Recent fundraising values city guide app maker GuidePal at $11 million, and company aims to build a 10 million-strong user base by 2013
GuidePal, a company providing city guides for smartphones and tablets, has raised $800,000 in a recent fundraising. The capital injection, which values GuidePal at about $11 million, will allow the Swedish based company to speed up expansion across the US, Latin America and China.
GuidePal has emerged as a rapidly growing city guide app producer, and is well positioned to become a significant force in the expanding city app industry during 2012/2013. The company has in excess of 3.5 million downloads of its various city apps, and has established a substantial active and loyal user base. Users in 170 countries around the world have downloaded the apps, making GuidePal a truly global player.
GuidePal’s CEO, Peter Schierenbeck, points out that the company is in a catbird seat position to assume market leadership in the next couple of years, due to the superior quality of the content and scalability of its systems: “While there are a handful of competitors which we are keeping an eye on, many of the players in the industry have not yet grasped what is actually happening in our niche. They seem to believe that users and partners will continue to accept outdated and relatively poor content, which clearly underestimates the user and is not a sustainable way to grow this kind of business or to attract loyal users”.
GuidePal has an extensive network of more than 200 local experts based in cities across the globe, and constantly receives new recommendations in order to keep its portfolio of city guides relevant and up-to-date. “Our carefully screened network of local experts enables us to avoid sending our users to a shop which has closed down or to a restaurant that has gone downhill in terms of quality. We constantly verify our tips to ensure that we select the best in each city”, says Peter Schierenbeck.
Schierenbeck’s objective is to develop a 10 million-strong user base over the next two years, and to continue providing city guides that are inspiring, intelligent and filled with great content.
Peter Schierenbeck says: “Our outstanding content is available in English and Mandarin, and we are in the process of adding new languages and destinations for our users around the world. We plan to be live in all major languages and cover in excess of 100 cities going forward”.
He adds: “We currently cover 60 cities worldwide and are approached by people on a daily basis who want us to add a specific city to our portfolio. However, we have a detailed roll-out plan in motion, one which is based on our extensive database and takes into account various existing and projected global travel patterns and relevant traffic flows”.
GuidePal provides free city guides via mobile platforms (iPhone, Android, Blackberry and Windows Phone), covering more than 60 major destinations across the globe. With over three million downloads, GuidePal is constantly expanding its portfolio and has offices in London, Shanghai, and Stockholm. All content is created by a unique collaboration between locals and leading travel journalists who handpick the best their city has to offer, ensuring that the traveller has an authentic and in-the-know experience with GuidePal.