The online marketplace sourcing competitive prices to help consumers and merchants alike
Founders: Bertie Stephens and Adel Louertatani
Founded: March 2012 (launched August 2012)
Website: www.flubit.com
After struggling to find competitive prices when sourcing props for his video production company,Flubit co-founder Bertie Stephens decided to set up an online marketplace that would connect retailers directly to the consumer, avoiding unwanted commission prices.
The revenue model is based on a high volume of orders: the website does not charge marketplace fees unlike Amazon’s 15%, so the merchant gets full price for their item, and the user gets a discount that Flubit keeps a percentage of. Users simply submit a URL of their desired product, fill in some basic info and an email address, and wait for the website to find the best offer.
The founders describe their target market as “time rich, cash poor, bargain hunters”, and with £9m funding, 160,000 registered users and a turnover of more than £2m last year it’s clear they’ve hit their mark. After featuring at number 10 in the Startups 100 2014, the tech firm hopes to use the next year to grow, expand internationally and create more overseas partnerships, and hit a hugely impressive projected turnover of nearly £8m.
