Pixie, a payment and loyalty app for independent businesses founded in 2013, is seeking £500,000 on Crowdcube.
The crowdfunding offering is scheduled to close in less than two weeks having topped £273,000 backed by 56 investors. Pixie is selling a 5.26% equity stake in the firm at a premoney valuation of £9 million. Pixie is also packaging some perks with the equity offering.
Pixie reports having completed a successful pilot across 250 businesses and £250,000 in transactions in three different communities (Bath, Frome, and Sherbourne) and 5000 users. The company aims to support independent businesses and provide the tech tools to boost affinity and retail activity.
Greg Barden, founder and CEO of Pixie explains that whether it’s stalls in the bazaars of Baghdad or small boutiques on Bath high-street, independent shop owners are linchpins in their community.
“They add variety to the mundane and nurture community spirit. Even local guardians need protecting sometimes, which is why we created Pixie … There might be thousands of independent businesses across the UK, but at the rate the high-street is disappearing they are severely under-threat. Pixieisn’t here to turn people away from the bigger players on the high-street, but create opportunities for enriching discovery”
Pixie’s current revenue is from transaction fees on Pixie Pay, but with added growth capital it can generate fees on conventional card transactions, annual discovery subscriptions and event and hotel bookings.
Pixie hopes to service over over 6,000 UK businesses by 2020 and seeks an estimated transaction value of £200m+.
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