Bristol-based online local experiences marketplace, Yuup, has announced this week that it is opening up investment to the public through a partnership with Exeter-based crowdfunding platform Crowdcube. Crowdfund investors will be able to own a part of Yuup, whilst investing in the growth and continued positive social impact on local communities.
The leisure-sector business has already received investment backing from Bristol and Bath Regional Capital, a social investment fund that invests in projects which drive the local economy and support long-term, inclusive social and environmental prosperity in the Bristol and Bath region.
Yuup has generated over £450k of income in the past year for local people and small independent businesses in Bristol and is looking to scale up operations in 2022. The business plans to reach hundreds more potential experience hosts in Bristol and Bath, and to generate income and jobs for locals and the communities that need it most. Yuup is also set to launch in a second city this summer, and will be bringing its innovative approach to positive social impact to another UK city soon to be announced.
Through Yuup, local hobbyists and small creative businesses have been able to generate alternative streams of income; with some businesses able to avoid closure due to the pandemic and side hustles becoming main sources of income for passionate local people. In its first year, Yuup has been able to positively disrupt the gifting and leisure market in order to boost the local economy and help independent businesses across the South West thrive. People living in and visiting the South West have also been able to discover experiences that were previously unknown or did not exist.
Prior to opening investment to its community of 22,000 supporters, Yuup secured a pledge of £250k from existing and new angel investors in addition to the £250k investment from Bristol and Bath Regional Capital (BBRC). The business hopes to crowdfund an additional £500k from crowdfund investment to reach a £1m investment target.
Ed Rowberry, CEO of BBRC, said:
“Yuup is a ‘have your cake and eat it too’ type of company. Not only have the Yuup team found a unique and growing niche in the market, they’re also generating new and lasting local value. It’s an exciting combination of innovative disruption and local impact, powered by a team with the experience to execute. Yuup has already made a significant positive impact on communities across Bristol and we’re excited to be supporting the team to scale up this impact.”
The crowdfund is open to anyone over 18 years old and legally entitled to invest. Investment in Yuup starts from as little as £20, and investment is currently open to the local community via the link invest.yuup.co before being opened to Crowdcube’s 1.2 million members across the UK on Tuesday, March 1.
Previous Crowdcube success stories include Monzo, Freetrade, and Mindful Chef.
Dominic Mills, founder of Yuup, said:
“This is a really proud moment for us. To say that we’re able to give our community the opportunity to be more involved in Yuup is really exciting. They’ll be able to own a bit of Yuup, and that means that they’ll be part of a wider community that supports indie businesses and helps our cities become vibrant and resilient. I can’t wait to see what the future has in store.”
You can find out more about the Yuup crowdfund and growth plans and access the business investment deck at invest.yuup.co. You will also find here the film of Yuup’s story and mission, featuring a host that went from side-hustler to full-time forager. Investment is open for a short window and may close sooner if targets are met.
Investments of this nature carry risks to your capital. Please invest aware.
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