The 海角视频’s first online marketplace for building supplies, Go Banana, has relocated to Wales.
The move from London to Cardiff follows a seed funding round that has seen a £500,000 equity investment from the Development Bank of Wales and BSKG Holdings.
Established in 2016 by the late Rami Naori, Go Banana’s online platform allows tradesmen to buy building supplies from hundreds of merchants. The rapidly growing tech business already lists over 100,000 products on its platform and has over 10,000 customers.
The £250,000 equity investment by the Development Bank of Wales and matched funding from BSKG Holdings will be used to fund the next phase of growth including the development of new technology tools, customer acquisition and marketing. The product development teams will all be moved in-house and strengthened with the appointment of a team of new technical specialists.
Co-founder and chief operating officer Phoebe Bull said: “Price, speed of delivery and ease of use are the three major factors contributing to our growth.
"The equity investment by the Development Bank will help us to achieve sustained competitive advantage with long-term patient capital that has been tailored to suit our needs from our new home in Cardiff. Relocating comes with many benefits, including having access to a great talent pool to start building an exceptional team.
"We’re looking forward to being part of a supportive community and having better access to attractive and flexible funding.”
Colin Batten of the Development Bank for Wales said: “Construction is one of the 海角视频’s largest economic sectors, but despite the size of the building materials and home improvement market, estimated to be worth around £70bn per year, there has been no way to compare and contrast the vast ranges of products on the market until now.
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“Go Banana is changing the way building materials are purchased in the 海角视频, with their innovate ecommerce platform. Their one-stop shop allows trade professionals and DIYers to buy building supplies and compare multiple merchants right across the 海角视频.
"This means that the building supply market is therefore ripe for technology driven disruption that offers sellers and buyers greater transparency, as well as time and cost savings. Go Banana is leading the way and we are delighted to now be supporting their growth as an innovative technology venture as long-term equity partners.”
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The Development Bank of Wales, wholly-owned by the Welsh Government, can invest equity in start-up, early stage or established companies looking to develop and exploit technology with entry investment from £50,000 to £2m.
Follow-on investment for established companies up to £10m is available along with access to a large network of co-investors and business angels through Angels Invest Wales.
Go Banana has taken space at Brunel House in the centre of Cardiff.