Travel social media start-up ScrapMyMap.com has turned to equity crowdfunding, as it looks to embark on phase two of its development.
This phase will see the site create a mobile platform, as well as other website features, in addition to ramping up its marketing activities.
The site was launched in April last year and has emerged from beta. Chief executive Miranda Atkins, said it is now valued at £250,000 with projected revenues of £1 million by year three.
She said the firm opted for equity crowd funding because it had nothing to give away to incentivise investors, so a small stake allows investors to benefit from success.
She said: “Naturally, investing in any start-up is risky business, but as both investors and project owners ourselves, we love the idea of equity crowdfunding.
“For me equity is the best reward that can be offered as you never know when you might buy 0.5% of the next Facebook.”
She added: “We were very keen to crowdfund as we loved the idea that a number of people could be a part of ScrapMyMap and crowdfunding would also give us confidence to move forward knowing a number of backers believe in our idea.”
ScrapMyMap has opted to use the Seedrs platform to crowdfund its next round of investment.
The site allows users to create a scrapbook of their travels and share those with other people to provide inspiration and ideas.