Equity
8 Days left

Weecos.com – the pioneer of sustainable lifestyle

Ask questions below and receive answers directly from the target company's team members.

Please post your question in English so that all of our investors are able to participate in the discussion.

anonymous 6 days ago

You have plans to enter UK market and have already a partner for this. How are you prepared for hard Brexit consequences and risks?

anonymous
Weecos
2 days ago

Hi!

We are not in a hurry with UK markets. We have time to see what happens with the brexit and what will be the new agreements.

Br. Hanna Lusila / Weecos

anonymous 8 days ago

Where does these 500.000 unique users come from? How are your customers based geographically?

anonymous
Weecos
7 days ago

Hi,

2018 we got little over 500.000 unique new users. Most of them came from Finland 89,91%. Second biggest country is USA 2,04%, and third Sweden 1,17%. You can see from the attached image the top10 countries where the new users came from in the year 2018.

Br. Hanna Lusila / Weecos

V.A. 13 days ago

One of the founders and CoB are also in the same roles in Papu Design. Could you clarify the relationship between Weecos and Papu Design?

  • What has been the share of Papu in your sales (a) up to 2017, (b) 1-8/2018, and 9-12/2018 (roughly, if the exact numbers aren't available yet)?
  • Have I understood correctly, that Papu used Weecos as their main online channel until last summer, but has now prioritised their own online store? What was the effect of this for Weecos?
  • How have you prepared in possible conflicts of interest?

anonymous
Weecos
12 days ago

Hi V.A,

Thank you for the questions!

  • Weecos and Papu Design are independent companies even they have one same founder and CoB. Companies do not share for example ownership from each other. However there are good synergies between the companies that benefit both.

  • Unfortunately we can not tell the exact sales numbers of individual companies. However we can tell you that Papu has had a major role in Weecos from the beginning since it has been the biggest brand in our platform. Its significance in our revenue has diminished from year to year when the amount of brands has increased. In the year 2017 the Papu sale was significant but diminishing. During the year 2018 the role of Papu sales has decreased heavily. Papu's share of our revenue has decreased since there are more similar growing companies like Papu in our platform, and these brands are increasing their sales continuously.

  • You are right, Papu opened its online store Autumn 2018. We have known this from a long time and have been able to prepare to it. Weecos and Papu continue strong and fruitful co-operation also from now on. Decrease of Papu's sale in Weecos has had temporary effects. Papu's sale continues to be good in Weecos and at the same time other brands have increased their sales. So the total effect of Papu opening its own online store has been relatively short in Weecos' revenue. The fact that Papu has opened its own online store has had healthy impact to our revenue structure.

  • Weecos and Papu are independent companies that operate according the their own best interests. Companies seek synergies in places where both of their interests are met. Neither of the companies are dependent of each other. The fact that Anna Kurkela is a owner in both of the companies benefits both companies. She can share the received knowledge from both of the companies to help one another. Companies do not directly compete with each other.

Br. Hanna Lusila / Weecos

anonymous 14 days ago

There are fur products for sale in Weecos webstore. Why? Is the company considering to give up on fur products? For me it seems like a remarkable conflict to claim being sustainable and at the same time to support fur industry. With this concept I don't see potential for international growth.

anonymous
Weecos
13 days ago

Hi!

Weecos does not support fur industry in any means. The only fur that is sale in Weecos is the fur from the WILD collection from Marita Huurinainen. The WILD concept is interesting and beneath you can find short description from Marita Huurinainen.

The WILD from Marita Huurinainen "The WILD collection features fur and leather sourced exclusively from animals who have lived entirely in their natural habitat in the Finnish wilderness. Sourcing is from animals which have been culled for environmental conservation reasons, necessary for maintaining the harmonious balance of Finnish nature. The Wild origin is assured byt the "Wild Finnish Fur" label."

http://maritahuurinainen.com/wild.html

Br. Hanna Lusila / Weecos

anonymous 23 days ago

You say that your differentiation is selling sustainable products from responsible brands. 1. How do you convince customers the brands you sell are indeed sustainable/responsible? 2. Do you have any criteria who can sell via your platform? 3. The prices of items in your marketplace currently seem high. You said that Etsy is your competitor, but etsy has managed to keep prices reasonable. How do you plan to increase sales, and how confident are you in it? 4. The estimated revenues for 2019 is around 700000eur. What are your operating costs like?

anonymous
Weecos
21 days ago

Hi,

  1. Each brand in Weecos has passed our sustainability auditing, which is developed with experts. We continue to develop the auditing system all the time. Our customers and other brands are also active on opening discussion if they spot something that does not suite to our sustainability promise.

  2. The sustainability of the brand and the products are evaluated by the points of views of economic, social and environmental sustainability. The brand opens and justifies, for instance, its material choices and the places of production. It is crucial to notice that sustainability is not a matter of black and white and the brand can be sustainable in many different ways. When evaluating a brand’s sustainability, the whole life cycle of the product, from raw material and designing to sales and consumption, must be taken into consideration.

  3. We do not have direct competitors but Etsy is relatively close. However in Etsy is a marketplace for mainly handmade and vintage products. This means that many sellers are private persons instead of companies. When a brand sells high quality design products that meet the sustainability criteria the prices are higher. We do not aim to compete with price, but with inspiring brands and products, quality and sustainability promise. With successful round we are able to invest more to marketing and sales. This means increasing and enhancing the digital marketing, developing more active Weecos tribe, strong influencer co-operation and other marketing partnerships. We have already proven that investments to these kind of operations will directly increase sales and revenue. We are opening new market in Sweden with Metro partnership which will also increase our sales in new markets.

  4. Our operating costs for 2019 are estimated 650.000€. These mainly consists the personnel costs (5 employees), marketing and sales costs and platform operating costs. Our fixed costs are very low so incase the revenue does not develop as expected we are able to lower our costs.

Br. Hanna Lusila / Weecos

anonymous 8 days ago

Does the founders receive salary?

PJM 26 days ago

First, intresting company, great idea but I just have couple questions.

1) Why do you see Weecos House (brick and mortar store) as something to focus on because many retail chains are now closing their stores and focusing more on online sales? Do customers really want to visit Weecos House or just order from Weecos Online Platform?

2) Relating to question 1 it's hard to see how Weecos House can be as profitable (rent,salary, etc) when comparing to selling online on Weecos Platform and I would assume it's gonna take alot of money (and requires expertise/time) to open Weecos House and run it profitable. Should that money be spend on marketing /software development / improving online sales? Especially when company is still young and every € counts.

3) Are you planning on trying to secure similar marketing deal like in Sweden (get visibility in exchange of % of sales) to Norway / Denmark? Or is your next target market US/UK ?

anonymous
Weecos
21 days ago

Hi PJM!

Thank you for the questions and feedback!

1) Our main focus is on developing the platform. However we see need for physical appearance in addition to online presence. We see Weecos House as a tool for marketing the online platform especially when opening new markets. Weecos House is part of our go to market strategy. Weecos House is not a traditional retail store. It is created together with the Weecos Community (brands, customers and other partners), it supports the brand experience and the online sales. In our customer surveys we have received a strong need for physical appearance.

2) Like mentioned above Weecos House is a part of platform marketing especially when opening new market areas. Since Weecos House is not a traditional brick and mortar store, but instead a new kind of experience build together with partners and brands, also the business model will be different. Yes, this stage the money will be mostly spend marketing /software development / improving online sales, but if the maximum amount is reached we will concept and pilot the Weecos House. This means concepting and testing the idea in lean and cost efficient way with our network.

3) When entering new markets strong go-to-market partners are important. We are looking for different kind of marketing deals also in other Nordic countries and Europe. Those are our next target markets. However we already have a partner for UK and US markets and thus can proceed with these markets quite quickly. Of course entering the US markets requires more capital and planning.

br. Hanna Lusila / Weecos

All in about 1 month ago

If I understood correctly, you have developed your own e-commerce platform based on Drupal. Why you have decided to develop own IPR instead using any e-commerce product or service? Like Shopify? Are you going to continue investing to your own platform?

anonymous
Weecos
27 days ago

Hi All in,

Thank you for the question! When we started to develop Weecos it was clear from the start that we want an automated platform that enables global scalability. This means that the features we require were, and still are, quite unique. Back in 2012, there weren't any e-commerce product or service that would have functioned straight to our needs (full support for shop-in-shop, distributed payments, various administration levels).

We have time to time checked the available technologies in other marketplace solutions. It has become clear that every available software would require heavy customizing and rebuilding in order to fulfill our needs, or they cannot support our business model at all. It is important to remember that a fully functional shop-in-shop requires a completely different level of functionality from the platform than a regular e-commerce shop.

What comes to Shopify, we have investigated its marketplace solutions this spring and it couldn't provide the features we required. E.g. its administration features for individual shop-in-shop sellers are inadequate.

It is important that Weecos has the control and possibility to implement various new features. Weecos is not only a shop-in-shop ecommerce platform but we are developing Weecos towards inspirational digital sustainable lifestyle center.

Br. Hanna Lusila / Weecos

anonymous about 1 month ago

Mikäli anti epäonnistuu, onko yhtiö konkurssissa? Mitkä ovat ehdot, joilla Nordea on luvannut lainaa? Onko siis kaikki yli 300 000 euroa haaskattu verkkokauppa-alustan tekemiseen? Onko se tilattu ulkopuolelta vai onko se sisäistä tuotekehitystä? Valuaatio on järjetön -140 te tappiota tekevälle yhtiölle, jolla on -193 te lainaa.

anonymous
Weecos
about 1 month ago

Hei!

Kiitos kysymyksistä. Yhtiö ei ole konkurssissa jos anti epäonnistuu. Mikä anti epäonnistuu kansainvälinen skaalautuminen on hitaampaa. Pitchissä esiteltyjen jo nostettujen lainojen lisäksi Nordealta ei tulla nostamaan lisää lainaa. Alustan kehitystyöhön on kuuden vuoden aikana investoitu yhteensä n. 300.000 euroa. Tämä pitää sisällään sekä omaa kehitystyötä että ulkopuolelta ostettua tuotekehitystä (mm. käyttöliittymäsuunnittelu ja visuaalisen ilmeen uudistus, sekä viime vuosien implementointi). Tässä tulee huomioida, että monikauppiasjärjestelmän tuotekehitys on huomattavasti monimutkaisempaa kuin perinteisen verkkokaupan. Taulukon luvuissa ei ole huomioitu tuotekehitysaktivointeja, jotka on esitelty pitchin kappaleessa "Taloustiedot". Investoinnin aktivointi taseeseen vaikuttaa positiivisesti yhtiön tulokseen.