Manchester app developer launches £500k crowdfunding campaign

The company behind Karrot, a loyalty app that aims to help users slash their mobile phone bills while shopping with certain high street retailers, has embarked on a new drive to raise £500k.

Manchester-based Airtime Rewards Ltd, which created the app, is hoping to obtain the six-figure boost through crowdfunding site Crowdcube and use it to grow its team, build its base of users and attract new retail partners.

One of the company’s founders, Adam Ward, said of the campaign: “We’re passionate about mobile technology and consumer loyalty and are ready to disrupt the industry.

“We’re now looking to raise £500k to fund the growth of our business and drive user acquisition.”

He added: “We hope to provide four to five times return on investment within three to five years.”

Upon its launch last month, the app had already partnered up with a number of high street brands, including coffee shop Caffé Nero and jewellry store H Samuel.

Co-founder Josh Graham commented: “I’m thrilled that we’re opening up the funding for Karrot to the Crowdcube community.

“Crowdcube is a hugely respected crowdfunding platform and we’re delighted that Crowdcube has as much confidence in the business as we do.”

Speaking further, Josh said company is “hugely excited” about where the money raised could potentially lead.

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