Online business networking platform aims to raise £1m
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Growing SaaS firm Meeow has opened its seed round of funding.
The firm, which launched its online business networking platform in May 2020, is looking to raise £1m to support the next phase of product development and expansion of its in-house team.
This, in turn, will enable the building of a sustainable and robust business, and thus support the growth of its global networking community.
Meeow was founded in Yorkshire during the pandemic after co-founders Chris Rabbitt and Simon Glenn noticed small business owners and solopreneurs were rapidly losing business when face-to-face networking stopped.
The pair developed a software which only ever brings together four people to network in one Meeow (“Meet now”) Users can network with anyone across the globe, on the hour, every hour.
Glenn said: “For me, it’s all about the community and the value we bring to them. We’re not opening another round to raise funds for our gain, we are all about what more we can do for our Meeowists.
“We really can’t wait to launch some of the amazing features we’ve got coming up in the next couple of quarters thanks to the previous investment.”
In May 2021, the firm’s platform attracted three high-profile investors through a fully funded SEIS investment round – it also included a number of existing Meeow users.
Chris Craig-Wood, Greg Gormley and Nigel Ashfield invested a combined total of £110,000 providing capital to support Meeow’s expansion across the two key markets, UK and US.
In the space of three months, Meeow has hit 1,000 paying subscribers, hired an international team of experts and began a planned raft of improvements to the current platform.
Simon Ramery of Fourth Ventures, who is advising Meeow on the current raise, said: “Meeow represents great value because it’s still so new. Investors that can see the vision are jumping in.
“The level of interest has been very strong already, especially from those who missed out on the SEIS round.”
Rabbitt added: “We are enormously energised by the reaction of investors to the business thus far.
“We are confident in our proposition, and we believe our valuation represents great value for investors looking to get involved in something exciting, genuinely new and game-changing.”