Virtual treasure hunt app ‘Snatch’-ed up by Unilever Ventures

Augmented reality app which allows players to win prizes from brands such as TopShop and Just Eat has secured investment from Unilever's VC arm

A new app which helps players seek out and steal virtual parcels containing prizes, Snatch, has secured investment from Unilever Ventures – the venture capital and private equity arm of Unilever.

Based in London and in its second month of trading, Snatch pitches itself as a virtual treasure hunt.

It uses a player's smartphone location paired with augmented reality (AR) to help them find prizes from top brands including TopShop, All Bar One, Just Eat, Pizza Hut, Rock Pamper Scissors, and Unilever's own brand Marmite. Another prize includes a chance to win one year of free university fees.

To win a prize, a player must have held on to the parcel for six hours and kept it from being snatched from others.

According to the start-up – which has previously received funding from the Velocity Technology Fund, 50,000 parcels have been ‘snatched' to date.

Snatch chief marketing officer, Phil Lloyd, commented on the news:

“Combining brand rewards, real-world gaming and AR is fairly virgin territory, so we’re delighted that an investor like Unilever Ventures is on board at an early stage ahead of some very exciting plans for 2017 and beyond. We can’t wait to get cracking.”

Unilever Ventures' Jan Harley continued: “Over the past year, augmented reality has gone from a novelty to a real part of our day-to-day lives.

“We believe that Snatch has the potential to transform the way brands are engaging with consumers. Immersing people in an interactive environment where they’re actively seeking out products and feeling the elation of winning something tangible, is a really exciting addition to the marketing toolkit.”

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