PHUBBER Attracted Investment of GEL 700,000
Georgian online platform Phubber has attracted an investment of 700,000 GEL.
The funds allocated to Phubber by the American investor, GITA and Bank of Georgia will be used to develop the startup application. Phubber has also moved into the second round of the 500 Startup Georgia Acceleration Program and is one of the top five identified by Bank of Georgia.
Phubber founder Anano Dolaberidze talks to his business partner about investing and the company's plans.
"We have won the GITA financing program for the second time and the final investment is 700,000 GEL, which should be spent by the company by the end of the year. My partner Giorgi Chugoshvili and I started with a small budget, but today we are already technologically advanced, with this investment we will be able to further develop the company and automation processes, which will allow us to work on a large scale. As for the pandemic, we were able to adapt to the situation very well, there were challenges, we had to move the team to remote work, but we had a high sales rate in April-May and I can say that it was one of the best periods for us, "- said Anano Dolaberidze.
As of Phubber representative, users will be able to enjoy company's website besides app.
"At this stage, we see the prospect of development in the global market and I think it is a big challenge, because there is a lot of work to get between the two best startups. Phubber-like apps abound in the US and Europe, so we want to cover the Caucasus region and several European countries. In the first stage, Armenia and Azerbaijan will be considered," said Faber, the founder.
The startup, which connects buyers of clothing, footwear and accessories with sellers, currently has 70,000 registered customers.