gamesGRABR secures £425,000 in second Crowdcube round
Tech company is the first to raise finance from the London Co-Investment Fund via the crowdfunding site
Gaming social network firm gamesGRABR has raised more than £450,000, in its second round of funding on Crowdcube.
It attracted 221 investors, including the London Co-investment Fund (LCIF), which helped it smash its initial £250,000 target by 80%.
Founded in 2010, gamesGRABR is a social platform for gamers to play, share, discover and buy games on a pinboard style interface, accessible on any internet enabled device. It has grown rapidly since launch, securing major deals with retailers including Apple, Amazon and Game.
The tech company is the first to receive funding from the £25m LCIF via Crowdcube, which was launched last year to invest in London-based seed-stage companies in the tech, digital and science sectors over the next three years.
The total amount raised on Crowdcube, through individual investors and the LCIF now stands at £454,000.
gamesGRABR CEO, Tony Pearce, commented: “We are so proud of this latest round of funding and the attention gamesGRABR has attracted. Our unique approach of creating a community ‘by gamers for gamers’ who want to be part of our growth along with key investors has been incredible.
“With this new funding round we can begin to scale up our global and marketing efforts plus add to our successful partnerships with vloggers on YouTube. Our vision is to be the biggest social network for gamers, the place to find everything you love about gaming and this funding will set us well on the way.”
Mayor of London Boris Johnson, chair of the London Enterprise Panel, which supports and launched the LCIF said: “London’s tech sector is flourishing and the city is a hotbed of talented young and ambitious people buzzing with exciting ideas who are setting up new companies in their droves.
“Despite this boom, we know that many budding start-ups find it difficult to raise the finance they need to grow. This new fund will ensure the tech-giants of the future can get the support they need to bring their ideas to reality and deliver jobs and growth for the capital.”