Snap It Secures £2.1 Million for Expansion Plans
On October 6, 2022, in London, UK, Snap It, a revolutionary on-demand supply delivery platform tailored specifically for tradespeople, successfully secured £2.1 million in seed funding. This financial boost aims to enhance the diversity of materials available to its customers and facilitate the company's expansion beyond the Greater London area. The funding round was spearheaded by ActivumSG Ventures, accompanied by other notable institutional investors such as Force Over Mass Capital (FOM Capital) and LiFE Ventures. In addition to these investments, Snap It also garnered support from several angel investors, including former world boxing champion David Haye and Greg Marsh, the founder of Onefinestay. Notably, Oliver Stork, a private equity professional with extensive board experience at international building merchants, also contributed to this funding effort.
Snap It plans to utilize the funds to broaden its offerings, beginning with an expansion into electrical products beyond its current plumbing supplies.
The platform is currently operational within the M25 area, and there are plans in place to launch services in Birmingham as part of a broader strategy for growth throughout the United Kingdom. Viktor Muhhin, the Founder and CEO of Snap It, expressed his enthusiasm for this funding, stating, “This funding will take our platform to the next level as we expand outside London and offer electricians the same service currently enjoyed by our plumber customers.” He emphasized the importance of supporting large merchants in their daily operations while helping digitize independent family-run merchants, allowing them to remain competitive in today's fast-paced trading environment.
Founded in 2019, Snap It arose from the challenges that Viktor Muhhin encountered as a self-employed plumber. The innovative mobile application simplifies the procurement of materials, spare parts, and fittings for tradespeople, ensuring they have access to essential supplies. The service allows for deliveries in as quickly as just 30 minutes. Research indicates that tradespeople spend an average of two hours a day on supply runs, which can significantly hinder their efficiency, while Snap It enables them to potentially generate an additional £47,000 in business annually. This efficiency not only benefits tradespeople by saving them time but also enhances the service provided to homeowners, tenants, and property managers, reducing wait times and overall costs. Snap It’s technology aggregates availability data from over 100 reputable merchants while supporting their digital transformation, ensuring they can maintain real-time inventory management to drive sales.
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