Crowdcube · UK

ZigZag Global’s 2015 crowd round: 38x when Global Blue bought it

ZigZag Global raised about £124,000 on Crowdcube in 2015. Crowdcube reports a 38x return when Global Blue bought the returns software company in 2021.

Past returns are not a guide to future returns. General information, not advice.

The figures

Multiple 38x Realised

Platform
Crowdcube
Country
UK
Crowd round
2015
Entry price or valuation
£124,320 raised from 116 investors, with 15% of the company offered at its target
Exit or latest event
Bought by Global Blue from Circularity Capital

ZigZag Global: crowd round in 2015; entry at £124,320 raised from 116 investors, with 15% of the company offered at its target; exit or latest event: Bought by Global Blue from Circularity Capital.

The round

ZigZag Global sells software that handles returned online orders. It raised its first public money in the year it was founded. Crowdcube's pitch page (opens in a new tab) records £124,320 from 116 investors against a £100,000 target, dated August 2015, with 15% of the company offered at the target and SEIS tax relief available. That target is the £100,000 sometimes quoted for this round; the amount raised was higher.

The company's later money came from elsewhere. Its co-founder told BusinessCloud (opens in a new tab) that it crowdfunded first, then took angel investment through a family office, then a venture round in 2018. New rounds usually dilute earlier holders, and the multiple below is what was left after those rounds, not before them.

What happened

Global Blue, the tax-free shopping group, announced the purchase (opens in a new tab) in March 2021, buying from the private equity investor Circularity Capital, and completed it (opens in a new tab) later that month. The announcements describe a purchase of the company rather than a partial sale, which is why this case counts as realised and not as a mark on paper.

The return comes from the platform. Crowdfund Insider (opens in a new tab) reported Crowdcube's list of its winners in February 2022, naming ZigZag Global as acquired by Global Blue for a 38x return. The co-founder told BusinessCloud (opens in a new tab) that Crowdcube called the exit its biggest return for clients.

What the figure does and does not say

We have 38x from one source (opens in a new tab), the platform that hosted the round, and no filing or buyer's statement that confirms it. It is a multiple of money in, before tax, and the SEIS relief some investors could claim is not in it. The announcements above state no price, so we do not work the multiple back from one.

The same report (opens in a new tab) said only 6% of funded issuers had produced an exit, so this is a winner picked from a small group. The base rates on the exits index are the context for reading it.

Timeline

  1. 2015

    Founded by Al Gerrie and Laurence Guy. Crowdcube (opens in a new tab)

  2. August 2015

    £124,320 raised from 116 investors on Crowdcube. Crowdcube (opens in a new tab)

  3. 2018

    A venture round follows angel money from a family office. BusinessCloud (opens in a new tab)

  4. 8 March 2021

    Global Blue announces the purchase from Circularity Capital. Business Wire (opens in a new tab)

  5. 23 March 2021

    Global Blue completes it. Business Wire (opens in a new tab)

  6. February 2022

    Crowdcube's list reports a 38x return. Crowdfund Insider (opens in a new tab)

Sources

  1. Crowdcube, ZigZag Global's August 2015 pitch (opens in a new tab)
  2. Crowdfund Insider, February 2022: Crowdcube touts returns on investments made on its platform (opens in a new tab)
  3. Business Wire, 8 March 2021: Global Blue acquires ZigZag Global (opens in a new tab)
  4. Business Wire, 23 March 2021: Global Blue completes acquisition of ZigZag (opens in a new tab)
  5. BusinessCloud: ZigZag solution helps resolve conundrum of retailer returns (opens in a new tab)

By Raise Sonar. Published . Sources read .

Every case, with the base rates · Equity crowdfunding raises open now