21 November 2022
IamFire plc
AQSE: FIRE
(“FIRE” or the
“Company”)
Investee: WeShop
Update
IamFire is pleased to share the
following update received from WeShop Holdings
Limited regarding performance figures since the soft launch of
the WeShop platform and initial rollout of influencer
campaigns.
“WeShop is pleased to report the following highlights for the
months of July and August 2022 since
the soft launch of the platform in the United Kingdom.
Highlights
-- User downloads as at 19 November 2022 were 43,000, up from 23,000 on
1 September 2022
-- Annualised gross merchant value
(GMV) averaged £12.1m in October, a significant increase from the
£2.4m reported for July 2022. Annualised GMV passing through
the platform has been rising steadily throughout the period, with
the August figure at £5.8m and September at £9m.
-- Average spend per transaction
increased from £75 in July to £81 in
August
-- Transactions increased from 2,633 in
July to 5,981 in August
-- The number of users completing at
least one purchase through the platform in November exceeded the
total number of users registered in October.
-- 7,900 transactions have
already been completed on the platform up to 19 November.
This compares against a total number of transactions for October of
6,970.
Richard Griffiths, Chairman
of WeShop Holdings Limited said:
“We are exceptionally pleased with the commercial progress of
WeShop since the press launch on the 4th July 2022
and our key performance indicators continue to track ahead of
forecast. The Founder Influencer Program which was launched
back in July appears to be delivering strong results in terms of
user acquisition leading to spend through the platform. Our
focus continues to be on the optimisation of the platform in
anticipation for a launch in the US and the listing of the Company
on a US exchange.”
IamFire currently holds £4m of Convertible Loan Notes (CLNs)
in WeShop Holdings Limited. It also holds the right to
subscribe for a further £3.75m in CLNs. In addition, it holds
a £4.5m CLN in Community Social Investments Limited (“CSIL”)
(formerly WeShop Limited), the conversion of which is currently
subject to a shareholder vote by CSIL shareholders.
The Directors of the Company accept responsibility for the contents
of this announcement.
REGULATORY ANNOUNCEMENT ENDS
Enquiries:
Company:
info@iamfireplc.com
Peterhouse Capital Limited (Corporate Adviser):
Mark Anwyl/Guy Miller: + 44 (0) 20 7469 0930 (Direct)
Corporate Broker
Lucy Williams: +44 (0) 20 7469
0930
Duncan Vasey: +44 (0) 20 7220 9797
(Direct)