Yorkshire-based startup yboo has secured £2m in growth funding.
Yboo is a money-saving app which compares SIM only deals across the UK mobile market and matches users with the best deal, by measuring consumer usage. The company claims to save the UK consumer on average £156 per year on their mobile phone bill.
This round was made up of 25% equity and 75% debt funding. A significant portion of the equity investment came from Angelfish Investments Plc.
The funding will be used to accelerate product development and begin yboo’s UK and international roll-out campaign.
Martyn Gould, founder of yboo, commented on the investment news: “We are absolutely delighted to announce the investment yboo has received; we have some incredibly exciting developments, which includes our B2B portal that we will be rolling out at the end of July. This product has a strong future roadmap and we anticipate that it will have a huge impact on UK mobile operators and their propositions
“The future for yboo looks incredibly bright. We have always been committed to bringing job opportunities into the Holme Valley and as the business grows we hope to see our winning team expand as well; we are dedicated to providing training and development to our staff as well as offering our staff share options which equate 5% of the total company shareholding,” he added.
Challenger bank Revolut enters UK savings market
This funding will also help with the roll out of yboo’s B2B portal over the next year. The portal will provide UK mobile operators with anonymised data allowing them to understand their target audience behaviours and rank their products against the rest of the market.
Andrew Flitcroft, finance director of Angelfish commented: “Angelfish is delighted to increase its holding in yboo and to be negotiating the potential injection of substantial funds to secure the roll out and expansion of the yboo model. In the last few months, since the initial funding, yboo has significantly advanced the technology behind the model and attract considerable trade interest within the price comparison sector.’’
yboo are in negotiations with partners to launch yboo in the Middle East and Australia and Richard Walker, Non-Executive Director of Angelfish, has been appointed as a Director of yboo as part of the funding deal.