Upgrade Pack achieves pre-seed funding of £1 million

Charlie Spargo's picture
by Charlie Spargo
Upgrade Pack

Richmond-based startup Upgrade Pack, FinTech innovators aiming to change how customer loyalty and employee benefits work, has raised £1 million in pre-seed funding.

This level of investment means the startup’s value has now reached £6.67 million. Upgrade Pack was founded by Craig Unsworth and Urchana Moudgil in 2018 with the goal of “disrupting loyalty”.

The pre-seed funding raised will be used to grow its platform and team of developers. Later in 2019, they plan to launch the next round of seed funding, hoping to raise £2.25 million - with the intention to bring the product to market soon after.

“We are delighted to have raised this preliminary capital through the support of individual investors who saw value in what we were creating but can also bring expertise gained across relevant sectors such as loyalty, technology, travel and banking,” said Unsworth.

“It’s rare to reach this stage based purely on smaller investors, however, having successfully established ourselves in 2018 we look forward to launching our next funding round - and engaging with a broad pool of supporters across investment, legal VC and more - later this quarter, which will take us to our next capital milestone and closer to our launch to market in early Q2.”

Upgrade Pack helps users enhance their trips with discounted deals while they travel, pairing them with hotel rooms and plane seats at exclusive prices. It’s aimed at users of selected banking products and employees of financial services companies.