Tech start-up eyes expansion following £150,000 fundraise
A Yorkshire-based tech start-up has attracted three high-profile investors after a successful £150,000 SEIS investment round.
AI powered video networking platform, Meeow, caught the attention of Chris Craig-Wood, Greg Gormley and Nigel Ashfield during an initial fundraising round.
As a result, the firm is heading into the future with leading SME investors by its side and with capital to support the expansion of its technology.
Meeow – a portmanteau of Meet Now – was an idea born during lockdown in May last year when traditional face-to-face networking ground to a halt.
Friends and business associates Simon Glenn and Chris Rabbitt tested out the concept of bringing people from different backgrounds together at random – and it worked.
Following the success of the initial concept, they built a platform using the latest technology, and it went live as a subscription based Saas at the end of March.
People from across the globe are now able to connect with one another whenever they want, at the click of a button.
This is because Meeow’s technology enables 24/7 networking for users, offering “Meeows” on the hour for an hour.
Because the platform is powered by AI, subscribers can be matched based on their interests, specific needs and location if they wish.
Rabbitt said: “We are overwhelmed by the level of investment we’ve received from three very high-profile and experienced businesspeople.
“While the investors will be ‘hands-off’ in terms of the day-to-day operation of the business, they will still play a key role in the future of the business.
“What they will do is help Meeow navigate the turbulent early-stage choppy waters that all start-ups have to navigate. It’s never easy but Chris, Greg and Nigel have the experience to guide us through.
“What this initial investment will also allow us to do is further develop the functionality of the platform and we’ll bring in a team of specialist developers to fast-track the process to create the best possible experience for our community.”
Craig-Wood is a former managing director at UBS and has been an active angel investor for the past five years.
Gormley, CEO at ride-sharing app Skoot, is a chartered accountant and serial entrepreneur.
Another serial investor in start-ups, Ashfield, is managing director at TIME investments, a property fund with over £1bn under management.
Glenn added: “To have the backing of three high-profile investors with a track record in spotting start-up success is just great for us.
“Right from the very start we have always had the confidence and belief that we had hit on a successful formula and the backing of Chris, Greg and Nigel means we can continue to grow.
“We’ve invested heavily in a bespoke platform which moved the business and the user experience up another level overnight.”
The new investors will also advise the company on its £500,000 EIS funding round, which opens over the summer, as it looks to scale up on the back of its early success.