Snatch, an augmented reality treasure hunt app, has raised £4.4m in Seed funding in a round led by Initial Capital.
Brent Hoberman’s First Minute Capital, CrunchFund, Simon Equity Partners, Cassius Family Fund, Hanson Asset Management, Velocity Technology Fund and Silicon Valley Bank also participated.
Snatch raised $2m (£1.5m) worth of venture debt as part of the round.
Joe Martin, founder and CEO of Snatch, said he was thrilled with the backing his company had received.
“We want to challenge how brands reach and engage consumers, and in doing so we’re shaking up both gaming and marketing, through the use of augmented reality, to deliver more to both. This investment will allow us to push ahead with our plans to create a truly game-changing product in the UK and expand Snatch worldwide, beginning in the US,” he added.
Snatch, co-founded by Martin and Jamal Hirani, previously received funding from Unilever Ventures and has offices in London and San Francisco.
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The app works by using a player’s smartphone location and transforms their surroundings using AR. Players then compete to find and steal virtual parcels, which can eventually be redeemed for real-life prizes.
Hoberman, executive chairman and general partner of First Minute, added: “We always look for globally ambitious founders building businesses with digital at their core and we’re confident that Snatch is precisely that: a digital-first business at the cutting edge of consumer technology that’s exploiting new emerging technologies to redefine how brands market to consumers. Snatch has created an entirely new format and we’re thrilled to be working closely with the team.”
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