6.9 C
Budapest
March 29, 2024
2020 – 2024 © MO.CO.HU Magyarország Hírek, Hungary News
Image default
AngelFeaturedfundingHÍREKInvestment NewsTechnologyUKVILÁG ANGOL

London app that recycles second-hand children items raises £500K, plans UK expansion

YoungPlanet, a circular economy parenting app has raised £500k through “Equity for parents” crowdfunding campaign, as it looks to expand it’s offering following a year of tremendous growth.

YoungPlanet is the “cashless” platform that provides a sharing economy model where parents can list or request different children’s items; from books and clothes to toys and baby equipment. Everything on the app received or given is for free.

The funding round, ran via Crowdcube, raised its minimum target of £350k (representing 5% in the business) within 7 hours of going live. The YoungPlanet app is founded by husband and wife duo Jason and Emma. They overfunded 56% by raising a total amount of £547,103. Large numbers of investors were parents and members of the YoungPlanet community.

YoungPlanet will use the investment to expand nationally after the app’s recent expansion to all postcodes across the UK and enhancing functionality & additions of features such as gamification and integrated postage.

In the past seven months, 25,000 new parents signed up for their service with surpassing 41,000 users now. There has been a 403% increase in new users in the past 4 weeks alone. Since schools re-opened, YoungPlanet has seen its monthly average user increase by 203% and over 10,000 children’s items have found their new homes through YoungPlanet since its launch in 2019.

Further, YoungPlanet app is now valued at £6.5 million pre-money. Being a part of a booming sharing economy, the app is set to be worth £9 billion within the next 5 years.

Jason Ash, co-founder of YoungPlanet, comments:

“YoungPlanet’s mission has been to help parents become more sustainable, and we’re overjoyed that our investors and community members have chosen to invest in this journey with us. Being overfunded within the first 7 hours of our crowdfunding campaign going live was a huge success, and to see that we have overachieved our funding goals by 56% to raise over half a million, shows just how many people believe in our mission.”

“As founders, our goal is to transform one of the most wasteful and most costly industries into one of the most sustainable. We’re incredibly proud that people have chosen to join us on our mission to reduce waste, reduce cost and bring communities closer together.”

The post London app that recycles second-hand children items raises £500K, plans UK expansion appeared first on UKTN (UK Tech News).

Related posts

Foresight Group closes £20m North East SME fund

MO.CO.HU

Musk’s free speech vision for Twitter faces Online Safety Bill ‘roadblock’

MO.CO.HU

Pastoral yields £205k pre-seed for farming software

MO.CO.HU

DMCA.com Protection Status


Pin It on Pinterest

Share This