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Successfully funded
overfunded
Figaroo
177%
Raised
£160,120
Investors
98
Target
£90,000
Equity
21.07%
Pre-money valuation
£600,000

Figaroo connects invite-only club goers with club promoters, allowing access to VIP experiences in clubs. Members can share their table together with other exclusive members and pay, all via Figaroo! MVP is live with 835 access requests and discussion to expand into 20 cities.

  • Tech solution for an est 60% of nightclub spending and 130k+ promoters
  • Increases VIP table expenditure and frequency by gathering customers
  • Simple business concept & survey indicates 82% demand for this service
  • In discussions regarding expansion in to 20 cities

Idea

Sitting at a VIP table makes clubbing a luxury and memorable experience, but this is not always affordable or accessible for those without the right connections. Figaroo allows invite-only clubbers to connect with each other and the promoters that manage VIP tables. This allows them to enjoy exclusive experiences and split the costs, whilst giving promoters a competitive edge.

Our research suggests that 60% of nightclub revenues come from VIP tables and that VIP clubbing lacks a tech solution to maximise these opportunities. Figaroo is invitation only, and will be able to profile and engage the high-net-worth individuals that frequent VIP areas, contributing towards the spend in this $25bn industry.

Initial interest from potential members includes top nightlife spenders across the world selected by the founder, & the best clients of promoters. Figaroo will be able to understand how often they go out, their spending habits and the cities & clubs they visit.

Such data could be used to generate statistics likely to interest large industry players & competitors seeking to grow their market, which creates many exit opportunities.

We’ll use new funds to develop software and expand into Milan and Madrid.

Traction:

- MVP live

- Initial agreements in place for work in 20 cities worldwide

- Gained 835 access requests from users to date

- Selected by the UKBAA to present at Global Summit, 2018

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Risk warning

Investments of this nature carry risks to your capital, including illiquidity, lack of dividends and dilution. Balance risk with a diversified portfolio. Read more. Approved as a financial promotion by Crowdcube Capital Limited, which is authorised and regulated by the Financial Conduct Authority.

Investment opportunities are not offers to the public and investors must be eligible Crowdcube members. Further restrictions and Crowdcube's limitation of liability are set out in the Investor Terms and Conditions. Please seek independent advice as required as Crowdcube does not give investment or tax advice.

Figaroo has been given advance assurance by HMRC that the proposed share issue is likely to qualify for Seed Enterprise Investment Scheme (SEIS) tax relief.

Tax relief is available to individuals only, with income tax relief currently set at 50 per cent of the cost of the shares for the tax year in which the investment was made. The tax reliefs can also reduce your Capital Gains Tax bill. Read More.

Availability of tax relief depends on your individual and the company’s ongoing circumstances and applicable law.