£2m cash boost will fund expansion plans at tech firm
Richard Walker (left) and Andrew Flitcroft (right), both of Angelfish Investments, with yboo’s Paul Doyle (second left), Martyn Gould and Harjinder Kalyan (second right) increasing the equity holding and to provide a debt facility that will allow yboo to continue with accelerated product development and begin its UK and international roll-out campaign.
Andrew Flitcroft, finance director at Angelfish, said: “Angelfish is delighted to increase its holding in yboo and to be negotiating the potential injection of substantial funds to secure the roll out and expansion of the yboo model.
“In the last few months, since the initial funding, yboo has significantly advanced the technology behind the model and attract considerable trade interest within the price comparison sector.”
As part of the negotiations, Richard Walker, non-executive director of Angelfish, has been appointed as a director of yboo. His role will be to support the team from a financial standpoint, negotiating any trade sales, supporting the business for a share offer in April next year and tracking overall revenue projections.
Over the next 12 months, yboo will launch its B2B portal, providing UK mobile operators with anonymised data allowing them to understand their target audience’s behaviours, rank their products against the rest of the market and create products that increase connections and ultimately compete with other providers.
In addition, yboo is in negotiations with partners to launch yboo in the Middle East and Australia.
Mr Gould said: “We are absolutely delighted to announce the investment yboo has received.
“We have some incredibly exciting developments, which includes our B2B portal that we will are rolling out.”
He added: “We anticipate that it will have a huge impact on UK mobile operators and their propositions.
“The future for yboo looks incredibly bright. We have always been committed to bringing job opportunities into the Holme Valley and as the business grows we hope to see our winning team expand as well.
“We are dedicated to providing training and development to our staff as well as offering our staff share options which equate to 5% of the total company shareholding.”