Jarvo, a private firm raising capital on Seedrs, is reporting that it hit its £200,000 funding target in just 42 seconds.
According to the company, this beats the previous record for the fastest funding round held by digital bank Monzo.
That’s a wrap!! 🎉🎉 overfunded and one of @seedrs most successful campaigns ever!!!
✅reached target (£200k) in 42 seconds…beat @monzo’s record!
✅ 222% overfunded
✅ 435 investors joining our exciting journey!
✅ closed out with 19 days left to go!
✅ global PR pic.twitter.com/N4oNhc7P08— Jarvo (@JarvoLiving) August 15, 2022
The offering went live and quickly closed to investors. According to the offering page, 429 individuals backed the firm providing £445,673 in equity capital at a pre-money valuation of £2.7 million. The securities offering was EIS qualified as well as being approved for Seedrs Secondary Market.
Jarvo is described as an Airbnb type company that targets the work-from-home (WFH) or virtual office movement. Jarvo aims to provide its users with access to workspaces in other people’s homes – anyway, but within a 15-minute walk. The company believes that the future of work is “decentralized, diverse, and truly sustainable.”
While still very much a startup, the company reports over 12,000 sign-ups on its waiting list and over 1000 work venues committed in the UK. Jarvo plans to generate revenue via a subscription model, adding that it has held talks with firms like Deloitte.
Ok so just went live and hit target in 42secs…faster than @monzo’s 96secs back in 2016 💨
— Daniel Hillman (@DanielJHillman) August 1, 2022
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