LateSpace, the appointment-booking app which enables businesses to quickly fill last-minute appointments, has today announced the conclusion of its initial pre-seed funding round with a total raise of £250,000. The funding round is the first investment for the app as it prepares for its launch at the beginning of June with the B2B portal due to go live at the end of this month.
LateSpace comes to market as cancellation culture becomes more common and its impact continues to hamper British businesses already dealing with the ramifications of Covid-19. Recent data from Statista estimates that as much as £637m is lost every year in the UK from cancelled hair & beauty appointments.
LateSpace plans to tackle both the revenue gap issue as well as the currently unknown availability of last-minute cancellations & appointments to customers in their local area, via their new app and back end technology. With a seamless two-step process, businesses can register via a web portal app and potential customers who download it can see everything available locally to them and book an appointment for up to 72 hours.
To ensure LateSpace’s launch is successful, Peter Marshall & Gary White have joined the company as head of technology and CFO respectively. Both bring a combined 40 years of experience in the tech and finance industries and will play a pivotal role in scaling up LateSpace in the coming months.
Responding to the success of the fundraising, LateSpace CEO and founder Tom Griswood said: “The reception of the LateSpace proposition has been phenomenal. Inspired by my own personal experiences, I wanted to bring about a solution that would remove the obstacles that previously have prevented customers being able to see available through the power of an app, whilst ensuring businesses have someone working hard to stop empty spaces going to waste.
“LateSpace is coming to market at a challenging time for retailers but this is also an opportunity to help make the lives of businesses easier when it comes to managing last-minute cancellations and empty seats. With LateSpace, we hope to help retailers maximise their profit margins as they bounce back from the pandemic and this is a responsibility that I’m very proud to work on each and every day. With Peter and Gary joining the team, we’re in an amazing space and look forward to working with a host of businesses come launch day to fill that revenue gap and keep customers happy!”
LateSpace’s online B2B business portal, where businesses can register to LateSpace’s partner programme, will launch in the coming weeks and initially focussed on Essex region due to its high concentration of appointment based businesses, before being rolled out across the UK later in the year.