Anglers net whopping sum to fund specialist online marketplace
- Credit: Archant
Three brothers have netted an impressive £500,000 from backers to launch an online marketplace for anglers.
Daniel, Kane and Harry Hughes - who are all keen hobby anglers - secured the seed investment for Dangler, which was launched in the autumn.
The threesome began developing their idea of a selling platform for the angling community back in 2017.
Earlier this year, they approached Woodbridge-based start-up support lab, Shout About Suffolk, and secured an initial investment of £30,000 from founders Paddy Bishopp, Toby Durrant and Richard Croft.
Shout About Suffolk then led a determined push for investment throughout the summer, enabling the brothers to secure funds of between £5,000 and £100,000 from other investors.
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The brothers, who are all former pupils of Stowmarket Middle and High School, are delighted at the success of the fundraising efforts, which will enable Dangler to push forward with the build and development of its prototype app.
Co-founder Harry said they were already under way with the development of their unique platform.
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"We're really proud to be working with a Suffolk based development house for this crucial piece of work, and are now looking to begin recruitment of talented individuals from across the region who feel they would be a great asset in the Dangler journey," he said.
The Dangler platform will allow anglers to buy and sell fishing tackle and related items, as well as building a 'community' of those with a shared interest.
"Ours is very much a social marketplace, unique to anglers. It's being developed by anglers, for anglers, and our market research suggests it's very much needed," said Harry.
"With the user experience work currently taking place and content being prepared, we will be aiming to have the platform live by the spring of 2020."
Paddy Bishopp, co-founder of Shout About Suffolk, congratulated the brothers on their achievement.
"From the moment the brothers presented their idea to Shout About Suffolk, it was clear that they had researched the opportunity, understood their audience, and were 100% committed to putting in the effort necessary to achieve their goal," he said.
"We were very keen to lead the push for investment on their behalf, and are now in the process of helping a further two Suffolk companies raise funds in a similar way."
He added: "We're delighted to be continuing to support the brothers through our mentoring relationship, and to be watching them progress their business with the input of Suffolk-based suppliers, advisors and future employees.
"This is a great story for three passionate Suffolk entrepreneurs, and we very much hope that in the year ahead we'll see more Suffolk based investors keen to step forward and help young ambitious businesses created in this county."