Investors have been checking out start-up shopping cart provider Gloople – and like what they see, according to news from Seed Enterprise Investment Scheme (SEIS) website www.seis.co.uk/glooples-success-with-seis/
Seed Enterprise Investment Scheme (SEIS) website confirms Gloople has picked up £150,000 from eager investors looking for the next big thing online.
All but £20,000 has come via a London Business Angels syndicate bundling their investment in a SEIS wrapper.
The good news for expats is the up to 78% tax breaks offered by SEIS are available to UK taxpayers, even if they may live overseas.
The SEIS cash gives Gloople a £1 million price tag after only two years on the shelf. The platform lets retail entrepreneurs plug in to social networking to promote their online stores, as well as more traditional shopping site features.
Social shopping
The firm’s founder, Warren Knight, has earmarked the SEIS investment to develop their software as a service (SaaS) for Facebook and other social networking media integration.
The tool allows entrepreneurs to construct online stores for free. The concept is not only linked to social media – but also gives tablet and mobile users a route in to Facebook, Amazon and eBay.
“The opportunity presented by the SEIS funding, is fantastic news for Gloople, and continues the amazing progress we’ve made in the last two years,” said Knight.
“As the UK’s first social sharing ecommerce platform, we’re determined to continue leading the industry, and this substantial investment will keep us at the cutting edge of e-commerce by allowing SMEs and start-ups to sell their products online at no cost.”
Knight enthuses that Gloople ‘makes shopping social’ by opening the door to small traders to muscle their way online with the same exposure as bigger brands.
SEIS tax breaks for investors
“It turns the consumer shopping experience in the retailer’s social media marketing by enabling SMEs to use consumer social networks to connect with unlimited numbers of potential customers and their online communities of family, friends and colleagues,” he said.
The Gloople concept aims to let shoppers spread the news about deals and bargains with their online friends, so they can look up the goods online and buy for themselves.
For investors, SEIS tax breaks offer income tax and capital gains tax reliefs up to 78% for higher or top rate taxpayers (40% plus) and 68% to basic rate taxpayers (20%).
“Gloople is a good example of how a potentially high growth seed stage company led by an experienced and credible entrepreneur can effectively close a first round of external funding under the SEIS scheme in only six weeks,” said Anthony Clarke, managing director of London Business Angels.
