Entrepreneurs who turned down seed capital land first acquisition for Grapple venture

A bootstrapped London start-up has made its first acquisition since it was founded in 2010.

Mobile innovation agency Grapple has purchased Toura, a cloud-based content distribution for smartphone and tablet applications.

London-based Grapple was set up by Alistair Crane and Jamie True at the beginning of 2010. The founders decided to turn down $10 million (£6.2 million) of seed investment in favour of funding the company themselves.

The acquisition is said by Grapple to be a ‘significant milestone’ in its growth strategy. The start-up will now look to incorporate Toura’s technology platforms, namely Mulberry and Mobile App Producer, which are the end result of $3.8 million worth of research and development, into its own intellectual property.

Toura itself is a New York-based business which has contracts with companies including ABC Television, Reader’s Digest, Boston Globe and Tribune Interactive. Following the acquisition Grapple will continue to operate Toura from the US where it has an office as well.

True, co-founder of Grapple, says that Grapple will now benefit from Toura’s relationships, skills and technology. He adds, ‘The combination of our two companies will drive significant value for not only Grapple’s existing client roster, but Toura’s clients too.’

Toura’s technology is currently being used for applications at attractions such as the British Library, V&A and the Guggenheim.

Sayako Knight Teitelbaum, co-founder of Toura, comments, ‘Combining Toura’s platform with Grapple’s impressive management and development teams will create a powerful enterprise offering.

‘I am extremely proud of what Toura has achieved to date and this acquisition will benefit our respective customers.’

See also: Tech firm snubs VCs in favour of crowdfunding

Hunter Ruthven

Bernard Williamson

Hunter was the Editor for GrowthBusiness.co.uk from 2012 to 2014, before moving on to Caspian Media Ltd to be Editor of Real Business.

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