The founders of Loot and Earnr have committed to investing in the Manchester hospitality industry through their new start-up.
Shuffle says it will invest an “initial” £2.5m to help local businesses grow.
It stated that the upfront funding would “unlock opportunities for commercial growth, including new site openings, updated interiors, and kitchen renovations.”
Rather than giving up company equity, the investment is repaid through the tech company’s consumer-facing smartphone app which is set to launch later this year.
The app rewards consumers for spending at Shuffle-partnered venues.
“Hospitality owners are incredibly entrepreneurial but often struggle to access the capital needed for growth despite having a proven business model. During our conception stage, we consulted with many successful operators who were facing this problem and realised we could support them through our goal of building the biggest hospitality investment platform in the UK over the next 3 years,” explained CEO Ollie Purdue, who founded digital banking service, Loot and was a partner in Venture Capital firm, Antler.
“We also wanted to build a better rewards platform, as most existing ones are tied to uninspiring brands, devalue the businesses they aim to support, or are quickly forgotten by users. We saw a huge opportunity to invest in and partner with the best hospitality businesses while rewarding customers for spending there, and that’s how Shuffle was born.”
He’s co-founded the platform with COO, Enzo Ottens, who’s worked at Deloitte, Uber Eats, Loot and Mettle, as well as setting up Earnr, a finance and accounting tool for creators and the self-employed in the UK.
The duo have secured “millions” in equity and debt funding for Shuffle from Venture Capital firms. The company said it had also established a line of credit to support its investments into Manchester’s hospitality industry.
Manchester is the launch city, ahead of a nationwide roll-out. They’ve already signed up Madre, Medlock Canteen, Trof & Bold Street Coffee.
