A circular economy sharing app where parents can list or request different children’s items; from books and clothes to toys and baby equipment has just raised £500k.
YoungPlanet secured the money through crowdfunding platform Crowdcube, smashing its initial target of £350k. According to the company, many of the investors are already part of the YoungPlanet community. It currently has 41,000 users with much of the growth being in the last few weeks.
The app is a cashless one, with parents being able to pass their unwanted goods on.
The company will use the investment to expand across the UK and add features such as gamification and integrated postage.
Jason Ash, co-founder of YoungPlanet, comments:
“YoungPlanet’s mission has been to help parents become more sustainable, and we’re overjoyed that our investors and community members have chosen to invest in this journey with us. Being overfunded within the first 7 hours of our crowdfunding campaign going live was a huge success, and to see that we have overachieved our funding goals by 56% to raise over half a million, shows just how many people believe in our mission.”
“As founders, our goal is to transform one of the most wasteful and most costly industries into one of the most sustainable. We’re incredibly proud that people have chosen to join us on our mission to reduce waste, reduce cost and bring communities closer together.”