Together Price exceeds funding goal of €200K just 48 hours after launch
Together Price, the digital identity platform for managing group subscription plans, has become another equity crowdfunding success, securing €310,000 in just 6 days. The platform, which tackles growing 'subscription fatigue' around digital subscriptions, is among a new wave of startups adopting this latest approach of crowdfunding investment and quickly exceeded its target of €200,000 from over 1,500 public investors on Crowdcube.
UK-based Together Price was founded in 2018 by CEO Marco Taddei, CMO Sabrina Taddei, and CFO Luca Ugolini to revolutionise shared multi-user subscriptions. Today, their centralised platform streamlines multiple service subscriptions for a global userbase spanning Europe and the US and covers some of the most popular household subscriptions, including Amazon Prime Video and Nintendo Switch to name a few.
In two years, Together Price has raised a total of €2m from global investment funds that include Samaipata Ventures, LVenture Group, and angels from Angel Partner Group. During this time, the startup has expanded operations opening offices in London and Rome, and established strong user acquisition in four key markets: the United Kingdom, the United States, Spain, and Italy. The concept of the sharing economy is deeply embedded in the startup mindset and is among the reasons for their alternative approach to this funding round.
“We are very thankful to have received the support of over 1,500 investors. While some are professional investors the vast majority are Together Price users who love the product and want to help us turn Together Price into a memorable story” explained Marco Taddei, CEO, and co-founder of Together Price.
"We wanted to involve both our investor networks as well as our growing customer base for this fundraise and have been overwhelmed by the influx of support. Raising an additional €110,000 reinforces the confidence that our users have in our offering and plans for the future”.
While COVID-19 left global markets in chaos, it also presented opportunities for startups positioned within media and streaming services. During March 2020, sparked by increasing confinements and surges in home entertainment, Together Price recorded a 90% increase in the new sign-ups compared to the previous month. This growth was further reinforced during the month of November when the number of subscribers hit the 1 million mark.
Together Price's success lies in being the only service targeting, 'subscription fatigue', the phenomenon occurring when consumers become overwhelmed by the volume of accounts and changes necessary to access on-demand content. According to Deloitte, 47% of consumers feel frustrated by the diversity of accounts they must own in order to watch what they want, with another 57% feeling cheated when their favourite content disappears from a platform due to copyright disputes.
By focusing on the process of cost-sharing, Together Price has struck the most effective balance between giving customers access to their preferred content while helping media providers to maintain subscriptions, and ultimately, preventing user attrition. This latest funding round will be used to accelerate growth by investing in technology and marketing.