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Investors across the globe are being given a new opportunity to back a fast-growing SaaS firm as Meeow announces the opening of its seed round of funding.
The firm, which launched its revolutionary online business networking platform in May 2020, is looking to raise £1m to support the next phase of product development and expansion of its in-house team.
This, in turn, will enable the continuous building of a sustainable and robust business, and thus support the growth of its global networking community.
Meeow was founded in Yorkshire during the COVID-19 pandemic after co-founders Chris Rabbitt and Simon Glenn noticed that small business owners and solopreneurs were rapidly losing business when face-to-face networking stopped.
Identifying that no other networking platform focused on global connection at an intimate level, they developed a software which only ever brings together four people to network in one Meeow.
Because the platform utilises the power of random in the way that it connects people and can host multiple Meeows at one time, users can literally network with anyone across the globe, on the hour, every hour.
This method removes unconscious bias often evident at traditional events and therefore has seen many benefit from finding support and business in places they never dreamed of or considered.
Simon Glenn, co-founder of Meeow said: “For me, it’s all about the community and the value we bring to them. We’re not opening another round to raise funds for our gain, we are all about what more we can do for our Meeowists.
“Meeow users are really happy with the platform we’ve built for them, but we know that to be a successful tech firm you must continue to innovate and respond to the changing needs of your users.
“We really can’t wait to launch some of the amazing features we’ve got coming up in the next couple of quarters thanks to the previous investment.”
In May 2021, the firm’s innovative platform attracted three high-profile investors through a fully funded SEIS investment round – it also included a number of existing Meeow users.
Chris Craig-Wood, Greg Gormley and Nigel Ashfield invested a combined total of £110K, providing capital to support Meeow’s expansion across the two key markets, UK and US.
In the space of just three months, Meeow has hit 1000 paying subscribers, hired an international team of experts and begun a planned raft of improvements to the current platform.
Simon Ramery of Fourth Ventures, who is advising Meeow on the current raise, believes this is the reason investors are already jumping to get involved, “Meeow represents great value because it’s still so new. Investors that can see the vision are jumping in,” he said.
“The level of interest has been very strong already, especially from those who missed out on the SEIS round,” he added.
Chris Rabbitt, Meeow CEO added: “We are enormously energised by the reaction of investors to the business thus far. We attracted a hugely credible and influential class of investors to our previous raise, and they’re really excited about what the future holds for the business.
“We are confident in our proposition, and we believe that our valuation represents great value for investors looking to get involved in something exciting, genuinely new and game-changing like Meeow.”