GAIN Venture Studios lead investor in startup Snap

The beauty and personal care startup Snap is in the process of raising capital through the equity crowdfunding platform CrowdBase, with the company having already raised 70 per cent of the minimum initial goal they previously set.

In this context, Cypriot company GAIN Venture Studios (GAIN) announced on Tuesday that it is backing Snap with its own investment, viewing the latter as a disruptive startup in the beauty and personal care space.

According to an announcement, Snap aims to be one of the most innovative online marketplaces of its kind that will provide the opportunity for direct transactions through consumers and businesses in the sector.

As explained in the statement, Snap’s platform provides significant benefits to consumers such as making an appointment at the business of their choice, receiving relevant messages and reminders, rewards, as well as the ability to pay online, among other features.

At the same time, businesses in the beauty and personal care sector will benefit greatly through the platform as they will be able to fill empty appointment slots, reduce last-minute cancellations, increase their sales, improve the customer experience and better manage important aspects of their work.

“Snap has entered into a pioneering equity crowdfunding process in order to proceed with the further development of its plans,” the announcement explained, noting that the crowdfunding process is being carried out through Crowdbase, the first crowdfunding platform in Cyprus.

Snap is looking to raise between €200,000 and €350,000, in exchange for common shares in the company.

The minimum investment is set at €100 and the campaign will last for approximately two months.

The crowdfunding process is already proving to be quite positive with approximately 70 per cent of the minimum target amount raised.

Funds raised during this fundraising round will be used to accelerate Snap’s growth through three key areas.

These include go-to-market marketing expenses, operational costs, as well as the development of new features for the platform.

“Snap has every prospect to be the ultimate platform for the beauty and personal care market in Cyprus,” Antonis Neocleous, one of the founders of GAIN, said.

“We want to bring businesses and consumers together by creating a digital space where they can interact and be served according to their needs,” he added.

Meanwhile, George Iacovou, co-founder of GAIN, said that “GAIN’s contribution to SNAP is practical and includes financial support, the provision of know-how and technological solution experiences gained from our involvement in the development of other startups.”

GAIN focuses on sharing knowledge and experience, supporting several startups with expertise and financial resources in recent years. At the same time, several more new ideas are in its idea bank.

Finally, it should be noted that at a time when Cyprus is trying to develop its startup ecosystem, GAIN has already made a practical contribution in supporting several such initiatives, including 11pets, Serenity, SNAP and Logistaras.