Snaptrip secures £1m to expand marketing and pursue international growth
Envestors assisted the £1m raise, which will fund offline marketing and international expansion.
Share allotment filed at Companies House
Snaptrip operates an online marketplace offering discount led holiday rentals in the UK.
Snaptrip has secured £1m in funding to support its next phase of growth and international expansion. The round was supported by Envestors, alongside existing backers who contributed the predominant share of the capital.
The company plans to allocate the proceeds towards expanding its offline marketing and branding footprint, as well as laying the groundwork for international markets. Snaptrip aims to reach profitability by the third quarter of 2018.
Chief executive Matt Fox noted that the business has achieved a 120 percent increase in year to date revenues compared to 2016, alongside reduced customer acquisition costs.
From the founder
"Raising the predominant amount of this round through existing investors shows the strength of the relationship we have with our backers (some doing their second or third investments) and their collective belief in the proposition. We have continued to show fantastic growth throughout the year, hitting 120% increase in revenues for the Year to Date (vs 2016 YTD) with a reduction in our customer acquisition costs of 20% and an increase of overheads of just 17%. The increase in the desirability in UK domestic breaks following the fall out of Brexit has certainly helped but mainly it’s the fantastic efforts of our small internal team and building customised algorithms of both every pound spent on marketing and the types of properties we offer in our search results that has contributed to our progress"
Matt Fox
CEO at Snaptrip
Investor perspective
"SNAPTRIP continued hitting their targets throughout the summer, with many of their growth metrics improving faster than forecasted. ENVESTORS is pleased to be raising funds for SNAPTRIP as they cement themselves as the go to website for discount led UK holiday rentals"
Robert Gordon
Investment Manager, Envestors
Use of funds
- 01Expand into international markets
- 02Invest in sales and marketing
