Gloople completes £150,000 SEIS structured funding round
Series A funding round is underpinned by £130,000 investment from London Business Angels
Social sharing ecommerce platform and Startups 100 company Gloople has closed a £150,000 SEIS structured funding round, with £130,000 of the total investment coming via a syndicate of London business Angel (LBA) investors.
Designed for small to medium-sized brands and retailers, the London-based company drives traffic to online stores through the use of social media to inform customers' contacts whenever they make an online purchase.
It is hoped that the initial funding round, which valued the start-up at £1m, will enable the company to launch across the UK market, to an estimated 4.5 million small and mid-sized companies.
Underpinned by a £130,000 investment from a LBA syndicate, the Series A funding round was structured according to the Seed Enterprise Investment Scheme (SEIS), which aims to increase funding opportunities for early stage companies through entitling investors to tax relief of up to 78% on investments of up to £100,000. Anthony Clarke, managing director of LBA, feels that the latest deal with Gloople serves to prove how nascent companies can benefit from SEIS: “Gloople is a good example of how a potentially high growth seed stage company led by an experienced and credible entrepreneur can effectively close a first round of external funding under the SEIS scheme in only six weeks. “It is also notable that the lead LBA investor in this round will be now be taking an active role in the company. LBA has now completed three SEIS structured investments since May 2012 and will shortly be launching its own SEIS Fund to co-invest alongside its more active angels.”