecasts.

    Posted on 07-10-2021 by Adrian Edge

    Hi Adrian,

    We haven't factored in salaries because the the current team all have a shareholding in Woolies Limited and are able to work on a voluntarily basis.

    Thanks

    Answered on 08-10-2021 by Jovian Garcia-Cummins


    A couple of questions, are you concerned about the name Woolies, it is the name most people refer Woolworths supermarket to (in Australia anyway), have Woolworths got any rights over this name? My other question is wearability, how many times can you wear the jeans before needing to wash them, referring to how the merino absorbs moisture and how long does a pair take to dry after a wash?

    Posted on 09-11-2021 by Loretta Taylor

    Hi Loretta,

    The trademark for Woolworths is for supermarkets so we see it as quite different to the jeans and don't think there should be too much confusion - we just really like the name. I have been washing them basically similar to the timeframe of normal jeans and the drying has been good - just very similar to normal jeans overall.

    Thanks

    Answered on 15-11-2021 by Jovian Garcia-Cummins


    Hi Jovian. Could you please provide more details of your plan for spending on marketing and production/supply chain development? Also, who are the advisors that helped with the valuation? Do you plan on getting further support from them? Cheers!

    Posted on 09-11-2021 by Emily

    Hi Emily,

    Around 90% of All Birds sales are online so I am planning on doing highly targeted social media advertising predominantly. With supply chain, we will be initially relying on outsourcing this but will develop this ourselves more and more into the future. A lot of the advisors who have helped are industry connections through our team and yes, we do plan on using them into the future.

    Thanks

    Answered on 15-11-2021 by Jovian Garcia-Cummins


    Good morning
    I know I have pledged. When will you need the funds please ?
    Sam

    Posted on 13-11-2021 by sam stoddart

    Hi Sam,

    Thanks so much for the support. The close of the crowdfund is on the 4th December and pledgers will have 2 weeks upon this date to make payment- so anything before 18th December 2021.

    Thanks

    Answered on 15-11-2021 by Jovian Garcia-Cummins

    Pledgers 210

    Rachel
    2021-12-02 20:44:52 +1300
    Hafiz Bakri
    2021-12-02 12:26:43 +1300
    Cameron Beattie
    2021-12-02 10:26:50 +1300
    Kellie Watkins
    2021-12-02 09:54:32 +1300
    Pat Turnock
    2021-12-01 15:30:59 +1300
    Andrea Gainford
    2021-11-30 18:59:11 +1300
    Nicol
    2021-11-30 17:30:39 +1300
    Wilson Alistair
    2021-11-30 14:48:47 +1300
    [email protected]
    2021-11-30 14:43:41 +1300

    "increased from 250$"

    Stephen Flowers
    2021-11-30 09:33:20 +1300
    James
    2021-11-29 15:08:20 +1300

    "You are very sexy brother. I hope you do well and make sure not to let your investors down but you've probably been told that already."

    TRACEY FISHER
    2021-11-29 14:41:57 +1300

    "Best wishes for huge success with this."

    Christopher
    2021-11-29 10:52:59 +1300
    Colleen Muir
    2021-11-29 08:19:40 +1300
    Sam Saxton
    2021-11-25 23:17:51 +1300
    [email protected]
    2021-11-25 22:21:06 +1300
    Ian Grayson
    2021-11-25 19:06:39 +1300
    Sharron Barnett
    2021-11-25 16:09:24 +1300
    Pramod Kumar
    2021-11-25 14:28:27 +1300
    Kirsten Taylor
    2021-11-25 14:24:42 +1300

    "I wish you luck! and I look forward to buying a men's and a women pair of skinny jeans off you once manufacturing is finalised. "

    Hafiz Bakri
    2021-11-23 09:52:51 +1300
    Geoff Lance
    2021-11-19 08:08:24 +1300
    Judy Diane Ngatia
    2021-11-17 23:04:05 +1300
    Mike Garrity
    2021-11-16 14:00:08 +1300
    Stephen Hoyle
    2021-11-15 15:15:58 +1300
    Loretta Taylor
    2021-11-15 12:31:10 +1300
    Robert Reid
    2021-11-15 10:18:59 +1300
    Guy Phillips
    2021-11-12 22:54:05 +1300
    Paul Snyder
    2021-11-12 12:42:58 +1300

    "Good luck. Anything wool has far better properties over many fabrics and especially plastics. "

    Stacy Kopper
    2021-11-12 05:44:44 +1300

    Woolies Jeans

    Dear Potential Investors,

    In 2018, fed up with my wearing hot and sweaty jeans in a wool shed, shearing New Zealand sheep, I decided to improve on my work wear. The funny thing was that I knew that the perfect pair of jeans could be made out of the product I was working with everyday.

    Merino keeps you cool when it's hot and warm when it's cold. What I wanted to do was create a jean, which had the same subtle style of a classic denim workwear jean, whilst offering me the benefits of which merino can offer on the inside. I had my mum help design me a pair.

    We designed a fitted work jean with merino lining on the interior. After some trial and development, I haven’t worn a normal pair of jeans since. I have made a few pairs for close friends (in exchange for a few beers), who have told me I should be talking to runway models in Italy about my idea.

    I’ve never known much about business but know that these are some of the best jeans I have seen across shearing in England, Ireland, Scotland, Australia and New Zealand. I want to use funds from crowdfunding Woolies in order to patent the designs and to help build a supply chain, with my team, to allow farmers and shearers worldwide to enjoy the product that I have been lucky enough to be able to make.

    Yours sincerely,

    Jovian Garcia Cummins

     

     

    About our Team


    What we've done so far

    What's next?

    Risks and Challenges

     

     

    A Note from PledgeMe

    We have completed Equifax checks on the company, Woolies Limited, and their Directors, as well as Google and Insolvency checks. One Director, Isaac Williams, has been noted to have one default on his credit report. There were no other adverse findings. 

    An Update from Woolies Jeans

    30/11/2021 at 2:40 PM

    Update to our Investors on our Valuation

    To our investors,

    Part 1: Introduction

    We have been asked to provide more information in regards to our post-raise company valuation of $5,000,000 using the Berkus Method.

    We would like to take this opportunity to explain how we have used the original Berkus Method (invented in 1995) and have adjusted it for inflation and USD to NZD exchange rates.

    Outlined below is how we have applied the Berkus Method including the assumptions made and how value has been assigned to each of the ‘key drivers’ of the model to arrive at our company valuation.

    Part 2: Opportunity to exit investment

    If you would like to cancel your pledge and withdraw from the equity crowdfunding campaign you may do so by sending an email to [email protected]

    If anyone has a problem with our use of the Berkus Method or valuation, we would like to take this opportunity to give everyone the option to cancel their Pledge. 

    Part 3: Our explanation of valuation and use of the Berkus Methodology

    The maximum valuation a pre-revenue company can have using the Berkus Method is $2M USD.

    The maximum assigned value to each value driver is $500K USD.

    We have adjusted this to take into account inflation from when the method was created in 1995.

    We have also adjusted this to take into account currency conversion between USD to NZD.

    This can be seen below resulting in a final equation of 5,317,278.33 NZD as of 1st December, 2021.

    3.1 Break down of our use of the Berkus Method


    For the purposes of keeping the Share Price at $1.00 we have rounded this figure down to $5M NZD.

    3.2. What is the Berkus Method?

    The Berkus Method is a way to value early-stage companies, especially those in technology, developed by American angel investor Dave Berkus in the mid-1990s.

    Source: https://www.ilab.ceu.edu/articles/4-best-ways-to-calculate-valuation-of-a-startup

    3.3 Why was the Berkus Method used for the valuation of Woolies?

    The Berkus valuation method is a straightforward model to value a  pre-revenue company. The Berkus method gives entrepreneurs and early-stage investors a simple tool to value a pre-revenue startup by focusing on risk factors instead of financial projections.

    The Berkus method offers budding entrepreneurs and early-stage investors a straightforward framework that allows them to focus on the risk factors rather than final projections to estimate a pre-revenue startup. However, this method’s integrity is not a replacement for the startup’s need to conduct comprehensive due diligence.

    3.4. How does the Berkus Method work?

    The Berkus Method assigns a number, a financial valuation, to each major elements of risk faced by all young companies – after crediting the entrepreneur some basic value for the quality and potential of the idea itself. 

    Below is each of the major elements and assignment values sourced from Berkonomics.com.

    Source: https://berkonomics.com/?p=1214

    Below is an assessment of how we have used the Berkus Method in relation to our current business position.

    Please note: These value drivers have been updated on 02/12/21.

    ✅ Sound idea ~ NZ $1,326,030.10 (Inflation Adjusted / Currency Adjusted)

    Non Inflation / Non-Currency Adjusted = $500K USD 

    We feel we have created a product which can improve the quality and comfort of work wear.

    ✅ Prototype ~  NZ $1,326,030.10  (Inflation Adjusted / Currency Adjusted)

    Non Inflation / Non-Currency Adjusted = $500K USD

    We have developed a prototype which is ready for sale to customers.

    ✅ Quality Management Team ~  NZ $1,326,030.10 (Inflation Adjusted / Currency Adjusted)

    Non Inflation / Non-Currency Adjusted = $500K USD

    A balanced management team with success in previous business endeavours.

    ✅ Strategic Relationships ~ NZ $1,326,030.10 (Inflation Adjusted / Currency Adjusted)

    Non Inflation / Non-Currency Adjusted = $500K USD

    Established relationships with a network of NZ farmers.

    Note: We have rounded down our post-raise valuation of $5,317,278.33 NZD to $5,000,000 NZD to allow for a Share Price of $1.00.

    3.5 How has Woolies arrived at our post-raise valuation of $5,000,000 NZD using exchange rate and inflation adjustments?

    As outlined above in the Berkus Method, the maximum pre-revenue valuation for a start-up using the Berkus Method allows for a valuation of up to $2 million.

    We have adjusted this maximum to include inflation adjustments and USD to NZD currency conversion as follows:

    $2,000,000 USD inflation adjusted from 1995 – Present Day = $3,629,776.90 USD


    Source: https://www.usinflationcalculator.com

    $3,629,776.90 USD exchange rate adjusted from USD to NZD = $5,317,278.33 NZD


    Source: https://www.google.com/search?q=3%2C629%2C776.90+usd+to+nzd

    A Big Thank You to All of our New Investors in Woolies Jeans

    30/11/2021 at 2:40 PM

    We would like to send this message to say thank you so much to all of our new investors for your support.

    There are now only 4 days left of the crowdfund so the opportunity to purchase shares is now coming to an end.

    To purchase shares, simply click on 'Make a Pledge' on the Pledgeme website. If you have already invested, it is still possible to purchase more shares.

    We are extremely excited about what the future will bring and how we can grow our incredible product.

    During the crowdfund, we have been testing our protypes on some individuals, who have arthritis, that have indicated that their knee pain has been significantly reduced, due to the anti-inflammatory nature of our merino, in Woolies Jeans. 

    We all look forward to seeing how we can continue research on this next year and how we can communicate this potential benefit to our future customers.

    We also look forward to sending the first lines of our jeans to all of the investors, who have invested at least $2,500.

    Have a fantastic day, and make sure to tell a friend about Woolies Jeans!

    Kind Regards,

    Woolies Team

     

     

    ‘Woolies Jeans’ Raises $239,476 Halfway Through PledgeMe Crowdfunding Campaign

    04/11/2021 at 8:55 AM

    Woolies Jeans, a startup company created by farmer Jovian Garcia-Cummins, has completed the first of a 2 month equity crowdfunding campaign via PledgeMe, generating $239,476 in new funds. The investors are not the typical private equity or angels, but rather 175 fans, who turned their enthusiasm into company shares.

    Woolies are not your everyday jeans. They are designed to ‘keep you cool when you are hot and warm when it’s cold’ and utilize NZ Merino to do so. “They will be the most comfortable pair of jeans on the market - always made in NZ” says founder Jovian Garcia Cummins. The jeans are lined with a special type of merino so customers get a traditional jean exterior denim look, with a comfortable merino interior.

    The crowd-funding campaign, which kicked off in early October, hit its minimum target of $50,000 within a few days. The average investment has been around $1,400 per person. New investors can still invest via Pledgeme.co.nz and clicking on the Woolies Jeans Campaign. Investors who have already invested are still able to invest more - should they decide to do so.

    The company is aiming to take ‘NZ Made’ merino wool jeans worldwide and is planning on using the crowdfunding funds to do so.

    “I want to give everyone the opportunity to invest into this company from day 1,” Jovian Garcia-Cummins says, of the brand’s decision to raise money via the crowdfunding route with PledgeMe.

    “A friend of mine was extolling the crowd-funding space. It’s the ultimate smart money because you’re raising money from people who love your product and will evangelise and become advocates for your brand.”

     

    “Not only will they invest and buy your product, but they will tell other people about and spread the word,” he adds. And just like that: Woolies Jeans has nearly 200 new brand ambassadors.

    Still, Garcia-Cummins says, the crowd-funding bet wasn’t a sure thing. There are plenty of start-ups that fail to meet their goals. And there’s a lot of preparation before the launch, including investor videos, decks, and PledgeMe checks.

    Now facing a waiting list and an increasing demand for his product, Garcia-Cummins says he’s very excited for what might unfold in 2022.

    Following the successful fund raise, Woolies Jeans is planning on an expansion for the brand, including putting out a mens and women’s line of merino lined jeans and making available worldwide.

    To find out more and check the progress of the crowdfunding campaign, go to https://www.pledgeme.co.nz/investments/491-woolies-jeans

     

    We're 17% of Being Fully Funded

    14/10/2021 at 2:52 PM

    Thank you! It's been a fantastic start to the campaign - more than 100 of you have joined us as owners and shareholders of Woolies Limited.

    It's thanks to people like you that we're here, about to take NZ merino jeans to the world stage and help NZ so much!

    We are extremely excited about producing these jeans on scale and to have so many happy customers, when they buy these jeans!!

    It's so encouraging to read the comments our investors make when they pledge.

    Thanks for your support!

    Woolies Team

    Thank you to our investors so far!

    09/10/2021 at 10:15 AM

    Thank you so much to everyone who has already backed this exciting company - let's all take these jeans WORLDWIDE!

    We've hit the minimum investment we need to raise but we really want to achieve our maximum investment target of $500,000. We are very grateful for all of your support!

    Here are the links of some of the media Woolies Jeans has been in -

    Stuff.co.nz -
    https://www.stuff.co.nz/life-style/fashion/126552894/shearers-plan-to-create-the-worlds-most-comfortable-pair-of-jeans

    NZ Herald -
    https://www.nzherald.co.nz/hawkes-bay-today/news/hawkes-bay-shearer-fed-up-with-uncomfortable-pants-launches-merino-jeans/SVANQYIZHC67OXJHQFNVC25ERU/

    Otago Daily Times -
    https://www.odt.co.nz/rural-life/rural-people/shearer-aiming-take-jeans-product-world-stage

    We are thrilled to have you all onboard as investors! Please feel free to invest again or share the Woolies Jeans crowdfund with friends and family as we enter this amazing journey together.

    Thanks so much and I hope you enjoy the audio of Jovian LIVE on the Jono and Ben Show linked below:

    https://www.youtube.com/watch?v=MFfDkrzPlI8

      Offer Details

      Current Valuation 4,500,000
      Raise Minimum 50,000
      Raise Maximum 500,000
      Share Price 1.00
      Minimum Pledge 250.00
      Maximum Shares Offered 500,000
      Explanation of valuation:

      Our valuation has been created with the help of our advisors. It is based on the Berkus method of valuation, which is commonly used by venture capitalists to create valuations for pre-revenue “start-ups”.

      Financial Summary

      Prev Year Current Year Est. FY 2023 Est. FY 2024
      Revenue NZ $0 NZ $0 NZ $1,176,000 NZ $1,764,000
      Operating Expenses NZ $0 NZ $200,000 NZ $217,500 NZ $313,750
      EBITDA NZ $0 NZ $ NZ $ NZ $
      Net Profit NZ $0 -NZ $200,000 NZ $478,500 NZ $730,250

      Company Details

      Company Name: Woolies Limited

      Company Number: 8204532

      Company Documents

      Information_Memorandum_Final_Woolies_Ltd.pdf

      (application/pdf, 15.7 MB, uploaded 03 October 2021)

      Company_Constitution_-_Woolies_Limited.pdf

      (application/pdf, 239 KB, uploaded 03 October 2021)

      Company_Extract_Woolies.pdf

      (application/pdf, 745 KB, uploaded 30 September 2021)

      Certificate_of_Incorporation_Woolies.pdf

      (application/pdf, 587 KB, uploaded 30 September 2021)

      Director Details

      Name Role Profile URL Invested?
      Felix Watkins Director https://nz.linkedin.com/in/felix-watkins
      Isaac Williams Director https://nz.linkedin.com/in/isaac-williams-82906b100
      Jovian Garcia-Cummins Director http://

      Ask a Question (You must login to ask a question)


      I am unsure of your valuation. Can you please provide more information of how you used the Berkus Method to calculate this?

      Posted on 04-10-2021 by Adrian Edge

      Hi Adrian,

      Thank you for your question. The valuation has been determined using the Berkus Method as follows:

      ✅ Sound idea ~ $2M

      ✅ Prototype ~ $1M

      ✅ Quality Management Team ~ $1M

      ✅ Strategic Relationships ~ $1M

      Cheers

      Answered on 04-10-2021 by Jovian Garcia-Cummins


      Doesn’t the Berkus Method have category maximums of 500k?

      Posted on 04-10-2021 by Adrian Edge

      Yes, but we have adjusted it for New Zealand currency and inflation for 2021.

      Answered on 04-10-2021 by Jovian Garcia-Cummins


      How many pairs have you made and sold to date?

      Posted on 05-10-2021 by Paul Naske

      Hi Paul, I haven't sold any pairs so far. Selling the jeans can influence the design patent - hence why I am trying to raise money so I can patent and then sell afterwards. Thanks.

      Answered on 06-10-2021 by Jovian Garcia-Cummins


      Hi Jovian - In terms of your forward projections, are your current team planning on drawing salaries, or hiring people. I imagine that this will very quickly become a full-time job for one or more people, and there doesn't appear to be much (if any) provision for that in the forecasts.

      Posted on 07-10-2021 by Adrian Edge

      Hi Adrian,

      We haven't factored in salaries because the the current team all have a shareholding in Woolies Limited and are able to work on a voluntarily basis.

      Thanks

      Answered on 08-10-2021 by Jovian Garcia-Cummins


      A couple of questions, are you concerned about the name Woolies, it is the name most people refer Woolworths supermarket to (in Australia anyway), have Woolworths got any rights over this name? My other question is wearability, how many times can you wear the jeans before needing to wash them, referring to how the merino absorbs moisture and how long does a pair take to dry after a wash?

      Posted on 09-11-2021 by Loretta Taylor

      Hi Loretta,

      The trademark for Woolworths is for supermarkets so we see it as quite different to the jeans and don't think there should be too much confusion - we just really like the name. I have been washing them basically similar to the timeframe of normal jeans and the drying has been good - just very similar to normal jeans overall.

      Thanks

      Answered on 15-11-2021 by Jovian Garcia-Cummins


      Hi Jovian. Could you please provide more details of your plan for spending on marketing and production/supply chain development? Also, who are the advisors that helped with the valuation? Do you plan on getting further support from them? Cheers!

      Posted on 09-11-2021 by Emily

      Hi Emily,

      Around 90% of All Birds sales are online so I am planning on doing highly targeted social media advertising predominantly. With supply chain, we will be initially relying on outsourcing this but will develop this ourselves more and more into the future. A lot of the advisors who have helped are industry connections through our team and yes, we do plan on using them into the future.

      Thanks

      Answered on 15-11-2021 by Jovian Garcia-Cummins


      Good morning
      I know I have pledged. When will you need the funds please ?
      Sam

      Posted on 13-11-2021 by sam stoddart

      Hi Sam,

      Thanks so much for the support. The close of the crowdfund is on the 4th December and pledgers will have 2 weeks upon this date to make payment- so anything before 18th December 2021.

      Thanks

      Answered on 15-11-2021 by Jovian Garcia-Cummins

      Rachel
      2021-12-02 20:44:52 +1300
      Hafiz Bakri
      2021-12-02 12:26:43 +1300
      Cameron Beattie
      2021-12-02 10:26:50 +1300
      Kellie Watkins
      2021-12-02 09:54:32 +1300
      Pat Turnock
      2021-12-01 15:30:59 +1300
      Andrea Gainford
      2021-11-30 18:59:11 +1300
      Nicol
      2021-11-30 17:30:39 +1300
      Wilson Alistair
      2021-11-30 14:48:47 +1300
      [email protected]
      2021-11-30 14:43:41 +1300

      "increased from 250$"

      Stephen Flowers
      2021-11-30 09:33:20 +1300
      James
      2021-11-29 15:08:20 +1300

      "You are very sexy brother. I hope you do well and make sure not to let your investors down but you've probably been told that already."

      TRACEY FISHER
      2021-11-29 14:41:57 +1300

      "Best wishes for huge success with this."

      Christopher
      2021-11-29 10:52:59 +1300
      Colleen Muir
      2021-11-29 08:19:40 +1300
      Sam Saxton
      2021-11-25 23:17:51 +1300
      [email protected]
      2021-11-25 22:21:06 +1300
      Ian Grayson
      2021-11-25 19:06:39 +1300
      Sharron Barnett
      2021-11-25 16:09:24 +1300
      Pramod Kumar
      2021-11-25 14:28:27 +1300
      Kirsten Taylor
      2021-11-25 14:24:42 +1300

      "I wish you luck! and I look forward to buying a men's and a women pair of skinny jeans off you once manufacturing is finalised. "

      Hafiz Bakri
      2021-11-23 09:52:51 +1300
      Geoff Lance
      2021-11-19 08:08:24 +1300
      Judy Diane Ngatia
      2021-11-17 23:04:05 +1300
      Mike Garrity
      2021-11-16 14:00:08 +1300
      Stephen Hoyle
      2021-11-15 15:15:58 +1300
      Loretta Taylor
      2021-11-15 12:31:10 +1300
      Robert Reid
      2021-11-15 10:18:59 +1300
      Guy Phillips
      2021-11-12 22:54:05 +1300
      Paul Snyder
      2021-11-12 12:42:58 +1300

      "Good luck. Anything wool has far better properties over many fabrics and especially plastics. "

      Stacy Kopper
      2021-11-12 05:44:44 +1300
      Equity Offer

      From NZ $50,000 for 1.1%

      Up to NZ $500,000 for 10.0%

      Share Offer

      Up to 500,000 Shares

      at NZ $1.00 per Share

      Investor Perks

      (Determined by your pledge amount)

      Sheep Friend

      NZ $250.00+

      Minimum investment of $250 for 250 shares! Each share is $1.00. 🐑

      Sheep Dater 👖

      NZ $2,500.00+

      Pledge $2,500 and get a pair of Men's or Women's Woolies Jeans from the first production line. Baa. 🐑

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      Pledge $5,000 and get two pairs of Men's or Women's Woolies Jeans from the first production line. Baaaa. 🐑🐑

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      NZ $7,500.00+

      Pledge $7,500 and get three pairs of Men's or Women's Woolies Jeans from the first production line. Baaaaaaa. 🐏🐏

      Sheep Wedded 👖👖👖👖

      NZ $10,000.00+

      Pledge $10,000+ and get four pairs of Men's or Women's Woolies Jeans from the first production line. BAAAAAAAAAAAA. 🐏🐑

      Warning statement about equity crowdfunding

      Equity crowdfunding is risky.

      Issuers using this facility include new or rapidly growing ventures. Investment in these types of business is very speculative and carries high risks.

      You may lose your entire investment, and must be in a position to bear this risk without undue hardship.

      New Zealand law normally requires people who offer financial products to give information to investors before they invest. This requires those offering financial products to have disclosed information that is important for investors to make an informed decision.

      The usual rules do not apply to offers by issuers using this facility. As a result, you may not be given all the information usually required. You will also have fewer other legal protections for this investment.

      Ask questions, read all information given carefully, and seek independent financial advice before committing yourself.