Earlier this month, travel social media site, ScrapMyMap, launched an equity crowdfunding campaign on Seedrs to raise £100,000 to expand its business.
According to its campaign, ScrapMyMap was “established to bridge the gap between current social media and travel review websites.” The website is able to do so by providing one platform for users to create and socialize their very travel experiences. Those using the website will create virtual scrapbooks for their trips. They can upload blogs, quotations, photos and even recommendations. Everything will be available in one location so it is easier for users to document and share memories with friends and family.
The website’s team shared, “ScrapMyMap acts as a personal form of travel guide as users can search their friends’ Scrapbooks to gain quick and personal insight and travel inspiration. Since they know their friends they can liken their tastes to their own and therefore take away ideas which they think will be suitable for them with more reliability and less bias than on typical travel sites.”
Also explaining the websites “intended impact,” the team revealed,“We have formed what we consider a unique approach to combining travel and social media by focusing heavily on the personal aspect and the importance of building up a travel social media network where you are directly connected to reviews written by people you know. Our idea centers on the importance of personal recommendation because, although there are several very successful travel review websites, people are still asking their friends for travel recommendations. In fact, according to the World Travel Market (WTM) 2013 Industry Report, 18% of people use personal recommendations as a key resource when planning and going on holidays.
“We believe that our niche focus combined with our emphasis on the user experience and making the website as visually appealing and easy-to-use as possible places us in an advantageous position when growing our member base. Going forward we see great growth potential for the company and aim to build a community which is recognized globally. Once we have established substantial brand recognition and reputation within our sector, we predict exponential growth as people share their Scrapbooks and strive to grow their own personal networks. At this stage we see numerous opportunities for ScrapMyMap to implement new website features and develop into a major internet presence.
“We aim to build ScrapMyMap into a site that facilitates people’s travel experiences from planning and generating ideas at the beginning of a trip, to sharing their own experiences with friends and family once it is over.”
Since its launch in August 2013, ScrapMyMap already has 500 members and has drawn interest for affiliation from a number of major travel and tourism companies such as LastMinute.com, Etihad Airways, and Walt Disney.
The funds will used for the following
- To build apps for smartphones and the iPad
- Launch our new features including premium subscription and physical scrapbooks
- General site maintenance when required
- Advertising and marketing spend
- Directors’ costs and loan repayments
- Due diligence including Seedrs fee
The team then added, “From our current estimates, we expect that it will also provide us with cash to fund our working capital until we are in a position to reinvest our revenue. This will include professional fees, IT costs, insurance, phone, travel, stationery, printing and other sundry costs.”
Those interested in funding the project will receive 39.04% in equity.
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