Snaptrip and Envestors snap up £1M in funding
ENVESTORS is delighted to announce that since first meeting with SNAPTRIP in June 2017, we have steadily assisted their funding round raising £1M
ENVESTORS is delighted to announce that since first meeting with SNAPTRIP in June 2017, we have steadily assisted their funding round raising £1M. Although SNAPTRIP have reached their minimum they are open to further investment of up to £440,000. They have targeted an aim of profitability by Q3 2018 and this is now well within reach. These funds will be used:
- To expand their marketing reach for offline / branding opportunities
- To be in a position for international expansion
Robert Gordon, Investment Manager, ENVESTORS “SNAPTRIP continued hitting their targets throughout the summer, with many of their growth metrics improving faster than forecasted. ENVESTORS is pleased to be raising funds for SNAPTRIP as they cement themselves as the go to website for discount led UK holiday rentals”.
Matt Fox, CEO, SNAPTRIP “Raising the predominant amount of this round through existing investors shows the strength of the relationship we have with our backers (some doing their second or third investments) and their collective belief in the proposition. We have continued to show fantastic growth throughout the year, hitting 120% increase in revenues for the Year to Date (vs 2016 YTD) with a reduction in our customer acquisition costs of 20% and an increase of overheads of just 17%. The increase in the desirability in UK domestic breaks following the fall out of Brexit has certainly helped but mainly it’s the fantastic efforts of our small internal team and building customised algorithms of both every pound spent on marketing and the types of properties we offer in our search results that has contributed to our progress”.
Founded in April 2014 and based in London, SNAPTRIP is a trusted marketplace for people to discover the best last minutes cottage holiday deals in the UK. The aim is to make finding the right cottage at the best price as easy as switching on a kettle. SNAPTRIP take pride in finding the best property for customer and unlike other services, all the properties are professionally managed, which means there is no change of fraudulent bookings and your stay will be managed throughout.
SNAPTRIP is the first company to accurately aggregate mass UK inventory, which is a £3BN market (based on 52% occupancy). Currently SNAPTRIP has 50,000 UK properties on its books and is looking to capitalise on the current largest collection of content and take advantage of the opportunity to dominate consumer position. The market currently has no clear dominant brand and plenty of opportunities to expand within existing geographies.
Learn more at www.snaptrip.com
ENVESTORS brings sophisticated investors from around the world together with unquoted companies looking for equity funding between £500,000 and £10 million. We have a network of over 3000 investors looking to invest a minimum of £25,000 in companies we select as interesting investment opportunities. Our clients are the companies seeking investment, but we are selective. We take on only scalable businesses we feel are the right fit for our investment network. Our investors comprise experienced individuals, family offices and investment funds. They are looking for companies with exceptional growth potential and the ability to capture their imaginations.
We are authorised and regulated by the Financial Conduct Authority in the UK and have offices in London, The Channel Islands and Dubai.
Learn more at www.envestors.envestry.com
Robert Gordon, Investment Manager at ENVESTORS
+44 (0)20 7240 0202
This post was created on October 17 2017 by Oliver Woolley