Shuttered London coffee startup DripApp acquired by Glaswegian loyalty card firm
Glasgow-based Swipii has acquired DripApp, the shuttered startup that provided Londoners with discounted coffees at independent coffee shops in the capital.
According to Business Insider, the exact terms of the deal have not been revealed, but DripApp co-founder Jeremy Cortial said that the agreement is ‘fair for both parties’ and that he and fellow founder Ruben Grigri saw ‘great potential’ in working with the Glasgow business.
The startup ran into difficulties last month after its chief backer, easyJet founder Sir Stelios Haji-Ioannou, was forced to withdraw a £500k funding offer after the Brexit vote.
In an email announcing the app’s closure in November, the firm said: “The reality is that running an app is not simple; it needs supporting staff and funds.
“We are a very small team and it recently became quite complicated to run the app properly with our existing funding and team. Today we are facing a lot of bugs and issues in the app that we can’t get fixed.”
The platform worked by allowing users to top up money on the app which could then be utilised in participating independent coffee shops to purchase cut-price coffees and beverages.
Founded in 2014, loyalty card firm Swipii claims to offer small businesses the ability to offer comparable loyalty and marketing initiatives to the big high street retailers, and is utilised by businesses across the UK.
DripApp’s founders now plan to work with Swipii to develop DripHub, a platform aimed at coffee shop owners where they can purchase beans, cups and other items.
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