49. BagThat

A new take on the online deals model, allowing users to collaborate to drive prices down

Founder: Andy Sutton
Founded: January 2011 (launched May 2012)
Website: www.bagthat.com

An eminent list of career touch points – NASA, IBM, Oracle – doesn’t appear the natural route to starting a site offering a social way to shop online, but 47-year-old Cambridge-educated engineer Andy Sutton had an epiphany. The group buying concept allows users to name a price on products, then wait to see if the power of crowds enlisted through social media sites can help them hit the magic number – or take lower.

While group buying and discount deals sites are widespread, Sutton hopes his twist and a focus on quality, branded products and services, will help it turn a pretty penny. With initial angel funding to the tune of £450,000, followed by £2m institutional funding via Oxford Capital Partners, the company is targeting a turnover of £250,000 by the close of 2012.