GreenJinn, a cashback app which aims to help shoppers save money across supermarkets, has secured more than £670,000 from its equity crowdfunding campaign.
The startup has beaten is initial £600,000 target after collecting capital from 268 investors according to its page on Crowdcube. Having launched the campaign in August, GreenJinn has offloaded 13.23 per cent equity, with a pre-money valuation of £4.4m.
Its app made its debut in October 2016 and provides personalised cashback coupons on everyday groceries according to its website.
During its first year, the app accumulated over 40,000 users, who are saving more-than £100 monthly, and is targeting growth among 11.5m UK Millennials. Currently, two of the UK’s biggest supermarkets, Sainsbury’s and Waitrose, are featured on the app and the team plans to add one other major UK supermarket chain.
The new funds will be used to add new supermarkets and more brands, as well as improving the personalisation, growing the team, and increasing its marketing activities.
Following the Crowdcube campaign’s launch, CEO Giuseppe Licari said: “We consider our early users as GreenJinn’s ‘founders’ and we are happy to involve them at this important stage, together with new enthusiasts. GreenJinn is the only cashback app on market actively promoting healthy living and developing personalisation. We aim to offer our users their best fit in terms of coupon selection, timing and convenience.”
A number of startups in the payments space have raised capital this month. Payment processing solution AdvicePay closed a $500k seed round of funding led by Goodworks Ventures and Front Street Capital. B2B payments platform PayStand also recently bagged $6m in its Series A led by BlueRun Ventures, while debt collection platform TrueAccord bought in $22m in its Series B round.
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