Social network for gaming gamesGRABR has successfully closed its crowdfunding campaign, quickly achieving its £150,000 target and ending with nearly 20% of over funding. Investment in the growing gaming social network proved popular with the target amount being achieved in just 5 weeks. All 178 investors now own an equity share in parent company UK based TeePee Games totaling just over 8% equity with the average amount invested across the campaign at £2500.
The funds will allow the company to make new key hires to help capitalise on its growth momentum. The new positions include developers as well as a sales and marketing director in the United States. gamesGRABR has attracted over 200,000 unique visitors since its launch in the summer and is growing at a rate of 100% month on month. In addition 2014 will see the launch of marketing campaigns in the UK and US markets to attract new users and alert them to several planned upgrades to the platform.
gamesGRABR has a unique ‘pinboard-style’ interface that helps the user to curate their own gaming collections, discover, engage, play and share them with other users, across any gaming platform. The new capital will allow the addition of more games to the portfolio, and more intelligent features such as video trailers, price-comparisons, and publisher and developer profiles.
Successful gaming entrepreneur Tony Pearce is CEO and Chief “GRABR” of the company. Pearce commented on the funding round on Crowdcube;
“We chose crowdfunding because it’s much quicker than traditional ways of raising capital such as angel networks and VC. As a social network we wanted to give gamers the chance to invest in a company they love, but the process was of course nerve wracking, so it’s very encouraging to see actual users get behind the campaign. Thankfully our investors recognised this unique opportunity to get behind a fast growing company in the hugely popular gaming sector and support flowed in. We now have the capital and the market support we need to fulfil the plans we have for gamesGRABR in 2014.”
gamesGRABR has multiple affiliate deals in place with major retailers including Apple, Amazon and GAME providing an income generating business model from launch that grows with the platform and its users. New affiliates in the US and Asia will be announced shortly.
“I already invest my money in a variety of ways and was introduced to Crowdcube as a way to get behind a small business and become a little more involved in my investment choice. gamesGRABR appealed as I wanted a technology business that has the potential to do extremely well, something we’ve all seen happen across the technology space. The combination of the teams’ experience, which I had the opportunity to speak to Tony about via the process, and their compelling pitch, led me to invest.”
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