Tony Hugh

7th Jul 2017

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Go Banana Launches Equity Crowdfunding Campaign Having Raised 34% of £250k Target

 

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Go Banana, the UK’s first marketplace for building supplies, has launched an equity crowdfunding campaign via the Seedrs platform. Having already raised 34% of its £250k target, it is looking for those with a passion for the building industry to invest in its innovative online PropTech platform, one of the first of its kind worldwide.

Currently revolutionising the building sector, Go Banana has already achieved significant success by offering tradesmen a unique platform to source and shop for all of their building supplies in one online location. Its catalogue has grown to 105,000 products in its first six months, with new suppliers signing up to the platform every month. 

With an ambitious growth plan, Go Banana is now looking for shareholders to invest in the next stages to support the business’ growth. From its UK starting point, it will look to expand into the EU and the US. It will use the funds raised to further develop the platform to improve site functionality and user experience, as well as to start designing an easy-to-use smartphone app. It will implement a courier system to provide an end-to-end fulfilment solution, which will offer flexible delivery options and improve customer satisfaction. Finally, Go Banana plans to widen its marketing channels to reach its target audience, including street marketing, trade shows, social media campaigns and partnerships.

Go Banana is forecast to achieve £1.46m in its first year by only acquiring 25 new trade customers a month, and in year two, it is forecast to achieve £12.4m by acquiring 120 new trade customers every month.

By opening up its doors, Go Banana hopes to attract shareholders who are passionate about PropTech and who want to help influence the market. With plans to raise £250k through crowdfunding platform Seedrs, the valuation pre-money is £2,250,000. With an emphasis on making shareholders feel truly valued and included, it hopes that those who choose to invest will have a significant and meaningful impact on shaping the future of the business and making a real difference to the market. 

The UK building materials market is currently worth £65bn, whilst the global construction market is worth $9trillion and is estimated to grow to $15trillion in 2025. The UK government acknowledges that the UK construction industry lacks innovation and Go Banana aims to change this. 

Phoebe Bull, Co-founder and Director of Business Development at Go Banana, commented, "There was no one stop shop that enabled tradesmen to compare building supplies. Go Banana solves this problem by simplifying the shopping experience through a free search tool and online marketplace that can be used on any device anywhere and at any time. It helps tradesmen to plan in advance for projects, and to quickly estimate costs, not only saving them money but also giving them immediate access to hundreds of thousands of products."

You can visit the Go Banana crowdfunding page at www.seedrs.com/gobanana and read the article at http://www.tech.london/news/go-banana-launches-equity-crowdfunding-campaign-having-raised-34-percent-of-ps250k-target

If you have any further questions, or would like a little more advice feel free to contact us on info@go-banana.com

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