Pocket App, a company that creates custom mobile apps, has quickly topped its £750,000 equity crowdfunding objective on Seedrs having garnered the backing of 321 investors with an average investment amount of about £2300. Pre-money valuation was placed at £3.6 million. The investment offer is EIS eligible and remains open in over-crowdfunding mode. Investors also received perks from the software shop. Starting at £100 equity purchase, investors would receive a 10% discount off any app development. For larger investors of £50,000, the shareholder may receive £50,000 of app development. Additional incentives are available in between the two different amounts.
— Pocket App (@PocketApp) April 5, 2016
Founded in 2011, Pocket App is said to be the UK’s largest mobile app developer. The list of well-known corporate clients is long including Microsoft, W Hotel, NHS, Samsung, Argos and more. With the success of the equity crowdfunding campaign, Pocket App is now said to be poised to move into the “super premium app development” sector. The company states it is already profitable but is in need of growth capital.
Pocket App has described itself as the next “Mubaloo”. Recently Mubaloo, an app dev shop, was sold to Mediabrands for an estimated £20 million. Revenue of the company at that time was said to be around £5 million. Pocket App believes this is part of a broader market shift as a growing number of companies demand digital expertise and mobile exposure.
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