Loyalty startup Upgrade Pack raises £1m in pre-seed funding

Fintech-based loyalty startup Upgrade Pack has raised £1m in a pre-seed funding round.

The company, headquartered in Richmond, will use the cash to build its team and develop its marketplace platform.

Now valued at £6.67m, Upgrade Pack’s technology connects airlines and hotels with travellers looking to upgrade.

It provides customers and employees of some of the biggest financial services brands in the world with exclusive, always-discounted offers on unused premium seats and rooms.

The business was founded by CEO Craig Unsworth and COO Urchana Moudgil.

Craig said: “We are delighted to have raised this preliminary capital through the support of individual investors who saw value in what we were creating but can also bring expertise gained across relevant sectors such as loyalty, technology, travel and banking.

“It’s rare to reach this stage based purely on smaller investors however, having successfully established ourselves in 2018 we look forward to launching our next funding round – and engaging with a broad pool of supporters across investment, legal VC and more – later this quarter, which will take us to our next capital milestone and closer to our launch to market in early Q2.”

Upgrade Pack will launch its next seed funding round later in Q1, when it will seek £2.25m with a valuation of £15m.