Yorkshire based technology firm, yboo, have secured a long term funding deal received over £650K in investment to support its ambitious growth plans over the next twelve months.
yboo, which was established in 2016 by Martyn Gould and Paul Doyle, is a mobile phone application that compares SIM only deals from the UK mobile market by measuring consumer usage to match them with the best deal and saves the UK consumer on average £156 per year on their mobile phone bill.
The company has received significant equity the investment from Angelfish Investments Plc.
Angelfish and yboo are continuing negotiations with the aim of further 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 of Angelfish commented: “Angelfish is delighted to increase its holding in yboo and to be negotiating the potential injection of substantial funds to secure the rollout 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. Richard’s role will be to support the team from a financial standpoint; negotiating any trade sales, supporting the business for an IPO in April 2019 and tracking overall revenue projections.
In addition to the investment from Angelfish, yboo has also received support from Access to Finance to prepare them to pitch in front of their investor network, from which they were able to secure an additional £150,000 in funding.
Over the course of the next 12 months, yboo will be launching 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.
yboo are also in negotiations with partners to launch yboo in the Middle East and Australia.
Martyn Gould, Founder of yboo commented on the investment injection:
“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 be rolling out at the end of July. This product has a strong future roadmap and 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 stands at 5% of the total company shareholding.”
Notes to editors
For media enquiries:
07917 752 259 / 01484 637 980
yboo is a team of people who deliver technology which solves real problems for 60 million smartphone using consumers in the UK as well as every UK Mobile Network.
Founded in 2016 by Martyn Gould, yboo is a free app which matches consumers to the right mobile deal based on price and signal strength where they work, live and hang out.
- Download yboo
- Use your smartphone as normal
- Sit back and wait for you results then click through to switch
yboo also provides Mobile Networks with rich data sets allowing them to understand consumer
behaviour and needs in granular detail.
With unique products which can operate effectively in any country and strong product loyalty, yboo
has a bright future.
yboo | Bridge Mills, Holmfirth, HD9 3TW
yboo.co.uk | [email protected] | Twitter: @ybooUK