Mycitydeal secures EUR4m in launch funding
A group of investors comprising eVenture Capital Partners, Holtzbrinck Ventures and Rocket Internet have invested EUR4m in mycitydeal.co.uk.
The site offers internet users the ability to combine their group buying power to obtain offers on local activities, restaurants and nights out at low prices.
The business is being introduced to the UK, starting with London and then rolling out across the country, following the success of the company’s similar ventures in the US and Germany.
The majority of the funding will be used for supporting the London-based sales teams and on financing a nationwide marketing offensive, with an emphasis on online advertising as well as future offline campaigns.
"Mycitydeal.co.uk provides its users with a unique range of offers from their local area. Whether it is a hotel, restaurant or sports activity, mycitydeal.co.uk represents a completely no-risk opportunity to acquire new customer groups online." says Martin Weber, commenting on Holtzbrinck Ventures' investment.
Christopher Muhr, the founder of mycitydeal.co.uk, adds: "Our investors have already successfully helped a number of strong start-up companies such as studiVZ or MyVideo, and they can offer us fantastic support with their experience. Their commitment is an incentive for us to grow even more quickly in the European market."