Again Again

By Nada Piątek

PledgeMe.Investment

Product,



NZ $302,701 pledged


131 people pledged


5 days left


NZ $300,000 minimum target


Min

NZ$300,000

Max

NZ$750,000

100 100% Complete

Pledges will only be confirmed if the target is reached by: 28/11/2020 at 7:00 PM (NZDT)

Make a Pledge

About

Again Again

 

The Problem


Coffee is a part of our cultural fabric. Yet most of us drink our takeaways with a side order of waste. Each year, kiwis discard 300 million single-use cups into landfills and nature. Globally, that figure is 600 billion. 

Every one of those cups has a plastic liner, and only 1 in 400 cups is actually composted - even when they’re theoretically compostable. This is a ballooning problem, and one which people are increasingly aware of. Many are turning to personal reusable cups, but we are all human and we all forget them, at least some of the time.

 

600B

single-use cups 

discarded globally 

every year

1 in 400

compostable cups is 

actually composted

 

 

Our vision

Reuse is normal in 

takeaway culture.

 

 

 

Letter from the founders


Kia ora fellow changemakers 

Two years ago, Nada was in Wellington working at Sustainability Trust on waste reduction, and she had a light bulb moment. She loved coffee. She hated the cup waste. What if a system of reuse was the answer? She quit her day job, we partnered up, and began work on a circular, sharing economy system for reusable cups, designed to sort out this enormous waste issue piling up one cup at a time. Again Again was born. 

 

Just 18 months later Again Again has modelled what cup share looks like. Through our cafe partners, we provide access for coffee lovers to a no-thinking-ahead, reusable alternative to single use. Together, we currently keep around 800,000 disposable cups out of nature each year. 

 

We have built a convenient and commercially viable public share network that, crucially, is making a positive impact. To date, 164 cafes throughout Aotearoa New Zealand each offer the ability for their customers to choose to reuse. There’s about 8,000 around the country so there is a lot of room to grow! Within our network, 13% of the cafes have gone the whole hog and no longer offer single-use cups at all. This group is growing every month, and they are proving on a daily basis that reuse is not just an alternative, but a replacement system that genuinely works. This can be our future if we choose it.  

 

Since Again Again started, the urgency to do something about the world’s single use habit has grown as an increasing proportion of our community understands the issue. Sadly though, production of single use plastics is still increasing. It is time to double down, gather our friends, stand up to single-use packaging, and write a new playbook. 

 

We are armed with big ideas, a clear direction, and an ability to execute. Now we need your support, aroha, and investment, to change the world. Big change takes a crowd. Are you in? 

 

Again Again’s current impact is focused on the coffee industry. With the capital we raise through our crowd, we aim to address food and beer takeaway containers, and single use waste in workplaces. In the middle distance is events sector waste and grocery... and just past that… the same problems all around the globe. An eye-wateringly large opportunity awaits, and we know that the innovation and tenacity that comes from New Zealand can lead the world. 

 

We believe our world-changing roadmap is ready to go. We’ve identified two key areas of development, along with real-world co-development contributors who may become future clients.

 

1. Food and other drinks containers. Think curry bowls and beer flagons. The Again Again solution in the food industry will vary from the current cup share network. A cashless, trackable system using digital tech will facilitate loans of a wide variety of food containers, appropriate to the type of food or beverage.

 

2. A B2B solution will be developed to support companies and organisations to address the huge quantities of single-use cups that move through their internal waste systems and into landfills. With Again Again for Workplaces in action, companies can champion or mandate its use for all employees - and they’ll have the data to drive behaviour change in their workplaces. In doing so, they’ll drive value and coffee sales to participating local cafes, increasing the value proposition throughout the network and importantly, priming exponential collective impact on the single-use problem.

  

The future of circular economy innovation is full of opportunities to better manage the earth’s finite resources - and create a great business in the process. We see a future that is lighter on nature. We invite you to step in, join our world-positive team as investors and more, and help us build it.

  

Ngā mihi rarau 

Nada and Melissa

 


 

The coffee cup solution 


For coffee-drinkers who need the convenience of takeaway, Again Again is a cup share system that eliminates single-use waste. 

 

Unlike biodegradable single-use cups - most of which are never recycled or composted - or personal reusable cups, which we humans often forget, Again Again designs out waste by providing a fleet of reusable steel cups available by deposit and return at any participating cafe. Our system enables coffee drinkers anywhere to save the planet with every convenient, guilt-free sip.

 

Again Again solves the forgetting challenge with a reusable cup share system that is now available at the counter of 164 cafes throughout Aotearoa. Our cups and lids are available to borrow for a $3 deposit, which is fully refunded when the cups are returned to any network cafe countrywide. It’s takeaway without the throwaway. 

 

The Again Again solution is working towards United Nation Sustainable Development Goal #12, Responsible Consumption and Production, which has the following target: 

By 2030, substantially reduce waste generation through prevention, reduction, recycling and reuse.



Our story so far


At the completion of Again Again’s initial free pilot, every one of Again Again’s first 14 pilot cafes transitioned to a subscription plan. This, in combination with Mojo Coffee signing up, comprehensively validated our first market test. 

 

That was the start of a year of stellar growth. By March 2020, 188 cafes were subscribed to the network, and they were collectively displacing 700,000 Single Use Cups (SUCs) annually. 

 

Success of Again Again’s system in any given cafe is directly in line with the enthusiasm of both the cafe front of house staff, and the mindset of the customers. Campus cafes, for example, are among the most successful, with millennials generally lacking entrenched habits of old and highly committed to environmental protection. 

 

At the highest end of customer take-up, we now have 20+ fabulous, committed cafes who have gone in boots and all with Again Again for “sit in, borrow or BYO”. These cafes have got rid of SUCs entirely. This is where we’ve seen the real magic happen. The waste saving impact is exponentially greater, and the cost savings to the cafes, which no longer need to purchase SUCs, make Again Again a ‘no-brainer’ with respect to economic value. 

 

Again Again recognises that we have a responsibility to drive the success of the system by priming behaviour change as well as simply providing the system.

 

Nov 18

Wellington Pilot 14 cafes 

Feb 19 

Pilot validates/ Founders invest / Mojo Wgtn signs 

March 19 

100% pilot cafes convert to subscribers 

June 19 

Auckland launch 30 cafes, incl Auckland Zoo 

July 19 

100 cafes in network 

October 19 

Wanaka and Christchurch networks launch 

Again Again opens up NZ-wide inbound onboarding 

March 2020 

188 cafes in network 

COVID 

March 2020 

15% retraction 

161 cafes in network 

October 2020 

164 cafes in network

Covid Impact 

Covid has been tough on the hospitality industry. Since March 2020, our B2B customer base has retracted 18%. Despite this, with our increasing cohort of “100 percenters”, our collective waste impact is up to 800,000 cups/ year and we are pleased to report that we are financially stable. While growth and onboarding of new partner cafes has slowed for now (but not stopped!), we are managing our costs and are confident we can ride out the recovery phase until the industry picks up. This makes it a perfect time to be investing effort and resources in development of solutions for scalable growth. 

 

We want to be clear that our crowdfunding campaign is not about propping up the current business, which is stable. It’s about building future opportunities, both in impact and profitability. 

Recognition 

Again Again, and co-founders Nada Piatek and Melissa Firth, have been honoured as finalists in the Wellingtonians of the Year awards 2019 - Environmental category, Wellington Gold Awards 2020 - Emerging Product and Green Gold categories, Sustainable Business Network - Going Circular category, SheEO semifinalists selection, and have been privileged to have the opportunity to speak at the Sustainable Business Network 2019 conference, One Summit 2019 (Wanaka), Wasteminz ‘Be the Change’ conference 2020, & Restaurant Association Food Hui 2020. 

 

International enquiries come in regularly. Again Again has been consulted by the United Nations in a feasibility study to reduce single use plastic waste in the Baltic region. Founder Nada Piatek meets monthly with an international group of businesses like us to share knowledge and gain insights. 

 

New Zealand media has provided many profile opportunities: Again Again has featured on TVNZ One News, Newshub, Radio NZ, NZME radio, and in print in The Spinoff, Stuff, Good Magazine and Idealog. 

Kaitiakitanga & Whanaungatanga 

Since our inception, Again Again has been voluntarily climate positive. We measure and offset 120% of our carbon footprint with certified carbon credits for our business operations. This is accounted annually and is current to FY March 2020. We are committed to maintaining this status. This footprint excludes the lifecycle of the cups. These certified carbon credits are sourced from projects that grow and protect indigenous forests in New Zealand and the Pacific Islands and help to deliver climate resilience, waterways protection, erosion control, biodiversity conservation and community economic development. 

 

We have completed our carbon accounting and offsetting with Ekos. Ekos is an international non-profit enterprise that develops, pilots and scales up innovative approaches to financing a sustainable future. They rock. 

 

Again Again commits 3% of revenue from network fees that are charged to partner cafes to reinvest in waste reduction activation work, led by our community partners. This pool is slowly growing, but little has been spent yet. A balance of $4000 sits on our balance sheet as a current liability. Currently, the board has suspended making these contributions while we manage COVID cashflow challenges.

 

 

 

Strategic Growth Plan 


The slowdown brought by Covid-19 has given us a respite from a fast and reactive growth period, growing Business As Usual (BAU) at pace. It has given us space to think and to plan where our next moves will be. Of the huge and varied strategic opportunities, we have identified two that leverage our current offerings to create the most increased impact and delivering the most return on investment:

Food (and other) container waste 

As with coffee cups, single-use food takeaway containers are regrettably the norm. After a fleeting use, these materials are landfilled, or worse, escape into nature. We intend to fix this. It is a trickier problem which involves a wider variety of higher value containers, specific to the takeaway food in question. Our perspective is that a per-cafe solution enabled by technology may be more suitable, in this market segment, than the fully shared system we have built for coffee cups. 

 

In a Wellington love story, we are collaborating with craft brewers, Garage Project, to develop a trackable solution for cellar door beer, in a bid to design out the plastic flagons currently serving this workflow. Mobi2Go are another Wellington-founded company who provide a digital ordering platform for thousands of brands, nationally and globally. We will be working with them and some of their existing network to design and test a food container reusables system. 

 

These ‘alternate vessel’ systems will vary from the Again Again coffee cup share network in that we won’t own and manage the vessel fleet, but we will facilitate the same reusable principles in a cashless and trackable manner using digital tech. 

Workplace waste 

Large companies regularly contact us looking for a solution to their single use waste problem - one that we can’t currently offer. The new technology-enabled platform we intend to build will allow the current system to step into this space, making sustainable behaviours transparent and trackable through data analytics. 

 

With our long term partners Mojo Coffee and the co-design commitment of Wellington City Council’s team in their corporate office, Tahiwi, on Wellington’s Terrace, we’ll be collaborating to design solutions to the unique issues of workplace single-use waste. 

 

Providing a fully integrated solution will allow businesses to champion or mandate the move away from Single Use Cups. Further, it will provide measurable data with which these companies can track and report their impact, whilst visualising impact in an engaging and gamilfied way. In turn, this for-businesses solution will drive value (& coffee sales!) to our public cafe partners, leveraging network growth effects for all. 

 

What will we do with the money?

 

Business Valuation 


Pre-investment valuation is $4,300,000. This has been reviewed and confirmed by the board of directors with the support of advisors. It is based on a 3.5* multiplier of silver revenue forecast FY2022. We have identified this year as the reference, as this will be when the new revenue streams that come from the development of the technology platform are forecast to begin. 

Share classes 

Type

Rights

Ordinary 

Shares 

The right to one (1) vote on a poll at a meeting of the Company on any Resolutions; 

The right to an equal share in dividends authorised by the board; and 

The right to an equal share in the distribution of the surplus assets of the Company. 

Non-Voting Shares 

No right to vote at a meeting of the Company or on any resolutions or in relation to any Shareholder approval; 

The right to an equal share in dividends authorised by the Board; and 

The right to an equal share in the distribution of the surplus assets of the Company.

 
 

Share holding; pre and post investment

*Highlighted shares are ordinary, voting shares. 

*An ESOP has been approved by the board of directors for a total of 10% of the company. Currently 126,224 of the allocated shares have been vested to David Binstead. The future issuing of shares related to these options will dilute % ownership of all shareholders evenly. 

*A preferred technology partner has offered 30-50% of build costs to be realised in shares at market value, capped at $300,000. This is currently under negotiation and at post-valuation will represent a maximum of 300,000 shares being issued for this purpose. 

*Current shareholders hold future options on a further 200,000 shares. 

*Shares highlighted represent voting shares. All others will be non-voting, investor shares. Share class rights are outlined in the constitution. 

Returns 

Again Again is a growth company in a rapidly evolving, nascent market. We intend to invest heavily in growth in coming years, and will therefore not be returning dividends to shareholders in the next five years. Investment returns in Again Again could be realised through growth in equity - with the possibility of dividend payments in the middle horizon. If you want a short-term income from your investment, this is not your bag! 

 

As a privately listed company, shares are not liquid (yours or ours!). They can’t be easily traded. If you do want to sell your shares you will need to register your interest in doing so with us, and we will manage the transaction of these according to the process outlined in the constitution, and only if there is interest. Founders hold pre-emptive rights to purchase all shares at market value. 

 

The board does not have a predetermined view on how/if we will exit. We will assess opportunities as they arise, and when appropriate. 

Shareholder communications 

Communications with shareholders will be in the form of half-yearly email updates.


 

Financials 


Profit & Loss - actual and forecast 

Assumptions 

Revenue is primarily dependent on network growth rates, of both partner cafes (B2B, existing), and newly of consumer app subscribers (B2C). New subscriber revenue is based on free membership, and penalty fees of $12 per cup/lid that is not returned, at a forecast rate of 4%. Market acceptability of this has not been tested, and the model may change once this testing has taken place. 

 

The silver forecast subscriber growth rate is based on network growth modelled from data published by comparable international companies paving the way with shared reusable systems in their own regions. 

 

New revenue from the For-Business tool comes primarily in an upswing of both consumer subscriptions and new partner cafes, driven by the improved value proposition and use. 

Stock levels and logistics have been adjusted in line with increased or decreased network growth and use. 

 

In the first year, post tech implementation, 3.5FTE roles will be created in marketing, cafe success, sales and administration. Team growth will continue at 3FTEs per year in line with demand from growth.

 


 

Again Again’s world-positive team


Nada Piatek

Co-founder and Managing Director

Melissa Firth

Co-founder and Director. Strategy and Advisory

David Binstead

Leadership team. Partnerships and Operations

You!

Change champion

Nada is applying 20 years of sleeves-rolled-up-serial-entrepreneurship to build Again Again. She holds the vision, and she’s a powerhouse - strategically & operationally - fuelled by her daily flat white. 

Bringing international corporate experience to the team, Melissa contributes primarily in a governance capacity. With her other hat on, she’s head of growth and innovation at Chorus. Soy flat whites are her morning crave. 

A details guy with an inspired and creative view of the world! David manages all things operational. With a penchant for short, strong coffee, he covets the few 6oz Again Again sample cups that never reached the market. 

Once the tech-build project is green-lit, we will be recruiting in sales, marketing and customer success. Please raise your hand if you want to join our world-positive team in this capacity. 

Risks

Risk 

Mitigation 

Low uptake or use of Again Again in some partner cafes. 

This is the primary reason for failure of the system in the small number of cafes for whom it hasn’t worked to date. Without champions at the cafe counter, or when the cafe faces a non-engaged customer group who are resistant to change, Again Again can be implemented but used infrequently, and degrades the perceived value of the solution. We have acknowledged this, and are committed to increasing our focus on community behaviour change with activation of groups (Again Again for businesses), and the establishment of a customer success role. 

New competitors entering the market 

Systemic reuse is a nascent and rapidly developing industry. When we began trading in NZ 18 months ago, we were the third NZ-based share network. We are now the largest by a significant margin, and there are now 8-10, focused on food, beverages, events and local ecosystems. A number of these are community-or campus-organised and not scalable. More will follow, including perhaps international businesses who have already reached a degree of scale. 

We have protected our brand with New Zealand trademarking, and believe that a slick, resolved system, a seamless onboarding process, and great customer support position us to maintain our position as system of choice. 

If more physical networks become available to cafes, the licensable SaaS potential of our forthcoming tech platform to support these could create further future revenue opportunities from otherwise competing providers. The greatest opportunity for scale and impact on the problem is enablement of reusable vessels, rather than ownership of them. This is a key consideration for our technology build. 

Cashflow 

Rapid growth requires ongoing and significant investment in the cups, and potentially other containers. As our high-utilisation (100% Again Again) cafes move towards ditching disposables completely this puts further pressure on cashflow. To date this has been manageable, but we watch it like a hawk and may have to control the rate of onboarding of future 100% cafe partners. 

Supply chain risks 

While Again Again is still relatively small, our MOQs (Minimum Order Quantities) allow us only to purchase from one factory per material ordered. As we grow, we will source alternative suppliers, ensuring that they too meet the material and social standards we expect. 

Global financial disruption 

Been there, got the medal. Again Again has a Sunset Clause written into all vendor terms. In the event of widespread market disruption, or under circumstances in which the board deems that Again Again is under gross financial hardship, we reserve the right to suspend the return and refunding of all vessel fleet. While it is our intention to trade in an entirely circular manner, this clause acts as a release valve and ensures that we are trading solvently in the same manner as a ‘normal’ sales business. 

Loss of key people 

A lot of knowledge is held with the founders. We make solid efforts to document, automate and systemise all processes such that they can be replicated by others in the event that key people are compromised. Insurance is held to cover debt in such circumstances.

Warning statement

This document has been prepared by Again Again Limited.

The purpose of this document is for information in relation to the Again Again Limited share offer on PledgeMe.

All efforts have been made to ensure the accuracy and reliability of the content as of the date of this document. 

PledgeMe is licensed and regulated by the Financial Markets Authority, and the share offer made by Again Again Limited will only be available for acceptance through the PledgeMe website.

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.

Note from PledgeMe

We have completed a Veda check on the company and their Directors, as well as a Google check. There were no adverse findings.

 

 

Updates 5

Voting shares threshold now $20k | Let's talk revenue streams

13/11/2020 at 2:36 PM

Good news! Again Again has listened to investor feedback and has lowered the threshold for voting shares from $40k to $20k. This is effective immediately and our Information Memorandum and Pledge Me page will be updated accordingly by the end of the day. Thank you to the several people who engaged with us on this and informed our decision to make this improvement for our crowdfund community!

 

As we progress through our equity crowdfunding campaign, we've also had a few similar questions come up with respect to Again Again's financial model - where our revenue comes from now, and where it will come from once we add tech, which changes dynamics up a little and adds SaaS revenue streams to the mix.

Given the demand for some more in-depth information, next week we'll be running a Zoom fireside chat and Q&A session to discuss both Again Again's current and future revenue model, the assumptions we've made in our modelling, and what we’re viewing as upside. 

The session will be hosted by Paul Trotman (left) and Allan Birch (one step right) who are both advisors to, and shareholders in, Again Again. Paul comes with a background in logistics, business planning and finance, and Allan brings sustainability strategy and innovation into our brains trust.

Join us on the open Zoom meet to listen and ask your questions.

Register here.

Woot - Again Again has reach our halfway point, in under half the time.

09/11/2020 at 11:10 AM

Halfway!! In well under half the time. Woo hoo. Thanks to 73(!) wonderful people who share our vision and have already given us your support. Now we need to keep up the momentum (hustle!) and bring 70 more into the team.
Do you care about the plastic waste your takeaways come in? Again Again is crowdfunding to expand from reusable coffee cups to make it easy for foodservice businesses and consumers to go reusable for multiple container types. Here's your opportunity to own shares in a company making real change on single-use waste. Invest today!

Again Again x Garage Project | A proposed end to single-use beer flagons at the cellar door.

04/11/2020 at 12:20 PM

A plan to design out single-use plastic flagons at the cellar door.

Again Again is equity crowdfunding to raise the capital we need to grow our impact beyond coffee cups, and into other industries. We'd love for you to support our kaupapa and to invest and become a shareholder. If you have already pledged, thanks! Please share our story.

In a match made in sustainability nirvana, Again Again is collaborating with Wellington craft brewery Garage Project to develop a trackable system for cellar door beer, in a bid to design out the current plastic flagons.

Again Again has shown what a reusable containers system looks like in the coffee industry. Now it's time to scale - there is an eyewatering, global opportunity to systemically address all types of single-use waste, across a multitude of industries. We're thrilled to be starting that journey with the iconic, and very sustainability-focused, brewery.

“The waste kills us, but at the moment there’s no practical alternative,” says Garage Project Sustainability Ambassador, Steve Almond. “So when Again Again approached us about being the guinea pigs for a new digital way to manage our own stock of reusable bottles, we jumped on it.”

The solution will lie in a technology platform that will allow end-users the opportunity to 'check out' a reusable flagon at no cost. A charge will be made only if the vessel doesn't return in the allocated time frame. To greenlight this project, Again Again is now crowdfunding.

Are you ready to back a team turning sustainability ideas into world positive action?

Woo hoo - $100k down

02/11/2020 at 10:40 AM

Woohoo! Again Again has reached $100,000 in pledges!

We're a third of the way to the minimum investment we need to raise. Thank you so much to everyone who has already backed our plan to make reuse common in takeaway culture. We are very grateful for your support! ⠀

And if you haven’t yet invested - please take a look at our plan on PledgeMe. It takes a crowd to make change! Please join our #worldpositiveteam. 

To those who have already pitched in, a huge thank you from us. We are thrilled to have you here! Please will you do us another favour and share the offer so that your friends can become our friends and we can push this even further. Thanks!

Invest with as little as $300.

We are live!!

29/10/2020 at 7:54 AM

Again Again's Equity Crowdfunding campaign is live!

We would love for you to invest. Invest in a future where reusables are normal in takeaway culture. Invest in a #worldpositiveteam. ⠀

We are partnering up with some iconic kiwi businesses to address the waste problem of single-use not only for coffee, but also in bulk-item retail, takeaway, and in workplaces. ⠀

Wellington craft brewers, Garage Project have a plastic-flagon problem at the cellar door that we are going to work together to find a solution for. And Mobi2Go is NZs largest online food ordering platform - we are going to work with them and some of their extensive network of cafes to build a solution to the containers associated with food takeaways. ⠀

All of that needs capital to invest in a technology platform. We need to raise a minimum of $300,000 to green-light the project. Big ideas need a big crowd... are you in?

 

    Details

    Offer Details

    Current Valuation 4,300,000
    Raise Minimum 300,000
    Raise Maximum 750,000
    Share Price 1.00
    Maximum Shares Offered 750,000
    Explanation of valuation:

    Pre-investment valuation is $4,300,000. This has been reviewed and confirmed by the board of directors with the support of advisors. It is based on a 3.5* multiplier of silver revenue forecast FY2022. We have identified this year as the reference, as this will be when the new revenue streams that come from the development of the technology platform are forecast to begin.

    Financial Summary

    Prev Year Current Year Est. FY 2022 Est. FY 2023
    Revenue NZ $351,950 NZ $371,279 NZ $1,236,883 NZ $3,538,908
    Operating Expenses NZ $231,967 NZ $193,518 NZ $610,889 NZ $1,046,692
    EBITDA -NZ $65,210 -NZ $28,161 -NZ $200,972 NZ $241,194
    Net Profit NZ $ NZ $ NZ $ NZ $

    Company Details

    Company Name: Again Again Limited

    Company Number: 6943356

    Company details are currently being synced with the Companies Office, please wait.

    Company Documents

    CertIncorporation_6943356_28April2020.pdf

    (application/pdf, 587 KB, uploaded 20 October 2020)

    CoyExtract_6943356_28April2020.pdf

    (application/pdf, 745 KB, uploaded 20 October 2020)

    Again_Again_Financials.pdf

    (application/pdf, 65.9 KB, uploaded 25 October 2020)

    AA_IM-ECF.pdf

    (application/pdf, 12.2 MB, uploaded 15 November 2020)

    Director Details

    Name Role Profile URL Invested?
    Nada Piatek Director http://https://www.linkedin.com/in/nadapiatek/
    Melissa Firth Director http://https://www.linkedin.com/in/melissa-firth/

    Questions 6

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


    Hi, I just have a few questions about the cups and potential future containers etc :)

    - Where are the cups currently made?
    - Are you aware of the origin of the raw materials for the cups? (eg. supply chain)
    - Are there any plans to change them in the future?
    - What are the resource recovery options for the cups when they reach their end of life?

    I understand that in the startup phase you might not yet have your ideal cups and may like to source elsewhere. I'm mostly curious if you've thought much about this and what the plans are.

    Thanks heaps! :)

    Posted on 29-10-2020 by Amy M

    Hi Amy - great questions!

    The cups are stainless steel. We chose this over plastic as they are somewhat comparable with respect to emissions, land and water use, but have a significantly longer use/life span and much better end of use opportunities. Fundamentally, we don't believe that using a plastic cup will solve the plastic problem, acknowledging that multiple-use is still better than single-use.

    We source all of the materials in China. On average the SS that we use is about 55% recycled, and of course is endless recyclable at end of use. We have had very few back - stainless steel is so robust that few fail - but when they do they are recycled locally with scrap metal dealers. It usually becomes construction stock.

    No, we don't know the provenance of either the raw or recycled material beyond this. We do have certification for food safety standards (FDA approved) for both the cups and lids, and the sleeves are from certified FSC paper stock with certified non-toxic dyes. Over the course of the last year, we have worked with the factories to become BSCI certified for their social practices.

    It is unlikely that we will change the core product of the Again Again system (for coffee cups) now, but new systems to address food and other beverage containers will be somewhat different. This will be because we will not choose the vessel ourselves, but rather will build a platform to enable hospitality businesses to choose their own vessels, simply using our platform to manage the circular use of them. This will lead to variance - some good and some bad, but will not be embedded in our brand. (To this end, we may look to sub-brand or white label the tech platform, to be clear that we are not making those choices.)

    We have thought deeply about this! But you correctly identity that while we are small, we have limited options. Yes, we will always be open to challenging the status quo and moving to a better place if it becomes available.

    I hope that answers your questions. Please sing out of you have others. I hope you will consider joining the team. Thanks!

    Answered on 29-10-2020 by Nada Piątek


    Hi Nada,

    Love the idea and will definitely be investing as I’ve been waiting for a company to do this as it seemed like a relatively easy solution to a massive problem - especially if you have an app and digital payment and make it really easy and second nature for people to do.

    My question is around the financial model for the business, I was wondering if you could clarify where your revenue comes from? Is there a subscription fee for your technology/ecosystem for the cafes etc. or does revenue just come from misplaced cups?

    The margins for a subscription as a service companies are great - and it sounds like your business could be one of those if you had the technology and licensed it to businesses and then built up a network effect as you grow larger and larger.

    Thanks for your answer!

    Posted on 29-10-2020 by Daniel Eaton

    Edited for clarity:

    Hi Daniel

    Thanks for your interest!

    Our current revenue model comes from three sources:

    - tiered recurring monthly subscription fees paid by the cafe (a bit like Software-as-a-Service, but Cups-as-a-Service

    - the borrow fee that cafes pay to receive the 'fleet' (that's what we call the cups and lids).The borrow fees are cost-neutral for the cafes as they recover this from the customers when the cups are on-loaned

    Going forward, once we've built the tech platform, we will also be charging a recurring monthly SaaS subscription fee to two new customer segments:

    - Workplaces - businesses, corporates and all other workplaces that want to measure and manage the waste on their business premises. The fee is tied to the value of data to create employee behaviour change.

    - Food service businesses that want to offer circular reusable inventory and currently have no systems or workflows in place to do so (hence, the partnership with the Garage Project).

    - The mobile app will be free to individual consumers.

    I hope this answers your questions. We'll be thrilled to see your investment! If you have follow up questions, please feel free to contact me directly.

    Nada

    Answered on 31-10-2020 by Nada Piątek


    Just to clarify your valuation. You are valuing it based on your 2022 revenue estimates? Isn’t that a little unusual? Companies of this size would normally be valued based on today’s revenue (broadly).

    Posted on 04-11-2020 by Adrian Edge

    Thanks for your question Adrian. We acknowledge that a standard valuation would be based on the current year's revenue. In taking valuation advice from multiple expert sources, the consensus was that there is no single formula that can be applied to every business. Valuation methods are diverse. Again Again's quirk is that while we have been running a physical cup share network for 18 months (with a Covid impact on the current year's revenue that has kept it stable but flat YOY with last FY) - the crowdfund is to raise equity to build a tech platform, enabling two new revenue streams (SaaS and penalty fees for non-returned containers) informed by our operational knowledge of running the reusable, circular container inventory system. The forecast, and valuation, reflects both the baseline physical cupshare revenue as well as the new revenue streams enabled by the tech (this is essentially pre-revenue, and therefore hard to pin down). We have been conservative both in forecasting SaaS revenues, and in the multiplier of 3.5. (Many tech startups use 8x revenue). I hope that answers your question and please feel free to reach out to me directly if you have further questions.

    Ngā mihi
    Nada

    Answered on 06-11-2020 by Nada Piątek


    Are you collaborating with other start-ups working in the reusables space, such as Reusabowl?

    Posted on 08-11-2020 by allan

    Hi Allan,

    We've approached Reusabowl as there are obvious synergies. There is nothing formally in place, but we are certainly both open to working together. They are happy for me to share this info. Talks continue.

    We have a strong relationship with SUCFree Wanaka ("Single-use cup Free Wanaka is a community organisation working in this space) as well as commercial relationships with many of the Wanaka-based hospitality businesses who are connected to this group. SUCFree Wanaka is making huge inroads on the coffee cup side of things already, and we contribute 3% of our revenue from fees back to them to support community action. They are also pretty excited about where we are going with the food/alternative vessel system.

    Going forward, we envision a technology platform that, like Again Again for cafes, is not exclusive but will serve all who choose to use it. This could work on a cafe-by-cafe basis, for share groups (Again Again for coffee, Reusabowl for food containers, or even 'tip-shop-cups' cafe libraries), for multisite hospitality businesses, and even for non-hospitality businesses who have a single-use element that they want to design out. We're looking to grow our network in all these areas, although have to balance growth with our current position where the input to co-design with us is more pressing.

    We are also connected with other international share-networks. Many of these are already based on a technology platform, so there is probably NOT the potential to commercially collaboration with them, but there is a supportive approach to sharing insights. In future, there certainly will be the opportunity for businesses/groups of businesses all around the world, who either want a vessel that isn't currently being offered by these share networks, or for new companies looking to set up in the shared-network space, to be counted as customers.

    I hope this answers your question and that you will consider investing in Again Again. Thanks in advance!

    Answered on 09-11-2020 by Nada Piątek


    Hi, I love the concept but thought I should check out how it works first hand. I looked for a cafe on your website and visited Ripe Deli in Smales Farm. They told me they were no longer using the cups (and hadn't for a while it seemed) and the reason given was that the uptake hadn't been good enough. Can you comment on this please?

    Posted on 20-11-2020 by Mel Logan

    Hi Mel
    Thanks - good question.

    Like all services, there is a range of successes; Some instances where it has been spectacularly successful, and some instances where it hasn’t worked so well. Generally, we see that Again Again works at its best in areas of woke, younger clientele - we have university campuses who report really good uptake for example. The degree of community engagement is also an indicator of success… Wanaka township has a council supported group who have pledged to make the whole community single-use cup (SUC) free by 2022. In this location, we have five cafes who have gone 100% and no longer have any SUCs and 16 cafes in total who are rocking the system. Density of the network is also an indicator - in Wellington, for example, there is a strong network where Again Again is more common and there more general awareness, thus it is used more.

    Indicators for less success seem to be, in no order;
    - An older/more conservative clientele
    - Corporate/business areas
    - When the business owner is not present or very influential with those at the counter

    In businesses areas, there is the added stress of speed/busy-ness. In high traffic cafes, even if those at the counter are champions for change, they simply don’t have the time to explain a new way of interacting with takeaways and so the status quo often remains.

    Specific to Ripe - we have loved working with these guys. They are savvy and ethical and really want to be a part of the solution, and it is no surprise then that they were early adopters. But they have had a hard run - referencing back to being in a busy environment, without much of an existing network around them.

    Setbacks are a part of growing something new. Please consider your experience in the context of the bigger picture!

    Answered on 21-11-2020 by Nada Piątek


    Can you state the funding rounds since inception with date, amount raised, pre-money valuation?

    Posted on 24-11-2020 by Cristian

    Pledgers 131

    Norman and Jenny Firth
    2020-10-31 11:13:07 +1300
    Angelica Bueno
    2020-10-30 19:42:17 +1300
    Tracey Carter
    2020-10-30 15:53:48 +1300

    "Exciting times!!"

    Kah Chan
    2020-10-30 14:24:32 +1300
    Stella Khoo Pheng Kian
    2020-10-30 12:18:12 +1300

    "#Zerowaste"

    Jane Hardy
    2020-10-30 00:33:18 +1300
    Alice Trubshoe
    2020-10-29 21:51:33 +1300
    Pascale N Paul Hennessey
    2020-10-29 19:43:54 +1300

    "Beautiful idea and plan. I’m all for it! All the best "

    [email protected]
    2020-10-29 16:51:38 +1300
    Amanda Lowe
    2020-10-29 13:20:39 +1300
    jannaPledgeMe Staff
    2020-10-29 11:28:28 +1300
    Robbie Schneider
    2020-10-28 23:08:46 +1300

    "One step at a time "

    Anni K Urze
    2020-10-28 22:49:18 +1300

    "We can’t wait to see the disposables vanish out of beautiful NZ!"

    Kristine Bartley
    2020-10-28 20:55:24 +1300

    "An honor to be a part of this kick ass opportunity. Good luck! "

    Bryce Tuala
    2020-10-28 20:47:43 +1300
    Michael Dowse
    2020-10-28 20:45:58 +1300
    Stephen Brown
    2020-10-28 18:40:03 +1300
    Jack
    2020-10-28 18:28:19 +1300
    Lisa Jensen
    2020-10-28 16:29:56 +1300
    Sheridan Jamieson
    2020-10-28 15:37:42 +1300

    "Onwards and upwards, Again Again :)"

    Cathy Knowsley
    2020-10-28 14:26:36 +1300
    Caitlin Weren
    2020-10-28 13:54:51 +1300
    Penny White
    2020-10-28 09:37:51 +1300
    Kimberley Welsher
    2020-10-28 09:08:39 +1300
    Matthew Dowsett
    2020-10-28 08:50:37 +1300

    "Congrats on the equity launch. Keep up the amazing work!"

    Kathy Mansell
    2020-10-28 08:07:15 +1300

    "Excited for Again Again .. we have 3 cafes signed up in Palmerston North. We need more .. we need Again Again everywhere. Let's Go ..."

    Kay Baird
    2020-10-28 00:13:08 +1300
    Melissa
    2020-10-27 23:33:57 +1300

    "Well done, great to see you scale this up. Making a difference for the planet!"

    Paul McGlade
    2020-10-27 20:20:43 +1300
    Samantha Rae Jones
    2020-10-27 19:31:47 +1300

    "Woohoo - love your work =) "

    Again Again

     

    The Problem


    Coffee is a part of our cultural fabric. Yet most of us drink our takeaways with a side order of waste. Each year, kiwis discard 300 million single-use cups into landfills and nature. Globally, that figure is 600 billion. 

    Every one of those cups has a plastic liner, and only 1 in 400 cups is actually composted - even when they’re theoretically compostable. This is a ballooning problem, and one which people are increasingly aware of. Many are turning to personal reusable cups, but we are all human and we all forget them, at least some of the time.

     

    600B

    single-use cups 

    discarded globally 

    every year

    1 in 400

    compostable cups is 

    actually composted

     

     

    Our vision

    Reuse is normal in 

    takeaway culture.

     

     

     

    Letter from the founders


    Kia ora fellow changemakers 

    Two years ago, Nada was in Wellington working at Sustainability Trust on waste reduction, and she had a light bulb moment. She loved coffee. She hated the cup waste. What if a system of reuse was the answer? She quit her day job, we partnered up, and began work on a circular, sharing economy system for reusable cups, designed to sort out this enormous waste issue piling up one cup at a time. Again Again was born. 

     

    Just 18 months later Again Again has modelled what cup share looks like. Through our cafe partners, we provide access for coffee lovers to a no-thinking-ahead, reusable alternative to single use. Together, we currently keep around 800,000 disposable cups out of nature each year. 

     

    We have built a convenient and commercially viable public share network that, crucially, is making a positive impact. To date, 164 cafes throughout Aotearoa New Zealand each offer the ability for their customers to choose to reuse. There’s about 8,000 around the country so there is a lot of room to grow! Within our network, 13% of the cafes have gone the whole hog and no longer offer single-use cups at all. This group is growing every month, and they are proving on a daily basis that reuse is not just an alternative, but a replacement system that genuinely works. This can be our future if we choose it.  

     

    Since Again Again started, the urgency to do something about the world’s single use habit has grown as an increasing proportion of our community understands the issue. Sadly though, production of single use plastics is still increasing. It is time to double down, gather our friends, stand up to single-use packaging, and write a new playbook. 

     

    We are armed with big ideas, a clear direction, and an ability to execute. Now we need your support, aroha, and investment, to change the world. Big change takes a crowd. Are you in? 

     

    Again Again’s current impact is focused on the coffee industry. With the capital we raise through our crowd, we aim to address food and beer takeaway containers, and single use waste in workplaces. In the middle distance is events sector waste and grocery... and just past that… the same problems all around the globe. An eye-wateringly large opportunity awaits, and we know that the innovation and tenacity that comes from New Zealand can lead the world. 

     

    We believe our world-changing roadmap is ready to go. We’ve identified two key areas of development, along with real-world co-development contributors who may become future clients.

     

    1. Food and other drinks containers. Think curry bowls and beer flagons. The Again Again solution in the food industry will vary from the current cup share network. A cashless, trackable system using digital tech will facilitate loans of a wide variety of food containers, appropriate to the type of food or beverage.

     

    2. A B2B solution will be developed to support companies and organisations to address the huge quantities of single-use cups that move through their internal waste systems and into landfills. With Again Again for Workplaces in action, companies can champion or mandate its use for all employees - and they’ll have the data to drive behaviour change in their workplaces. In doing so, they’ll drive value and coffee sales to participating local cafes, increasing the value proposition throughout the network and importantly, priming exponential collective impact on the single-use problem.

      

    The future of circular economy innovation is full of opportunities to better manage the earth’s finite resources - and create a great business in the process. We see a future that is lighter on nature. We invite you to step in, join our world-positive team as investors and more, and help us build it.

      

    Ngā mihi rarau 

    Nada and Melissa

     


     

    The coffee cup solution 


    For coffee-drinkers who need the convenience of takeaway, Again Again is a cup share system that eliminates single-use waste. 

     

    Unlike biodegradable single-use cups - most of which are never recycled or composted - or personal reusable cups, which we humans often forget, Again Again designs out waste by providing a fleet of reusable steel cups available by deposit and return at any participating cafe. Our system enables coffee drinkers anywhere to save the planet with every convenient, guilt-free sip.

     

    Again Again solves the forgetting challenge with a reusable cup share system that is now available at the counter of 164 cafes throughout Aotearoa. Our cups and lids are available to borrow for a $3 deposit, which is fully refunded when the cups are returned to any network cafe countrywide. It’s takeaway without the throwaway. 

     

    The Again Again solution is working towards United Nation Sustainable Development Goal #12, Responsible Consumption and Production, which has the following target: 

    By 2030, substantially reduce waste generation through prevention, reduction, recycling and reuse.



    Our story so far


    At the completion of Again Again’s initial free pilot, every one of Again Again’s first 14 pilot cafes transitioned to a subscription plan. This, in combination with Mojo Coffee signing up, comprehensively validated our first market test. 

     

    That was the start of a year of stellar growth. By March 2020, 188 cafes were subscribed to the network, and they were collectively displacing 700,000 Single Use Cups (SUCs) annually. 

     

    Success of Again Again’s system in any given cafe is directly in line with the enthusiasm of both the cafe front of house staff, and the mindset of the customers. Campus cafes, for example, are among the most successful, with millennials generally lacking entrenched habits of old and highly committed to environmental protection. 

     

    At the highest end of customer take-up, we now have 20+ fabulous, committed cafes who have gone in boots and all with Again Again for “sit in, borrow or BYO”. These cafes have got rid of SUCs entirely. This is where we’ve seen the real magic happen. The waste saving impact is exponentially greater, and the cost savings to the cafes, which no longer need to purchase SUCs, make Again Again a ‘no-brainer’ with respect to economic value. 

     

    Again Again recognises that we have a responsibility to drive the success of the system by priming behaviour change as well as simply providing the system.

     

    Nov 18

    Wellington Pilot 14 cafes 

    Feb 19 

    Pilot validates/ Founders invest / Mojo Wgtn signs 

    March 19 

    100% pilot cafes convert to subscribers 

    June 19 

    Auckland launch 30 cafes, incl Auckland Zoo 

    July 19 

    100 cafes in network 

    October 19 

    Wanaka and Christchurch networks launch 

    Again Again opens up NZ-wide inbound onboarding 

    March 2020 

    188 cafes in network 

    COVID 

    March 2020 

    15% retraction 

    161 cafes in network 

    October 2020 

    164 cafes in network

    Covid Impact 

    Covid has been tough on the hospitality industry. Since March 2020, our B2B customer base has retracted 18%. Despite this, with our increasing cohort of “100 percenters”, our collective waste impact is up to 800,000 cups/ year and we are pleased to report that we are financially stable. While growth and onboarding of new partner cafes has slowed for now (but not stopped!), we are managing our costs and are confident we can ride out the recovery phase until the industry picks up. This makes it a perfect time to be investing effort and resources in development of solutions for scalable growth. 

     

    We want to be clear that our crowdfunding campaign is not about propping up the current business, which is stable. It’s about building future opportunities, both in impact and profitability. 

    Recognition 

    Again Again, and co-founders Nada Piatek and Melissa Firth, have been honoured as finalists in the Wellingtonians of the Year awards 2019 - Environmental category, Wellington Gold Awards 2020 - Emerging Product and Green Gold categories, Sustainable Business Network - Going Circular category, SheEO semifinalists selection, and have been privileged to have the opportunity to speak at the Sustainable Business Network 2019 conference, One Summit 2019 (Wanaka), Wasteminz ‘Be the Change’ conference 2020, & Restaurant Association Food Hui 2020. 

     

    International enquiries come in regularly. Again Again has been consulted by the United Nations in a feasibility study to reduce single use plastic waste in the Baltic region. Founder Nada Piatek meets monthly with an international group of businesses like us to share knowledge and gain insights. 

     

    New Zealand media has provided many profile opportunities: Again Again has featured on TVNZ One News, Newshub, Radio NZ, NZME radio, and in print in The Spinoff, Stuff, Good Magazine and Idealog. 

    Kaitiakitanga & Whanaungatanga 

    Since our inception, Again Again has been voluntarily climate positive. We measure and offset 120% of our carbon footprint with certified carbon credits for our business operations. This is accounted annually and is current to FY March 2020. We are committed to maintaining this status. This footprint excludes the lifecycle of the cups. These certified carbon credits are sourced from projects that grow and protect indigenous forests in New Zealand and the Pacific Islands and help to deliver climate resilience, waterways protection, erosion control, biodiversity conservation and community economic development. 

     

    We have completed our carbon accounting and offsetting with Ekos. Ekos is an international non-profit enterprise that develops, pilots and scales up innovative approaches to financing a sustainable future. They rock. 

     

    Again Again commits 3% of revenue from network fees that are charged to partner cafes to reinvest in waste reduction activation work, led by our community partners. This pool is slowly growing, but little has been spent yet. A balance of $4000 sits on our balance sheet as a current liability. Currently, the board has suspended making these contributions while we manage COVID cashflow challenges.

     

     

     

    Strategic Growth Plan 


    The slowdown brought by Covid-19 has given us a respite from a fast and reactive growth period, growing Business As Usual (BAU) at pace. It has given us space to think and to plan where our next moves will be. Of the huge and varied strategic opportunities, we have identified two that leverage our current offerings to create the most increased impact and delivering the most return on investment:

    Food (and other) container waste 

    As with coffee cups, single-use food takeaway containers are regrettably the norm. After a fleeting use, these materials are landfilled, or worse, escape into nature. We intend to fix this. It is a trickier problem which involves a wider variety of higher value containers, specific to the takeaway food in question. Our perspective is that a per-cafe solution enabled by technology may be more suitable, in this market segment, than the fully shared system we have built for coffee cups. 

     

    In a Wellington love story, we are collaborating with craft brewers, Garage Project, to develop a trackable solution for cellar door beer, in a bid to design out the plastic flagons currently serving this workflow. Mobi2Go are another Wellington-founded company who provide a digital ordering platform for thousands of brands, nationally and globally. We will be working with them and some of their existing network to design and test a food container reusables system. 

     

    These ‘alternate vessel’ systems will vary from the Again Again coffee cup share network in that we won’t own and manage the vessel fleet, but we will facilitate the same reusable principles in a cashless and trackable manner using digital tech. 

    Workplace waste 

    Large companies regularly contact us looking for a solution to their single use waste problem - one that we can’t currently offer. The new technology-enabled platform we intend to build will allow the current system to step into this space, making sustainable behaviours transparent and trackable through data analytics. 

     

    With our long term partners Mojo Coffee and the co-design commitment of Wellington City Council’s team in their corporate office, Tahiwi, on Wellington’s Terrace, we’ll be collaborating to design solutions to the unique issues of workplace single-use waste. 

     

    Providing a fully integrated solution will allow businesses to champion or mandate the move away from Single Use Cups. Further, it will provide measurable data with which these companies can track and report their impact, whilst visualising impact in an engaging and gamilfied way. In turn, this for-businesses solution will drive value (& coffee sales!) to our public cafe partners, leveraging network growth effects for all. 

     

    What will we do with the money?

     

    Business Valuation 


    Pre-investment valuation is $4,300,000. This has been reviewed and confirmed by the board of directors with the support of advisors. It is based on a 3.5* multiplier of silver revenue forecast FY2022. We have identified this year as the reference, as this will be when the new revenue streams that come from the development of the technology platform are forecast to begin. 

    Share classes 

    Type

    Rights

    Ordinary 

    Shares 

    The right to one (1) vote on a poll at a meeting of the Company on any Resolutions; 

    The right to an equal share in dividends authorised by the board; and 

    The right to an equal share in the distribution of the surplus assets of the Company. 

    Non-Voting Shares 

    No right to vote at a meeting of the Company or on any resolutions or in relation to any Shareholder approval; 

    The right to an equal share in dividends authorised by the Board; and 

    The right to an equal share in the distribution of the surplus assets of the Company.

     
     

    Share holding; pre and post investment

    *Highlighted shares are ordinary, voting shares. 

    *An ESOP has been approved by the board of directors for a total of 10% of the company. Currently 126,224 of the allocated shares have been vested to David Binstead. The future issuing of shares related to these options will dilute % ownership of all shareholders evenly. 

    *A preferred technology partner has offered 30-50% of build costs to be realised in shares at market value, capped at $300,000. This is currently under negotiation and at post-valuation will represent a maximum of 300,000 shares being issued for this purpose. 

    *Current shareholders hold future options on a further 200,000 shares. 

    *Shares highlighted represent voting shares. All others will be non-voting, investor shares. Share class rights are outlined in the constitution. 

    Returns 

    Again Again is a growth company in a rapidly evolving, nascent market. We intend to invest heavily in growth in coming years, and will therefore not be returning dividends to shareholders in the next five years. Investment returns in Again Again could be realised through growth in equity - with the possibility of dividend payments in the middle horizon. If you want a short-term income from your investment, this is not your bag! 

     

    As a privately listed company, shares are not liquid (yours or ours!). They can’t be easily traded. If you do want to sell your shares you will need to register your interest in doing so with us, and we will manage the transaction of these according to the process outlined in the constitution, and only if there is interest. Founders hold pre-emptive rights to purchase all shares at market value. 

     

    The board does not have a predetermined view on how/if we will exit. We will assess opportunities as they arise, and when appropriate. 

    Shareholder communications 

    Communications with shareholders will be in the form of half-yearly email updates.


     

    Financials 


    Profit & Loss - actual and forecast 

    Assumptions 

    Revenue is primarily dependent on network growth rates, of both partner cafes (B2B, existing), and newly of consumer app subscribers (B2C). New subscriber revenue is based on free membership, and penalty fees of $12 per cup/lid that is not returned, at a forecast rate of 4%. Market acceptability of this has not been tested, and the model may change once this testing has taken place. 

     

    The silver forecast subscriber growth rate is based on network growth modelled from data published by comparable international companies paving the way with shared reusable systems in their own regions. 

     

    New revenue from the For-Business tool comes primarily in an upswing of both consumer subscriptions and new partner cafes, driven by the improved value proposition and use. 

    Stock levels and logistics have been adjusted in line with increased or decreased network growth and use. 

     

    In the first year, post tech implementation, 3.5FTE roles will be created in marketing, cafe success, sales and administration. Team growth will continue at 3FTEs per year in line with demand from growth.

     


     

    Again Again’s world-positive team


    Nada Piatek

    Co-founder and Managing Director

    Melissa Firth

    Co-founder and Director. Strategy and Advisory

    David Binstead

    Leadership team. Partnerships and Operations

    You!

    Change champion

    Nada is applying 20 years of sleeves-rolled-up-serial-entrepreneurship to build Again Again. She holds the vision, and she’s a powerhouse - strategically & operationally - fuelled by her daily flat white. 

    Bringing international corporate experience to the team, Melissa contributes primarily in a governance capacity. With her other hat on, she’s head of growth and innovation at Chorus. Soy flat whites are her morning crave. 

    A details guy with an inspired and creative view of the world! David manages all things operational. With a penchant for short, strong coffee, he covets the few 6oz Again Again sample cups that never reached the market. 

    Once the tech-build project is green-lit, we will be recruiting in sales, marketing and customer success. Please raise your hand if you want to join our world-positive team in this capacity. 

    Risks

    Risk 

    Mitigation 

    Low uptake or use of Again Again in some partner cafes. 

    This is the primary reason for failure of the system in the small number of cafes for whom it hasn’t worked to date. Without champions at the cafe counter, or when the cafe faces a non-engaged customer group who are resistant to change, Again Again can be implemented but used infrequently, and degrades the perceived value of the solution. We have acknowledged this, and are committed to increasing our focus on community behaviour change with activation of groups (Again Again for businesses), and the establishment of a customer success role. 

    New competitors entering the market 

    Systemic reuse is a nascent and rapidly developing industry. When we began trading in NZ 18 months ago, we were the third NZ-based share network. We are now the largest by a significant margin, and there are now 8-10, focused on food, beverages, events and local ecosystems. A number of these are community-or campus-organised and not scalable. More will follow, including perhaps international businesses who have already reached a degree of scale. 

    We have protected our brand with New Zealand trademarking, and believe that a slick, resolved system, a seamless onboarding process, and great customer support position us to maintain our position as system of choice. 

    If more physical networks become available to cafes, the licensable SaaS potential of our forthcoming tech platform to support these could create further future revenue opportunities from otherwise competing providers. The greatest opportunity for scale and impact on the problem is enablement of reusable vessels, rather than ownership of them. This is a key consideration for our technology build. 

    Cashflow 

    Rapid growth requires ongoing and significant investment in the cups, and potentially other containers. As our high-utilisation (100% Again Again) cafes move towards ditching disposables completely this puts further pressure on cashflow. To date this has been manageable, but we watch it like a hawk and may have to control the rate of onboarding of future 100% cafe partners. 

    Supply chain risks 

    While Again Again is still relatively small, our MOQs (Minimum Order Quantities) allow us only to purchase from one factory per material ordered. As we grow, we will source alternative suppliers, ensuring that they too meet the material and social standards we expect. 

    Global financial disruption 

    Been there, got the medal. Again Again has a Sunset Clause written into all vendor terms. In the event of widespread market disruption, or under circumstances in which the board deems that Again Again is under gross financial hardship, we reserve the right to suspend the return and refunding of all vessel fleet. While it is our intention to trade in an entirely circular manner, this clause acts as a release valve and ensures that we are trading solvently in the same manner as a ‘normal’ sales business. 

    Loss of key people 

    A lot of knowledge is held with the founders. We make solid efforts to document, automate and systemise all processes such that they can be replicated by others in the event that key people are compromised. Insurance is held to cover debt in such circumstances.

    Warning statement

    This document has been prepared by Again Again Limited.

    The purpose of this document is for information in relation to the Again Again Limited share offer on PledgeMe.

    All efforts have been made to ensure the accuracy and reliability of the content as of the date of this document. 

    PledgeMe is licensed and regulated by the Financial Markets Authority, and the share offer made by Again Again Limited will only be available for acceptance through the PledgeMe website.

    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.

    Note from PledgeMe

    We have completed a Veda check on the company and their Directors, as well as a Google check. There were no adverse findings.

     

     

    Voting shares threshold now $20k | Let's talk revenue streams

    13/11/2020 at 2:36 PM

    Good news! Again Again has listened to investor feedback and has lowered the threshold for voting shares from $40k to $20k. This is effective immediately and our Information Memorandum and Pledge Me page will be updated accordingly by the end of the day. Thank you to the several people who engaged with us on this and informed our decision to make this improvement for our crowdfund community!

     

    As we progress through our equity crowdfunding campaign, we've also had a few similar questions come up with respect to Again Again's financial model - where our revenue comes from now, and where it will come from once we add tech, which changes dynamics up a little and adds SaaS revenue streams to the mix.

    Given the demand for some more in-depth information, next week we'll be running a Zoom fireside chat and Q&A session to discuss both Again Again's current and future revenue model, the assumptions we've made in our modelling, and what we’re viewing as upside. 

    The session will be hosted by Paul Trotman (left) and Allan Birch (one step right) who are both advisors to, and shareholders in, Again Again. Paul comes with a background in logistics, business planning and finance, and Allan brings sustainability strategy and innovation into our brains trust.

    Join us on the open Zoom meet to listen and ask your questions.

    Register here.

    Woot - Again Again has reach our halfway point, in under half the time.

    09/11/2020 at 11:10 AM

    Halfway!! In well under half the time. Woo hoo. Thanks to 73(!) wonderful people who share our vision and have already given us your support. Now we need to keep up the momentum (hustle!) and bring 70 more into the team.
    Do you care about the plastic waste your takeaways come in? Again Again is crowdfunding to expand from reusable coffee cups to make it easy for foodservice businesses and consumers to go reusable for multiple container types. Here's your opportunity to own shares in a company making real change on single-use waste. Invest today!

    Again Again x Garage Project | A proposed end to single-use beer flagons at the cellar door.

    04/11/2020 at 12:20 PM

    A plan to design out single-use plastic flagons at the cellar door.

    Again Again is equity crowdfunding to raise the capital we need to grow our impact beyond coffee cups, and into other industries. We'd love for you to support our kaupapa and to invest and become a shareholder. If you have already pledged, thanks! Please share our story.

    In a match made in sustainability nirvana, Again Again is collaborating with Wellington craft brewery Garage Project to develop a trackable system for cellar door beer, in a bid to design out the current plastic flagons.

    Again Again has shown what a reusable containers system looks like in the coffee industry. Now it's time to scale - there is an eyewatering, global opportunity to systemically address all types of single-use waste, across a multitude of industries. We're thrilled to be starting that journey with the iconic, and very sustainability-focused, brewery.

    “The waste kills us, but at the moment there’s no practical alternative,” says Garage Project Sustainability Ambassador, Steve Almond. “So when Again Again approached us about being the guinea pigs for a new digital way to manage our own stock of reusable bottles, we jumped on it.”

    The solution will lie in a technology platform that will allow end-users the opportunity to 'check out' a reusable flagon at no cost. A charge will be made only if the vessel doesn't return in the allocated time frame. To greenlight this project, Again Again is now crowdfunding.

    Are you ready to back a team turning sustainability ideas into world positive action?

    Woo hoo - $100k down

    02/11/2020 at 10:40 AM

    Woohoo! Again Again has reached $100,000 in pledges!

    We're a third of the way to the minimum investment we need to raise. Thank you so much to everyone who has already backed our plan to make reuse common in takeaway culture. We are very grateful for your support! ⠀

    And if you haven’t yet invested - please take a look at our plan on PledgeMe. It takes a crowd to make change! Please join our #worldpositiveteam. 

    To those who have already pitched in, a huge thank you from us. We are thrilled to have you here! Please will you do us another favour and share the offer so that your friends can become our friends and we can push this even further. Thanks!

    Invest with as little as $300.

    We are live!!

    29/10/2020 at 7:54 AM

    Again Again's Equity Crowdfunding campaign is live!

    We would love for you to invest. Invest in a future where reusables are normal in takeaway culture. Invest in a #worldpositiveteam. ⠀

    We are partnering up with some iconic kiwi businesses to address the waste problem of single-use not only for coffee, but also in bulk-item retail, takeaway, and in workplaces. ⠀

    Wellington craft brewers, Garage Project have a plastic-flagon problem at the cellar door that we are going to work together to find a solution for. And Mobi2Go is NZs largest online food ordering platform - we are going to work with them and some of their extensive network of cafes to build a solution to the containers associated with food takeaways. ⠀

    All of that needs capital to invest in a technology platform. We need to raise a minimum of $300,000 to green-light the project. Big ideas need a big crowd... are you in?

     

      Offer Details

      Current Valuation 4,300,000
      Raise Minimum 300,000
      Raise Maximum 750,000
      Share Price 1.00
      Maximum Shares Offered 750,000
      Explanation of valuation:

      Pre-investment valuation is $4,300,000. This has been reviewed and confirmed by the board of directors with the support of advisors. It is based on a 3.5* multiplier of silver revenue forecast FY2022. We have identified this year as the reference, as this will be when the new revenue streams that come from the development of the technology platform are forecast to begin.

      Financial Summary

      Prev Year Current Year Est. FY 2022 Est. FY 2023
      Revenue NZ $351,950 NZ $371,279 NZ $1,236,883 NZ $3,538,908
      Operating Expenses NZ $231,967 NZ $193,518 NZ $610,889 NZ $1,046,692
      EBITDA -NZ $65,210 -NZ $28,161 -NZ $200,972 NZ $241,194
      Net Profit NZ $ NZ $ NZ $ NZ $

      Company Details

      Company Name: Again Again Limited

      Company Number: 6943356

      Company details are currently being synced with the Companies Office, please wait.

      Company Documents

      CertIncorporation_6943356_28April2020.pdf

      (application/pdf, 587 KB, uploaded 20 October 2020)

      CoyExtract_6943356_28April2020.pdf

      (application/pdf, 745 KB, uploaded 20 October 2020)

      Again_Again_Financials.pdf

      (application/pdf, 65.9 KB, uploaded 25 October 2020)

      AA_IM-ECF.pdf

      (application/pdf, 12.2 MB, uploaded 15 November 2020)

      Director Details

      Name Role Profile URL Invested?
      Nada Piatek Director http://https://www.linkedin.com/in/nadapiatek/
      Melissa Firth Director http://https://www.linkedin.com/in/melissa-firth/

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


      Hi, I just have a few questions about the cups and potential future containers etc :)

      - Where are the cups currently made?
      - Are you aware of the origin of the raw materials for the cups? (eg. supply chain)
      - Are there any plans to change them in the future?
      - What are the resource recovery options for the cups when they reach their end of life?

      I understand that in the startup phase you might not yet have your ideal cups and may like to source elsewhere. I'm mostly curious if you've thought much about this and what the plans are.

      Thanks heaps! :)

      Posted on 29-10-2020 by Amy M

      Hi Amy - great questions!

      The cups are stainless steel. We chose this over plastic as they are somewhat comparable with respect to emissions, land and water use, but have a significantly longer use/life span and much better end of use opportunities. Fundamentally, we don't believe that using a plastic cup will solve the plastic problem, acknowledging that multiple-use is still better than single-use.

      We source all of the materials in China. On average the SS that we use is about 55% recycled, and of course is endless recyclable at end of use. We have had very few back - stainless steel is so robust that few fail - but when they do they are recycled locally with scrap metal dealers. It usually becomes construction stock.

      No, we don't know the provenance of either the raw or recycled material beyond this. We do have certification for food safety standards (FDA approved) for both the cups and lids, and the sleeves are from certified FSC paper stock with certified non-toxic dyes. Over the course of the last year, we have worked with the factories to become BSCI certified for their social practices.

      It is unlikely that we will change the core product of the Again Again system (for coffee cups) now, but new systems to address food and other beverage containers will be somewhat different. This will be because we will not choose the vessel ourselves, but rather will build a platform to enable hospitality businesses to choose their own vessels, simply using our platform to manage the circular use of them. This will lead to variance - some good and some bad, but will not be embedded in our brand. (To this end, we may look to sub-brand or white label the tech platform, to be clear that we are not making those choices.)

      We have thought deeply about this! But you correctly identity that while we are small, we have limited options. Yes, we will always be open to challenging the status quo and moving to a better place if it becomes available.

      I hope that answers your questions. Please sing out of you have others. I hope you will consider joining the team. Thanks!

      Answered on 29-10-2020 by Nada Piątek


      Hi Nada,

      Love the idea and will definitely be investing as I’ve been waiting for a company to do this as it seemed like a relatively easy solution to a massive problem - especially if you have an app and digital payment and make it really easy and second nature for people to do.

      My question is around the financial model for the business, I was wondering if you could clarify where your revenue comes from? Is there a subscription fee for your technology/ecosystem for the cafes etc. or does revenue just come from misplaced cups?

      The margins for a subscription as a service companies are great - and it sounds like your business could be one of those if you had the technology and licensed it to businesses and then built up a network effect as you grow larger and larger.

      Thanks for your answer!

      Posted on 29-10-2020 by Daniel Eaton

      Edited for clarity:

      Hi Daniel

      Thanks for your interest!

      Our current revenue model comes from three sources:

      - tiered recurring monthly subscription fees paid by the cafe (a bit like Software-as-a-Service, but Cups-as-a-Service

      - the borrow fee that cafes pay to receive the 'fleet' (that's what we call the cups and lids).The borrow fees are cost-neutral for the cafes as they recover this from the customers when the cups are on-loaned

      Going forward, once we've built the tech platform, we will also be charging a recurring monthly SaaS subscription fee to two new customer segments:

      - Workplaces - businesses, corporates and all other workplaces that want to measure and manage the waste on their business premises. The fee is tied to the value of data to create employee behaviour change.

      - Food service businesses that want to offer circular reusable inventory and currently have no systems or workflows in place to do so (hence, the partnership with the Garage Project).

      - The mobile app will be free to individual consumers.

      I hope this answers your questions. We'll be thrilled to see your investment! If you have follow up questions, please feel free to contact me directly.

      Nada

      Answered on 31-10-2020 by Nada Piątek


      Just to clarify your valuation. You are valuing it based on your 2022 revenue estimates? Isn’t that a little unusual? Companies of this size would normally be valued based on today’s revenue (broadly).

      Posted on 04-11-2020 by Adrian Edge

      Thanks for your question Adrian. We acknowledge that a standard valuation would be based on the current year's revenue. In taking valuation advice from multiple expert sources, the consensus was that there is no single formula that can be applied to every business. Valuation methods are diverse. Again Again's quirk is that while we have been running a physical cup share network for 18 months (with a Covid impact on the current year's revenue that has kept it stable but flat YOY with last FY) - the crowdfund is to raise equity to build a tech platform, enabling two new revenue streams (SaaS and penalty fees for non-returned containers) informed by our operational knowledge of running the reusable, circular container inventory system. The forecast, and valuation, reflects both the baseline physical cupshare revenue as well as the new revenue streams enabled by the tech (this is essentially pre-revenue, and therefore hard to pin down). We have been conservative both in forecasting SaaS revenues, and in the multiplier of 3.5. (Many tech startups use 8x revenue). I hope that answers your question and please feel free to reach out to me directly if you have further questions.

      Ngā mihi
      Nada

      Answered on 06-11-2020 by Nada Piątek


      Are you collaborating with other start-ups working in the reusables space, such as Reusabowl?

      Posted on 08-11-2020 by allan

      Hi Allan,

      We've approached Reusabowl as there are obvious synergies. There is nothing formally in place, but we are certainly both open to working together. They are happy for me to share this info. Talks continue.

      We have a strong relationship with SUCFree Wanaka ("Single-use cup Free Wanaka is a community organisation working in this space) as well as commercial relationships with many of the Wanaka-based hospitality businesses who are connected to this group. SUCFree Wanaka is making huge inroads on the coffee cup side of things already, and we contribute 3% of our revenue from fees back to them to support community action. They are also pretty excited about where we are going with the food/alternative vessel system.

      Going forward, we envision a technology platform that, like Again Again for cafes, is not exclusive but will serve all who choose to use it. This could work on a cafe-by-cafe basis, for share groups (Again Again for coffee, Reusabowl for food containers, or even 'tip-shop-cups' cafe libraries), for multisite hospitality businesses, and even for non-hospitality businesses who have a single-use element that they want to design out. We're looking to grow our network in all these areas, although have to balance growth with our current position where the input to co-design with us is more pressing.

      We are also connected with other international share-networks. Many of these are already based on a technology platform, so there is probably NOT the potential to commercially collaboration with them, but there is a supportive approach to sharing insights. In future, there certainly will be the opportunity for businesses/groups of businesses all around the world, who either want a vessel that isn't currently being offered by these share networks, or for new companies looking to set up in the shared-network space, to be counted as customers.

      I hope this answers your question and that you will consider investing in Again Again. Thanks in advance!

      Answered on 09-11-2020 by Nada Piątek


      Hi, I love the concept but thought I should check out how it works first hand. I looked for a cafe on your website and visited Ripe Deli in Smales Farm. They told me they were no longer using the cups (and hadn't for a while it seemed) and the reason given was that the uptake hadn't been good enough. Can you comment on this please?

      Posted on 20-11-2020 by Mel Logan

      Hi Mel
      Thanks - good question.

      Like all services, there is a range of successes; Some instances where it has been spectacularly successful, and some instances where it hasn’t worked so well. Generally, we see that Again Again works at its best in areas of woke, younger clientele - we have university campuses who report really good uptake for example. The degree of community engagement is also an indicator of success… Wanaka township has a council supported group who have pledged to make the whole community single-use cup (SUC) free by 2022. In this location, we have five cafes who have gone 100% and no longer have any SUCs and 16 cafes in total who are rocking the system. Density of the network is also an indicator - in Wellington, for example, there is a strong network where Again Again is more common and there more general awareness, thus it is used more.

      Indicators for less success seem to be, in no order;
      - An older/more conservative clientele
      - Corporate/business areas
      - When the business owner is not present or very influential with those at the counter

      In businesses areas, there is the added stress of speed/busy-ness. In high traffic cafes, even if those at the counter are champions for change, they simply don’t have the time to explain a new way of interacting with takeaways and so the status quo often remains.

      Specific to Ripe - we have loved working with these guys. They are savvy and ethical and really want to be a part of the solution, and it is no surprise then that they were early adopters. But they have had a hard run - referencing back to being in a busy environment, without much of an existing network around them.

      Setbacks are a part of growing something new. Please consider your experience in the context of the bigger picture!

      Answered on 21-11-2020 by Nada Piątek


      Can you state the funding rounds since inception with date, amount raised, pre-money valuation?

      Posted on 24-11-2020 by Cristian
      Norman and Jenny Firth
      2020-10-31 11:13:07 +1300
      Angelica Bueno
      2020-10-30 19:42:17 +1300
      Tracey Carter
      2020-10-30 15:53:48 +1300

      "Exciting times!!"

      Kah Chan
      2020-10-30 14:24:32 +1300
      Stella Khoo Pheng Kian
      2020-10-30 12:18:12 +1300

      "#Zerowaste"

      Jane Hardy
      2020-10-30 00:33:18 +1300
      Alice Trubshoe
      2020-10-29 21:51:33 +1300
      Pascale N Paul Hennessey
      2020-10-29 19:43:54 +1300

      "Beautiful idea and plan. I’m all for it! All the best "

      [email protected]
      2020-10-29 16:51:38 +1300
      Amanda Lowe
      2020-10-29 13:20:39 +1300
      jannaPledgeMe Staff
      2020-10-29 11:28:28 +1300
      Robbie Schneider
      2020-10-28 23:08:46 +1300

      "One step at a time "

      Anni K Urze
      2020-10-28 22:49:18 +1300

      "We can’t wait to see the disposables vanish out of beautiful NZ!"

      Kristine Bartley
      2020-10-28 20:55:24 +1300

      "An honor to be a part of this kick ass opportunity. Good luck! "

      Bryce Tuala
      2020-10-28 20:47:43 +1300
      Michael Dowse
      2020-10-28 20:45:58 +1300
      Stephen Brown
      2020-10-28 18:40:03 +1300
      Jack
      2020-10-28 18:28:19 +1300
      Lisa Jensen
      2020-10-28 16:29:56 +1300
      Sheridan Jamieson
      2020-10-28 15:37:42 +1300

      "Onwards and upwards, Again Again :)"

      Cathy Knowsley
      2020-10-28 14:26:36 +1300
      Caitlin Weren
      2020-10-28 13:54:51 +1300
      Penny White
      2020-10-28 09:37:51 +1300
      Kimberley Welsher
      2020-10-28 09:08:39 +1300
      Matthew Dowsett
      2020-10-28 08:50:37 +1300

      "Congrats on the equity launch. Keep up the amazing work!"

      Kathy Mansell
      2020-10-28 08:07:15 +1300

      "Excited for Again Again .. we have 3 cafes signed up in Palmerston North. We need more .. we need Again Again everywhere. Let's Go ..."

      Kay Baird
      2020-10-28 00:13:08 +1300
      Melissa
      2020-10-27 23:33:57 +1300

      "Well done, great to see you scale this up. Making a difference for the planet!"

      Paul McGlade
      2020-10-27 20:20:43 +1300
      Samantha Rae Jones
      2020-10-27 19:31:47 +1300

      "Woohoo - love your work =) "

      Equity Offer

      From NZ $300,000 for 6.5%

      Up to NZ $750,000 for 14.9%

      Share Offer

      Up to 750,000 Shares

      at NZ $1.00 per Share

      Investor Perks

      (Determined by your pledge amount)

      Coffee Lover

      NZ $500.00+

      SHARE TYPE: Non-voting shares PERKS: 50% discount StartNOW package for any cafes who you inspire to join the Again Again network (value of up to $130 to cafe)* *Boutique and Busy plans only. Enterprise plan will be discounted by negotiation.

      Coffee Cognoscenti

      NZ $3,000.00+

      SHARE TYPE: Non-voting shares PERKS: 50% discount StartNOW package for any cafes who you inspire to join the Again Again network (value of up to $130 to cafe)* EXTRA PERK: $50 gift voucher to use at an Again Again cafe near you. *Boutique and Busy plans only. Enterprise plan will be discounted by negotiation.

      Changemaker Extraordinaire

      NZ $20,000.00+

      SHARE TYPE: Ordinary (voting) shares PERKS: 50% discount StartNOW package for any cafes who you inspire to join the Again Again network (value of up to $130 to cafe)* EXTRA PERK: Meet up with one of the founders in Wellington or Auckland - hear our vision and get personal thanks for your part in working on it. The coffee’s on us! Waste-free of course :-) *Boutique and Busy plans only. Enterprise plan will be discounted by negotiation.

      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.