Fashion tech start-up secures £150,000 through Seed Enterprise Investment Scheme
SEIS funding enables SalesGossip to take on first staff with plans to raise further funds
Members-only fashion discount site SalesGossip has secured £150,000 from the Seed Enterprise Investment Scheme (SEIS).
Co-founded by Zabetta Camilleri and Emillio Sanz, the start-up company uses GPS to provide its 15,000 members with information on where to find the nearest sales and discounts for high street shops and fashion brands, including Zara, John Lewis, Barbour and Hermes.
With the funding provided through SEIS, which aims to increase funding opportunities for early stage companies through entitling investors to tax relief of up to 78%, the co-founders have recruited their first employees and launched a new version of the site, along with a dedicated mobile app.
Co-founder Sanz is looking at new investment avenues, including the Enterprise Investment Scheme (EIS), in order to continue expansion. He said: “The market is huge and we’re excited to be looking at our options for a more global presence.
“We get lots of requests from overseas and are currently working with our accountants and advisory board to explore the possibility of raising further funds through EIS to help expand overseas”.