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
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
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,
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
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.”