Collctiv secures £140k in pre-seed funding from GC Angels to develop technology and expand marketing.
The pre-seed round was backed by GC Angels to support product development and user acquisition.
Collctiv operates a group payment application enabling friends and family to pool funds together for various purposes. The Manchester based startup provides tools for organizing shared expenses and collections.
Collctiv has secured £140k in pre-seed funding from GC Angels in the initial tranche of its funding round. The fresh capital will be deployed to develop the firm technology and increase marketing expenditure to attract further users.
Launched in September 2019, the Manchester-based group payment platform has registered over 3,500 users, with transactions spanning international borders. The application has recently seen usage for charitable fundraising supporting frontline staff during the pandemic and community support initiatives.
GC Angels backed the round to support the company as it scales to meet growing user demand. The investment marks a key step for the payment startup as it expands its market presence.
From the founder
"There has always been an element of awkwardness when trying to gather money from friends for expensive group bookings – we wanted to introduce a platform that would remove the burden from individuals and make their lives easier. As we move closer towards a cashless society, we believe that exchanging money between friends and family should be a completely seamless process, which is why the average Collctiv transaction takes only 10 seconds."
Amy Whitell
CEO and Co-founder at Collctiv
Investor perspective
"As a specialist socialimpact lender, this is exactly the type of company that GC Angels looks to support. Collctiv has used its platform for good and strived to help those that are struggling in difficult situations, meaning it has truly set an example for other Manchester startups to follow. GC Angels is proud to back the business, and we are confident that Amy and her team will continue to go from strength to strength."
Jessica Jackson
Investment Director, GC Angels
Use of funds
- 01Continue product development
- 02Invest in sales and marketing