Romanian investment fund Neogen Capital will invest €450,000 in the RacketPal application, a startup founded in London by two Romanians, Wall-Street.ro reported.
The app helps tennis, badminton, squash, ping pong and paddle enthusiasts find the right game partners. The startup will allocate the funds mainly to develop the application and increase the operational team.
It targets 100,000 registered users on the platform by the end of this year.
Launched in 2019, the RacketPal app already has over 10,000 users on the Android and iOS platforms, the daily average of active users being 300.
"When we moved to London, we found that it was difficult to find a sports partner nearby with whom to be compatible in terms of the level of play. We talked to hundreds of other passionate players and found that they also had this problem, which confirmed the need for such a solution to help people meet to play their favourite sport," said Robert Rizea, CEO and co-founder of RacketPal, who played performance tennis before settling in London in 2016.
So far, the founders Robert Rizea and Bogdan Demeny have invested over €230,000 in developing the RacketPal platform.
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