Welcome to Back or Bolt, a newsletter highlighting what is happening in the world of early-stage investing/crowdfunding. I’ll provide a curated list of what’s new in the crowdfunding space around the world and one deep dive into a company of interest, then it is up to you whether to BACK OR BOLT!
The DEEP DIVE - The London Tunnels
This week I was fortunate enough to attend a tour of the London Tunnels. For a single day they opened the Kingsway Exchange tunnels up to interested investors, and I was lucky enough to get one of the limited and hotly-demanded spaces.
The tour started with a short talk about the project by CEO, Angus Murray, who highlighted that they’re the largest network of tunnels built in a city, they plan to have a three-way ticketing revenue model (arts & cultural, heritage of the blitz, and the deepest bar in a capital city), and if the maximum number of visitors is met (4.2 mil) then revenues could be up to £120m per year and the share price should be around £18 per share (current £1.80). We could really see his passion for the project as he spoke about its history and its future.
After the talk, we donned a hardhat and hi-vis vest and loaded into 1940s style lifts to continue the tour 30m underground. Our tour guide was James Loxton from the hedge fund which helped to acquire the tunnels (for a cost of £10m). The tunnels were HUGE, with far more to see and experience than I could have initially imagined (and this is all before the renovation).
We got to see the historic BT bar, with its authentic 1970s style furnishings, old machinery that helped with ventilation and telephone routing (including during the Cuban Missile Crisis between the US and the Kremlin), and the Post Office tunnel extensions (four massive parallel tunnels, each the width of a eurostar tunnel or 3 double decker buses side-by-side).
The whole tour took about an hour and a half, and everyone on the tour was fully engaged and interested in the fascinating history lying right underneath central London. We were also informed of the plans that the company has for the tunnels, including potential collaborations with Amazon for a James Bond museum (the creator likely worked in these very tunnels and are assumed to be the inspiration for Q Branch), numerous selfie spots and instagrammable moments (with inspiration from Tokyo Labs and Bassins des Lumieres in Bordeaux), and a confirmed relocation of the Military Intelligence Museum. There are so many wonderful plans and visions to execute, that it would almost be impossible to write them all down.
The company are also doing good for the community, offering free visits to all London school children once opened, so they can experience them and learn about the history of the blitz. Every inch and corner of the asset has been thought about in great detail, so they can best utilise the space, both to generate revenue and give back to the history and community that the tunnels are a part of.
The London Tunnels plan to run a three ticket system, one for the blitz history section, one for the culture & arts section (which will have regularly changing exhibits allowing for repeat customers), and one for the bar section. There is a limit of 1400 people per hour (based on security, ventilation, and available facilities), with each guest given an hour to explore their ticketed section.
They never want it to feel cramped or crowded, with guests having space to explore and learn. Beyond the ticket limitations, they are also designing the exhibits to have a flow, so that guests move through each section naturally.
It was great to get an opportunity to actually see the tunnels, their sheer scale and size, and understand the scope of the plans in firsthand detail. If the plans go ahead, The London Tunnels would become a wonderful capstone in London’s already bustling tourism sector.
The Good ✅
Note: Any numbers mentioned are per the company’s own reporting:
The tunnels are a unique asset (largest tunnels in a capital city, deepest bar in London), impossible to replicate, giving a strong competitive advantage.
Central location, meaning it is easily accessed by trains, buses, and boats.
London is a tourism hub, with 20m visitors a year.
All planning permissions have been approved (from both councils - London City and Camden Borough).
The tunnels are owned by the company.
The tunnels were built sturdy (over-engineered to ensure they were safe during the blitz) meaning they are in excellent condition for being 80 years old.
Working with respected, global engineering firm, WSP, to oversee the conversion.
Collaborations already in place with the British Intelligence Museum to move into the premises.
Three-way revenue model, ticketing for the bar, culture and arts section, and the heritage/history section. With 3-6 month rotating exhibits, allowing for repeat customers.
The Bad 🚩
£60-63m required for the conversion, which I don’t believe has been secured yet.
Why raise on crowdcube? The amount raised vs what is needed is only a drop in the ocean, so it likely is to fund short-term liquidity issues for a pre-revenue venture.
Short-term debts of around £2m are falling due at the end of the year, how will these be paid? There may be a rolling debt facility to cover this.
Maximum number of people per annum of 4.2m seems ambitious, when compared to similar sites around London. It is less than the British Museum and the Natural History Museum, but more than Harry Potter World, the London Eye, and the Churchill war rooms. The other question is what is the breakeven point as that will give a better view of whether the visitor numbers are achievable?
Back or bolt?
⚡While I think the asset is amazing, and that it could be a wonderful attraction for London, there are some significant hurdles between the current situation and the lofty plans (primarily the £60m debt) and for that reason I am going to have to BOLT. I hope that they can achieve their goals, and they have come a long way (owning the tunnels and full planning consent) however, as an investment, I think it is more of a donation of hope, supporting people with a bold goal to improve the future of London rather than anything that will generate a return.
I am in the process of organising an interview with the CEO, Angus Murray, so I will hopefully get answers to some of the above questions, and who knows, I might even change my mind.
The Round Up 🌏
These are also on my radar this week. If you’d like me to analyse any of these in a future Deep Dive, be sure to let me know.
United Kingdom/Europe 🇬🇧 🇪🇺
Penfolds - UK | Fintech | Digital pensions platform with over £1bn in AUM | 100k+ savers | Secondary investment | £65m valuation | Min. Investment of £10.33 + platform fee | Share price of £1.7129 | Each share purchased has an additional 0.5% added to cover stamp duty.
Whitby Distillery - UK | Food & Beverage (Spirits) | Craft distillery beside Whitby Abbey with £1.63m revenue (YE Feb 2026) and 390k+ bottles sold | Primary equity raise | £11.5m pre-money valuation | Min. investment £21.62 + platform fee | Share price £10.81 | Investment fee 2.5% (min £5, max £250) + 5% admin fee on distributions above investment amount
Imprintech - DE | Materials Testing / DeepTech | Standardises materials testing with proprietary i3D technology in seconds | Customers include Airbus, Tesla and Mercedes | Primary equity round | €7.2m valuation | Min. investment €250
United States 🇺🇸
Fantec | Defence / Satellite Communications | Waveform-level signal recovery platform (BoostBox™) delivering 7–17 dB link-margin improvement | Early US Navy and USAF engagement | $85k in prototype POs | Primary equity raise | $10m valuation cap | Min. investment $200
Sorbiforce | CleanTech / Energy Storage | Non-metal, lithium-free battery architecture combining millisecond power stabilisation and energy storage for AI data centres and grid infrastructure | Primary equity raise | Min. investment $500 | Share price $2.58
Carengen | HealthTech / Eldercare | Holistic eldercare planning platform for families navigating aging care decisions | MVP complete, pilot agreement signed with Buffalo NY bank (launched Feb 2026) | Primary equity raise | Min. investment $100 | $7m valuation | First $85k of investments gives you the rights to a Future Equity Agreement (SAFE) - preventing dilution.
Australia/New Zealand 🇦🇺 🇳🇿
PowerHub - NZ | Energy / CleanTech | Software platform connecting everyday consumers and small businesses to wholesale electricity pricing, bypassing retail providers | Reward-based crowdfunding - NOT EQUITY | Pledgers receive 3, 6, or 12 years of guaranteed wholesale pricing depending on pledge amount | Wholesale price + 10% operational fee pricing model
The Scorecard:
Backs: 0 - Bolts: 2
That’s all for this week, gotta bolt and get back to it! ⚡
DISCLAIMER - This newsletter is not financial advice, and should not be used as such. It is for information purposes only. Every investment has risks and you should do your own due diligence or discuss with a financial advisor before investing. Early-stage investing is higher risk and you may lose everything you put in. It is also highly illiquid, meaning your investment is not easily accessible if you need the funds at short notice.