Lounge raises £3.2m led by Square Peg to scale its community platform.
The oversubscribed round included backing from Carthona Capital and private investors.
Lounge provides a community platform that helps young people organise groups and events. The service is active across major university campuses in the UK and Ireland, alongside early traction internationally.
Lounge, operating as ScaleTech, has secured £3.2m in an oversubscribed investment round led by Square Peg, with participation from pre-seed backer Carthona Capital and private investors.
The capital will be used to expand the company team and further mature the product offering. The platform focuses on providing structured community spaces for young people as an alternative to traditional social media channels.
From the founder
"Square Peg is a globally renowned, independently-minded, lead investor with a portfolio that speaks for itself containing the likes of Canva, Stripe, Airwallex, LottieFiles and more. There was an instant respect and cultural fit that has continued and improved sincethe first meeting"
Jack Symonds
Co-founder at Lounge
Investor perspective
"Jack and Wulfie came to us with just an idea 18 months ago and now they have a widely-used product in multiple countries, it’s been great to see the consistent progress"
Dean Dorrell
Carthona Capital
Use of funds
- 01Grow the team
- 02Continue product development
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