Pepper, a loyalty app development platform, has raised 117 percent of their £500,000 target with three days left of their crowdfunding campaign.
Having been launched in 2015, the company now expects revenue for the year to surpass £700,000, following the securing of several contracts with various large retail brands.
According to its crowdfunding pitch, the company was founded as a platform for the development of customer loyalty and mobile payment apps that encourage consumer spending for businesses in the hospitality and retail sector.
They said:
“Pepper is set up for the easy onboarding of new clients, creating white label apps at a competitive cost, which allows restaurants and retailers to use mobile technology to improve the customer journey and understand and respond to customers more quickly and directly.”
At the helm of the growing company is Chief Executive Charles Hall, a former director for Citigroup and chief technology officer Andrew Hawkins, a former Microsoft consultant.
Thus far, Pepper has managed to raise £584,020 during its round of crowdfunding, with a total of 245 investors and 9.20 percent of equity.
Their first customer was Taylor Street Baristas, a London-based café chain. According to Pepper, they estimated a 19 percent basket size increase over 6 months from app users, which ultimately saw a 300 percent return on investment for the business.
Pepper is now involved with brands such as Vital Ingredient, Department of Coffee and Pret, alongside progressing negotiation talks with Pure and Crrush.
The company has a pre-money valuation of £5,765,000 and to this date has received over £2 million in investment. Pepper still has three days remaining to its successful round of crowdfunding, as it looks to further develop its mobile payment and online marketing services.
Alongside utilising its crowdfunding capital to develop its merchant app services, the company also plan to develop services for smaller chain and independent businesses with the retail and hospitality industries.
Take a look at the company’s promotional video here.