Snatch, a UK-based augmented reality (AR) game developer backed by consumer goods manufacturer Unilever, has closed a £4.4m ($5.8m) seed round led by venture capital firm Initial Capital, Tech.eu has reported.
The round also included contributions from Silicon Valley Bank, First Minute Capital, CrunchFund, Simon Equity Partners, Cassius Family Fund, Hanson Asset Management and Velocity Capital Advisors.
Snatch has created a virtual treasure hunt AR game available in the UK on the Android and iOS mobile operating systems that is also designed to serve as a marketing platform for brands.
Players search for virtual parcels, and if they find one they have to protect it from other players trying to steal it for six hours, at which point it opens and they win the prize it contains.
The company has partnered consumer brands such as Heineken, Deliveroo and Samsung to provide prizes, and the seed financing will be used to finish beta testing, grow the game in the UK and fund international expansion.
Snatch previously received a six-figure sterling amount from Unilever’s corporate venturing arm, Unilever Ventures, and Velocity Capital Advisors in February 2017.