Snatch, a London, UK- and San Francisco, CA-based augmented reality treasure hunt app, raised £4.4m in seed equity and debt funding.
The round was led by Initial Capital, with participation from First Minute Capital, CrunchFund, Simon Equity Partners, Cassius Family Fund, Hanson Asset Management, Velocity Technology Fund and Silicon Valley Bank (which provided £1.5m in debt).
The company will use the funds for product development and operations expansion.
Co-founded by Joe Martin and Jamal Hirani, Snatch provides an augmented reality-powered free to play, virtual treasure hunt app. Players can grab parcels hidden around them virtually and protect them from others who are trying to “snatch” from them.
Players can win a free holiday, tickets to a gig, rewards and hard cash.