Social gaming network gamesGRABR, the self-styled “Pinterest for games”, has raised £450,000 through Crowdcube.
The total includes a £100,000 investment by the London Co-Investment Fund (LCIF). The fund was set up in 2014 to invest £25 million in London-based seed stage companies within technology, digital and science.
This represents the first time the public fund has co-invested alongside ‘the crowd’. A total of 220 other investors took the gamesGRABR campaign total to a touch over £450,000 – easily breaking the £250,000 target.
>See also: Are entrepreneurs actually cool?
GamesGRABR is a social network designed for gamers and allows users to discover and collect games in a social online platform.
It is owned by TeePee Games Ltd, which was founded in 2010 with the help of private equity funding.
The LCIF is managed by Funding London and is supported by the London Enterprise Panel, which itself is chaired by Boris Johnson.
Johnson claimed at the LCIF’s launch that “London’s tech sector is flourishing”.
“The city is a hotbed of talented young and ambitious people buzzing with exciting ideas who are setting up new companies in their droves,” he said.
“Despite this boom, we know that many budding start-ups find it difficult to raise the finance they need to grow. This new fund will ensure the tech-giants of the future can get the support they need to bring their ideas to reality and deliver jobs and growth for the capital.”
GamesGRABR CEO Tony Pearce declared himself “proud of this latest round of funding and the attention gamesGRABR has attracted”.
“Our unique approach of creating a community ‘by gamers for gamers’ who want to be part of our growth along with key investors has been incredible,” he added.
Our vision is to be the biggest social network for gamers, the place to find everything you love about gaming and this funding will set us well on the way.”
Further reading on funding: Take Eat Easy raises €6m for European expansion