Why our plans for funding Yapster have changed and how you can get involved
Thanks to everyone who has supported or expressed interest in our Crowdcube campaign. I wanted to update you on our progress, set out the reasons why we have decided to move to a private raise through Crowdcube, which is now live here.
During the time we’ve been fundraising we’ve been getting great market traction: We announced that we have signed a three year contract with one of the world's foremost sweet treat brands - Krispy Kreme
Existing customer Ann Summers spoke to the Telegraph about the benefits of switching to Yapster.
We also recently agreed a pilot project with high street giant River Island and our deal with up and coming pub dining company Rarebreed Dining was covered by the hospitality trade press.
The interest we’re currently getting is further validation of our growth potential and the need to raise additional capital to fund this. However, some recent (positive!) developments mean that we have changed the way our raise is structured:
As a result of the interest we have generated through the Crowdcube platform, we have been approached by a number of potential institutional investors who are able to deploy larger amounts of capital (including future follow on capital if needed)
We have been advised of an opportunity to access the UK Government's 'Open Innovation’ grant, potentially worth up to 70% of a £1m investment.
In order to give us sufficient time to explore these opportunities, while ensuring that we do not lose our current momentum, we have decided to put our public raise on hold in favour of a smaller, private, bridge financing round from known investors who have already expressed interest.
The private bridge raise on Crowdcube went live today (Tuesday 24th April) to a fantastic response. We have already raced past our target and are now overfunding until the end of the month. If you are interested in this investment opportunity please find more information at our new page:
If you have any further questions about these changes I am very happy to speak to you privately. In the meantime we hope you will continue to follow our progress via our blog, Twitter and LinkedIn feeds.
Note: Investments of this nature carry risks as well as potential rewards. Please be #InvestAware as your capital is at risk