Social gaming start-up secures £175,000 Crowdcube investment
gamesGRABR to expand across UK and US following oversubscribed pitch
London-based social gaming network gamesGRABR has today announced that is has raised £175,350 via equity crowdfunding site Crowdcube, over-funding its original £150,000 target.
175 investors backed the campaign and now own a share of 8% equity in the gaming start-up’s parent company, TeePee Games.
Founded in 2010 and launched in 2013, gamesGRABR is a ‘Pinterest for games’ offering a “unique pinboard-style” interface platform which allows users to curate their own gaming collections and play and share these games with other users.
Since its launch, it claims to have grown at a rate of 100% month on month and has already secured deals with major retailers such as Apple, Amazon and GAME, with client acquisitions in the US and Asia to be announced shortly.
The games company intends to use the finance to launch marketing campaigns across the UK and America to attract news users, with plans to recruit a sales and marketing director to head up its new US operation.
The funding will also go towards the recruitment of new team members for its London office including additional developers to help support the roll-out of more games within its portfolio and platform upgrades.
gamesGRABR founder, Tony Pearce, commented: “We chose crowdfunding because it’s much quicker than traditional ways of raising capital such as angel networks and venture capital.
“As a social network we wanted to give gamers the chance to invest in a company they love, but the process was of course nerve wracking, so it’s very encouraging to see actual users get behind the campaign.
“We now have the capital and the market support we need to fulfil the plans we have for gamesGRABR in 2014.”