Thyngs, a UK-based mobile technology platform, has successfully secured its initial £250,000 funding target and is now nearing £355,000 through its latest equity crowdfunding campaign on Seedrs. The funding round comes less than two years after Thyngs raised £301,310 through its Crowdcube campaign.
As previously reported, Thyngs is on a mission to transform physical objects and locations into smart, connected, experiences that are engaging, rewarding, and memorable by building a secure and affordable for businesses to take advantage of the growth of the mobile payment and create a sustainable business model in the UK fundraising sector.
“Charities are using our platform to turn collecting boxes, shop windows and even staff into instant mobile donation points, more than covering ongoing costs with the extra income generated through Gift Aid. Global brands are also using it to engage and convert customers directly from marketing, merchandise, packaging, and products.”
Thyngs’ self-service platform is reportedly being used by charities, retailers, publishers and re-seller partners to create new services in minutes. Printers and manufacturers embed specially designed hardware, stickers or cards (thyngs) into their existing print production processes with an incremental cost of pennies. In regards to what the funds from the Seedrs campaign will be used for, Thyngs added:
“Thyngs has been working with PWC as part of their Raise programme and is actively engaging with a number of Series A VC funds with an aim to raise £3-4 million in early 2020 to significantly scale the business. This smaller investment round is intended to raise enough finance to increase monthly recurring revenues and business KPIs to the level required by most VCs in order that Thyngs can select the right partner to work with the next stage of growth.”
Through the funding round, Thyngs is offering 4.77% in equity at a £4,992,476 pre-money valuation. The campaign is set to close next month.
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