We connect retailers to their new customers.
- London, United Kingdom
Categories: Clothing & Accessories Mixed Digital/Non-Digital Mixed B2B/B2C
Beyond a mobile shopping app.
The platform technology powering the Octer app makes sense of millions of products; to understand what they are and how they relate to each other. In real terms this helps shoppers discover and compare products more easily.
Since our last round we have reached beyond our initial goals - the platform now powers consumer applications owned by us AND others:
1. octer.co.uk – Live Oct 2015, £3m gross sales since.
2. octer.com – Live Jul 2016, 50 major US retailers at launch.
3. shopping.gaytimes.co.uk – Live Jul 2016, first 'white label'.
Whilst our own (B2C) sites are growing fast organically, partner sites (B2B) have ready audiences to catapult our growth. Our development partners have a combined audience of +10m and to reach that scale through marketing would cost £millions.
As a technology company with a B2B model we believe we can scale the distribution of our core platform technology faster and at far lower cost, to achieve our ambition of $1bn in GMV sales by 2019.
Use of proceeds
By way of a thank you to existing investors we are offering more equity than required under pre-emption rights, at last year's valuation. To give context to this; GMV sales in Q1 last year were approximately £75k. In Q3 this year GMV sales hit £70k in under 4 days.
You can invest as much as you like and if the take up exceeds £290,000 investments will be scaled back on a pro rata basis.
We will use the funds to further our current goals in advance of our Series A round:
1. Develop the B2B platform so anyone (eg bloggers) can list Octer products.
2. Pursue further 'white label' opportunities.
3. Grow octer.com (US site) and acquire more retailers.
4. Further overseas expansion.
We sincerely hope you are able to take up your rights or extend your ownership in the business at this exciting time.