Upgrade Pack achieves £1.5 million in funding, taking its total past £5 million
London fintech scale-up Upgrade Pack is set to expand into the North American market and accelerate its APAC operations after closing a private investment round worth £1.5 million.
The funding increases Upgrade Pack’s market cap to $30 million just 18 months after being established. It will bolster the the company's ambitions to enter the North American market, with the opening of a Toronto office in the first half of 2020 now on the cards.
In January 2019, Upgrade pack managed to get £1 million in pre-seed funding. In April 2019, it launched a Seedrs crowdfunding campaign which was oversubscribed in just five days as anticipation of the app grew.
Upgrade Pack provides a closed online marketplace which connects directly to airline and hotel APIs, providing users with access to live and exclusive premium seat and room upgrades that could save them up to a third. It is exclusively distributed through banks and credit card issuers as a customer reward, and through corporations as an employee benefit.
Upgrade Pack Group CEO, Craig Unsworth, said: “With our inaugural banking and airline partners confirmed, and unwavering interest from hotels around the world to join our platform, this new capital will help us fully release the commercial potential of Upgrade Pack in 2020 and beyond. Alongside launch, our near-term focus will be on expanding our APAC commercial and marketing teams in Singapore and opening our North American operation in Toronto.
“Many investors have said just how compelling and unlike anything else hitting their desks our app is. That feedback, together with how quickly we’ve secured this funding, just days after opening it up, shows the excitement around what we’re creating. It’s also a really pleasing validation of our strategy of growth through private investment rather than venture capital as we take our platform live this year.”