Vakay, a holiday search platform, has successfully secured its Crowdcube campaign’s initial £100,000 goal. The company launched the equity crowdfunding campaign last month and was seeking to funds for the continuous development of its website features and marketing.
Vakay currently offers users destination recommendations based on their budget and available date. Vakay is also seeking to become an online advertising website for destination marketing organizations. The website noted since its official launch last November, more than 2,000 users have visited its platform and with over 60 % using its search concept.
As previously reported, Vakay co-founder and CEO, Tom Davies, announced the website formed a promotional partnership with Uber following the Crowdcube launch:
“After seeing our crowdcube pitch, uber reached out directly to explore how we could help them promote the app for UK airport transfers in the face of competition from providers such as the Heathrow and Gatwick Express. We will be promoting the offer through our social media channels, email and on our new destination pages which will go live post funding. As part of the agreement Vakay.co.uk will receive a commission from uber, for every user that redeems our unique code in the app.”
Over the weekend, the Vakay team announced they were planning to extend the Crowdcube initiative:
“Today we’re excited to announce that we’ve achieved our target, and are currently overfunding! Thank you so much to our 132 new investors who have helped us achieve this milestone. Due to the increased interest in our pitch we have been granted a two week extension, the additional investment raised will allow us to speed up development and begin scaling B2B revenue streams ahead of schedule.”
Funds from the campaign will be used for the following:
- Development of website features & package content (65%)
- Brand & Digital Marketing (31%)
- General Admin & Staff Costs (4%)
The campaign is now set to close at the end of October.
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