“We met with Unilever Ventures during Office Hours at the end of Web Summit Day Two. That night, they contacted us to see if we could come and meet their board on Friday. We met Friday lunchtime, and by Monday we had an agreed term sheet.”
Jamal Hirani is the COO of Snatch, a mobile gaming experience that uses the latest AR and geo-location technologies to bridge the virtual world world of gaming with the real world. Think Pokémon GO but with the added bonus of cash prizes and almost limitless opportunities for potential marketers.
Jamal and the Snatch team held an exclusive private launch of the platform at Web Summit 2016, our European event in Lisbon, where they hid three Golden Tickets worth £150,000 of investment around the venue for Web Summit attendees and startups to find.
The Web Summit team hooked them up with Unilever Ventures as part of our Office Hours scheme, a series of pre-scheduled, 15-minute meetings between investors from top funds and the most promising startups joining us. Unilever Ventures were particularly interested in marketing AR startups, so Snatch seemed like the perfect fit. Jamal and the team knew what to do. “In that 15 minutes we sat and put the game in front of them and got them to play it. That was our pitch. Unilever Ventures were the people we wanted to meet. It made sense for us – they’re the largest advertiser; they spend $9 billion a year on advertising; they’re the biggest brand owners in the world. They’re a major, major player.”
Think Pokémon GO with cash rewards – it’s Snatch
“They made a substantial investment, which was a Seed investment, the first time they’ve done a Seed investment,” says Jamal. Snatch is currently accelerating beyond Jamal’s own expectations. Having originally hoped to hit 100,000 active UK users by the end of March, they’re set to achieve that figure by the end of February. Unilever Ventures are now set to lead the company’s $5 million Series A in March.
Jamal’s advice for other startups looking to make their mark at Office Hours? It’s all about the research. “Identify the VCs who are in your field and who have invested in similar companies. Do your homework so you can give them the information that you know will get them interested in you. We knew that Unilever Ventures would be excited about us, and we made it happen,” he says.
More about Office Hours
Office Hours are a series of pre-scheduled, 15-minute meetings between investors from top funds and the most promising startups joining us. Office Hours take place at all our global events, and all ALPHA exhibitors have the chance to join. Our investor team match up the investors and startups we think we would be a good fit, and we hand it over to the founders to impress. Find out more.