Less than a month after launching its latest equity crowdfunding campaign on Seedrs, Commuter Club has successfully secured nearly £2.2 million in funding. The round quickly raised its initial £1,850,000 funding target, with the company currently offering 10.92% equity with a £15,089,864 pre-round valuation.
As previously reported, Commuter Club was founded by Petko Plachkov and Imran Gulamhuseinwala. It helps commuters save time and money, offering an online retail solution for the sale of season tickets and payments through a subscription service. Basically, a Netflix and Trainline for commuting. CommuterClub also reported that customers pay 5.6% interest on the price of their annual ticket. Even with the interest, customers still make significant savings over other ticket options.
“Commuter Club is a unique tech platform that brings together data, retailing and credit to save commuters time, money and hassle. We help commuters find and purchase the right ticket for their commute through a simple online journey and access the big savings of annual tickets through a low-cost, convenient monthly payment plan. Like Netflix for commuting.”
Funds from the Seedrs round will be used for the following:
- Core platform (20%): onboard a new, lower-cost lender and deliver a self-service portal to improve operating costs and customer experience.
- Upgrade skills in product, marketing, and engineering (20%): Evolve its ticket finder tool and launch a smartcard to improve UX, reduce risk, and facilitate new revenue opportunities.
- Grow and acquire customers (60%): Fuel marketing growth and brand building to scale its loan book and build a self-sustaining back-book of customers.
The campaign is set to close at the end of August.
Have a crowdfunding offering you'd like to share? Submit an offering for consideration using our Submit a Tip form and we may share it on our site!