“The Toptable for sports: An online hub for visitors to search and book gyms and facilities around them”
We met with Abhishek Garodia, CEO and co-founder of PlayEnable, to learn more about what he and his team have been up to since successfully raising investment through Seedrs this Autumn.
Investment Raised: £25,000 Equity: 5% Days to Full Investment: 92
Number of Investors: 68 Average Investment: £368 SEIS Eligible: Yes
Location: Greater London Sectors: Consumer Internet, Marketplaces & Platforms
What is PlayEnable?
“PlayEnable is best described as a TopTable for sports and fitness classes. It is an online forum/marketplace where sports and fitness enthusiasts can find places to participate in fitness activities around them, and ultimately book and reserve the activity they want to participate in. Activities range from a one-off yoga class to regular kickboxing or dance classes.”
“The ultimate aim of PlayEnable is to help people participate in activities, no matter where they are, and for sports facilities to improve their reach to sports enthusiasts.”
Why PlayEnable Needed Investment
“There are costs associated with developing a quality website platform, mobile app and basic marketing. The investment would essentially be used to build a solid minimum viable product so as to get some traction – hopefully leading to future investment rounds.”
Role of Seed Enterprise Investment Scheme (SEIS)
The Seed Enterprise Investment Scheme (SEIS) allows investors to claim up to 78% of the amount of their investment back, up front, through income tax and capital gains tax reliefs.
“Actually, while I knew PlayEnable would need funding irrespective of SEIS, given the fact that the scheme is extremely favourable for investors, I did make it a point to mention the benefits to every potential investor when I got listed on the website.”
“First, the personal factor was very important. After speaking with their CEO, Jeff, and saw how easy it was to reach them, it was almost a no-brainer for me. I liked that I was able to receive guidance throughout the process and was very happy with the support I was offered.”
“And, the simplicity and the lack of platform “frills”. This suited my business at our early-stage, especially since I was only looking for a small investment to build a minimum viable product. Some of the other equity crowdfunding sites required too much irrelevant information (such as detailed financial projections and elaborate marketing plans) – information which I could have very easily drafted, but were akin to shooting in the dark. Instead, I was able to put relevant, factual information onto the site, quickly, and focus on building my business, instead.”
Experience with Seedrs
“For early-stage startups like mine, I would highly recommend Seedrs. The team works very hard to engage investors, both online and off.”
Top Tip to Other Entrepreneurs
“Keep your business aims simple. Set yourself and team very clear, measurable goals and work out what the journey may look like to achieve them. And don’t get too distracted along the way.”
“Next, we’re going to use our funding to accelerate the product building process and execute an exhaustive online marketing campaign. We should have a mobile app and be ready to test our facility management CRM by early-February 2013. And, are looking to invest in online marketing to build traction and ultimately drive sales.”
To learn more about PlayEnable or to follow their journey, visit their website at playenable.com.