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Citymapper smashes fundraising expectations with £6.7m in investment
Travel app Citymapper has today smashed expectations in its first ever crowdfunding campaign, having so far raised over £6.7m.
Over 9,000 investors have so far piled into the firm, which opened the two-day funding campaign with the aim of raising £1m.
Investors will get a share of 3.4 per cent of Citymapper, which now has a valuation of £191m.
With more than 50m users around the world, the firm, which operates in every major metropolitan area, says it had annual recurring revenues of £17m from its Pass travelcard service.
However, the real figure is likely to be considerably lower for the app, which has never turned a profit in its 10-year existence.
Its latest financial reports show that the firm lost £8.9m in 2019.