Snap, a UK-based travel platform, is now seeing £1.1 million through its equity crowdfunding campaign on Seedrs. Founded in 2016, Snap states that it uses technology, and the power of its community, to aggregate travel demand and match it with spare capacity from independent coach operators.
“Just enter your destination and starting point – and the date you want to travel – and then choose the Snap trip that suits you best. We send your pick-up location and time direct to your ‘phone; on the day of your trip, you can track your coach on its way to you, using our Snap Map. When you reach your destination, your trip ratings make sure we only choose the best of the best for new Snap trips. With Snap you can also build your own tailored trip, and share it with your network. If enough people choose it – we’ll run it. Perfect for groups, clubs and societies.”
Snap also reported that it aims to be a solution for the #carfree, environmentally conscious generation of digital natives. Snap noted that the natives engage with it online and benefit from “better quality, lower prices, hyper-convenient local pick-ups and the knowledge” that they are using the lowest carbon form of domestic travel. In regards to what the funds from the Seedrs round will be used for, Snap added:
“Snap is a tech platform, and the majority of proceeds (54%) will be spent on people, with marketing the second largest category (20%). Following the pivot to a commission based model, the main focus for Snap in this funding period will be to prove the success of this model on a small number of routes before raising a larger scale round for growth and expansion. Snap has a strong leadership and Board and good governance, with 20% of Snap equity owned by institutional investors. In addition, the largest angel investor holds a monthly management review with the leadership team to ensure financial control and discipline. We expect the finance being raised in this round to fund the business to July 2020, by which time we aim to have raised further investment.”
Through the campaign, Snap is offering 23.29% in equity at a £3,622,151 pre-money valuation. The campaign is set to close later this fall.
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