23/06/2015

Equity investment from the Wales Technology Seed Fund helps Fundible to launch

A Cardiff start-up will use a £110,000 equity investment from the Wales Technology Seed Fund, which is managed by Finance Wales, to launch and market its innovative new online purchasing system.

Initially aimed at the leisure and travel sectors, Fundible allows merchants and other trading organisations to offer their customers an exciting new online service. Customers can club together to pay for group bookings, gifts or to make other collaborative purchases easily and securely.

It also offers retailers and merchants new opportunities to attract customers, increase sales volumes and also sell more higher-value products and services.

Fundible is the first multi-purchase application of its kind in the UK and set to revolutionise the way groups of people choose and pay for gifts and other leisure activities.

The company is well-placed to take advantage of the growing trend towards e-gifting and the £5 billion-a-year UK gift-card market.

Fundible is quick and cost-effective to implement and can be incorporated into existing payment systems.

“Having developed and launched a range of applications, Finance Wales’ investment is perfectly timed for Fundible.  We now need to ramp up our marketing activities and capture a significant share of our key markets which include travel, weddings and honeymoons and the general gifts market.
 
“We’ve created an online application that offers an exceptional customer experience and customers can use time and time again,” explained Fundible’s Chairman, Richard Turner. Fundible’s Chief Executive Tony Evans is a director and co founder of the profiling and personalisation technology platform tprofile. The company now plans to integrate its applications with tprofile.

Fundible has previously secured investment from a number of investors to develop its technology and has also appointed an experienced board of serial entrepreneurs, including Non-Executive Directors Richard Calvert, Chief Executive of Celebration Travel Group and Simon Powell who established travel software company, Comtec.

Commenting on Finance Wales’ investment in the company, Powell said: “Fundible is an innovative software platform clearly focused on improving customers’ online shopping experience with a range of applications in a number of sectors. This has already attracted a number of key investors with the industry expertise and experience to drive the company forward.
 
“Finance Wales understands Fundible’s potential and its investment from the Wales Technology Seed Fund has provided an ideal platform from which the company can now grow”.

The Wales Technology Seed Fund provides equity investments typically of between £50,000 and £150,000 to technology start-ups and IP-rich businesses like Fundible to help them commercialise innovative products and technologies and bring them to market.
 
James Henderson, Wales Technology Seed Fund Manager at Finance Wales said: “Fundible provides groups of purchasers with a simple shopping experience giving online retailers the opportunity to boost sales, up sell, win new customers and encourage existing customers to make repeat purchases.  It can also improve their all-important profile on social media.
 
“Fundible’s experienced management team and high-calibre board have developed a platform which is set to have a big impact on the rapidly expanding area of ‘micro-crowdfunding.  This is just the start for Fundible and we wish them well as they develop new functionality and expand into new markets.”