Augment reality app Snatch has raised £4.4 million in a seed round led by Initial Capital to further develop its game and expand into the US market.
Several other investors participated in the round: First Minute Capital, CrunchFund, Simon Equity Partners, Cassius Family Fund, Hanson Asset Management, Velocity Technology Fund, and Silicon Valley Bank.
Snatch is an AR treasure hunt themed game aimed at brand marketers. Users play the augmented reality game, based on their location, to win prizes from brands such as Heineken and Deliveroo. With this new investment, the company will finish up its beta version of the game, which had 500,000 users.
“We want to challenge how brands reach and engage consumers, and in doing so we’re shaking up both gaming and marketing, through the use of augmented reality, to deliver more to both,” said Joe Martin, CEO of Snatch. “This investment will allow us to push ahead with our plans to create a truly game-changing product in the UK and expand Snatch worldwide, beginning in the US.”