Retail app Octer quickly raising major second round of crowdfunding

 
Charlotte Henry
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Octer co-founders Grant Slatter and Henry Whittaker aim to raise £700,00 for their app
Mobile shopping app Octer has returned to the equity-based crowdfunding platform Seedrs, to raise a second round of funding.

It is aiming to bring in a total of £700,000, in exchange for 7.48 per cent equity, giving a total valuation of £8.6m. The valuation has been agreed by key investors, and Octer’s principal investors have returned for this latest push for cash.

The company, previously known as Shareight, raised £600,000 in just 24 hours on Seedrs back in May 2014. The new round has raised 60 per cent of its target so far.

Octer allows users to browse between various major retailers such as John Lewis, Majestic Wine, and Topshop, in one app on a mobile phone.

It earns a commission from each sale from the retailers, and so does not charge customers extra.

Octer is beginning to launch hosted checkouts for individual brands. These allow users to find a product in as few as 10 taps of a screen. The first hosted checkout is for the menswear brand Charles Tyrwhitt. Grant Slatter, founder & chief executive of Octer, commented: “Smartphones are now officially the fastest growing retail segment and Octer is fantastically well-positioned to lead the reinvention of the high street on mobile.”

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