The Happy Pear

The Happy Pear, a plant-based food company founded by twin brothers Stephen and David Flynn in Ireland, has become well known for its mission-driven approach to healthy eating, sustainability, and community engagement. With a strong and loyal following built over years of running cafés, producing healthy products, publishing cookbooks, and creating engaging content, the company opted for crowdinvesting to raise capital – offering shares directly to individuals and community investors.

They chose this method not only to secure growth funding but also to allow their large, supportive community to participate in the company’s future – embedding their values into the ownership structure. This approach enabled followers to benefit from any potential increase in share value, much like purchasing stocks, while still aligning with The Happy Pear’s long-term vision of transitioning to steward ownership. The campaign successfully raised €2.6 million growth capital within 10 hours.

The investment is structured through redeemable ordinary shares issued via a Dutch trust, "STAK The Happy Pear." This STAK acts as an intermediary, separating voting rights from profit rights. Investors hold certificates of shares, becoming economic owners of The Happy Pear without voting rights. This ensures they can share in the company’s success while keeping control within the company (More on the STAK structure can be found in our section on Aligned Financing Instruments.)

The Happy Pear's pre-money valuation was set at €10.7 million, based on scenarios with and without successful funding, using discounted cash flow and market multiples methods. To support growth, the company raised €2.62 million by selling 26,200 shares at €100 each, representing 18.9% of the business.

Source: Key Investor Information Sheet of The Happy Pear (Crowdfunding Campaign) 

 Investors could participate with a minimum investment of €500, receiving 5 shares in return. These shares are redeemable by the company at any time, with a guaranteed minimum return of 50% on the initial investment. While there is no cap on the redemption price, enabling investors to benefit from the company’s growth, these shares do not carry voting rights. The Happy Pear currently does not distribute dividends, but their Dividend Policy is reviewed annually. After the annual financials are assessed, the board decides during the shareholders' meeting whether profits will be distributed to shareholders or reinvested in the company. Investors holding these shares have the same dividend rights as ordinary shareholders. Additionally, through the Broccoli crowdinvesting platform, a secondary market is available. After a two-year lock-up period, investors can sell their shares to other crowd investors at an agreed-upon price, offering further flexibility.