City navigation app Citymapper revealed on Friday that its first ever crowdfunding round has raised £6.7 million from retail investors in just 24 hours.
The app, which ran the effort on funding site Crowdcube, soared past its £1 million target, securing the cash from 9,000 investors spanning 80 countries.
App general manager, Bill Earner, who joined the start-up in 2020 from the app’s London-based VC Connect Ventures, told the Standard “it was exciting and humbling to really exceed our expectations”.
The start-up, launched in London in 2011 by former Google employee Azmat Yusuf as a way to find out the best ways to navigate the capital on public transport, operates in 80 cities around the world and has over 50 million users.
It has raised £45 million from investors including Index Ventures and Balderton Capital to date, including new capital from institutional investors last year, and recorded a loss of nearly £9 million on revenues of £5.8 million in 2019.
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