HMT LLP undertook financial due diligence for Edge Investments on their investment in a marketplace which helps families find and book organised local actives for kids. Edge and the Business Growth Fund invested £4 million in the business.
Founded in 2016, Hoop helps families discover and book fun organised local activities for children; from kids raves and baby and toddler groups to swimming lessons, drama classes and arts and crafts.
Since launching in 2016 the Hoop app has been download over 750,000 times and was voted the “Best App of the Year” by Apple in both 2016 and 2017. Over 10,000 activity organisers are currently listed on the platform, listing over 70,000 events and activities for kids each month.
The £4 million Series A round led by Edge Investments includes further investment by the Business Growth Fund, following an earlier BGF Ventures led round of £2.4 million in 2017, and will support Hoop’s plans to solidify market share in Britain and position the Company for expansion in the US.
HMT undertook financial due diligence on this transaction.
Niall Santamaria, Investment Manager at Edge commented:
“Hoop’s growth over the last 12 months has been extremely impressive on both the user and organiser sides of their marketplace. HMT’s thorough report provided an in-depth analysis of Hoop’s trading and revenue growth, providing us with comfort that Hoop can meet its ambitious growth targets.”
Paul Read commented:
“We are delighted to have advised Edge and BGF on their investment in Hoop. Hoop has rapidly become the must-have app for parents. With Edge’s expertise in the events and technology sectors, and this series A investment, the business is on the right track to achieve its global growth plans.”