gamesGRABR, the social network for gaming has successfully raised more than £450,000 in its second crowdfunding campaign, exceeding its £250,000 target by over 80%.
Investment in the fast growing platform for inspiration on all things gaming proved popular with many repeat investors appreciating the fact the company achieved all its stated growth and expansion targets from its first crowdfunding round a year ago.
One key new investor is the London Co-Investment Fund (LCIF), a new Government-backed fund designed to address the funding gap faced by tech start-ups in London. The fund is managed by Funding London and supported by the London Enterprise Panel, which is chaired by the Mayor of London, Boris Johnson.
This is the first investment by the LCIF in the crowdfunding space. The LCIF fund invested £100,000 into gamesGRABR’s crowdfunding campaign. This brings the total combined amount raised via Crowdcube and the LCIF fund to £454,000.
Maggie Rodriguez-Piza, the CEO of Funding London said, ‘Crowd funding is becoming an increasingly significant avenue for funding technology businesses and we are delighted to support gamesGRABR and Crowdcube in this funding round.’
The Mayor of London, Boris Johnson said at the time of LCIF’s launch: “London’s tech sector is flourishing and the city is a hotbed of talented young and ambitious people buzzing with exciting ideas who are setting up new companies in their droves. Despite this boom, we know that many budding start-ups find it difficult to raise the finance they need to grow. This new fund will ensure the tech-giants of the future can get the support they need to bring their ideas to reality and deliver jobs and growth for the capital.”
“We are so proud of this latest round of funding and the attention gamesGRABR has attracted. Our unique approach of creating a community ‘by gamers for gamers’ who want to be part of our growth along with key investors has been incredible. With this new funding round we can begin to scale up our global PR and marketing efforts plus add to our successful partnerships with vgloggers on YouTube. Our vision is to be the biggest social network for gamers, the place to find everything you love about gaming and this funding will set us well on the way,” says gamesGRABR founder and CEO Tony Pearce.
Luke Lang, Co-founder of Crowdcube adds: “I’m thrilled to see gamesGRABR over fund on our platform and be the first company on Crowdcube to get investment from our partnership with the London Co-Investment fund. The fact that the LCIF has selected gamesGRABR shows the huge potential this company has. Out of the 100 businesses funded in 2014, gamesGRABR was also nominated for the ‘Online Business of the Year’ category in the annual Crowdcube Awards.”
Since closing its first crowdfunding round, gamesGRABR with its contemporary ‘pinboard-style’ interface has signed successful affiliate deals with retail giants Apple and Amazon, plus introduced its own e-commerce service via partnerships with Sony, Codemasters, Disney, Warner Brothers and Capcom amongst others enabling it to offer games, special offers and discounts direct to users.