A Tyneside party planning company is set for growth after securing a £150,000 investment.
Cyber concierge business PoptopUK, based in Gateshead, was launched to provide guidance and prices for the hire of anything that might be required by party planners, and during the pandemic the business pivoted to offer virtual events. The company, which uses technology that it developed and built itself, was originally set up in Kyiv, Ukraine, before being brought to Newcastle seven years ago by CEO Eugene Shestopal and co-founder Ignat Thorovsky.
PoptopUK has a second office in Kyiv, with 37 people currently working across the two locations, and up to 10 new North East jobs are expected to be created as the business expands. It focuses on private events for up to 40 people, although it also works with a number of companies on smaller corporate events.
Read more: New venture and new jobs on way for Jarrow engineers HQ Fabrication
Customers use the platform to specify the type, location and size of event they want to hold, with the resulting curated list of ideas and experiences designed to provide a range of options. Now the platform is aiming to make an even bigger noise after securing the six-figure investment from the North East Growth Capital Fund Loan Fund.
After recording 300% year-on-year growth over the last year, PoptopUK is looking to scale up even faster, by adding to its existing list of 3,000 suppliers to enhance services and increase the range of exclusive experiences that are only available via its platform.
It worked with regional fund management firm NEL Fund Managers to bring in the £150,000 Growth Capital Fund investment via the Recovery Loan Scheme, which will support the development of new ideas and services.
Mr Shestopal, who had worked in the party planning industry for over a decade before setting up PoptopUK, said: “We originally saw a chance to fill a gap in the market and have successfully grown the brand over the last seven years to be right at the forefront of our industry. After two years during which it’s often been difficult, if not impossible, for people to hold in person events, we know the enthusiasm for the services, events and experiences we provide has never been greater.
“What we want to do now is use the experience we’ve gathered on what people want to help our suppliers enhance what they offer and create experiences that will amaze our customers and keep them coming back for more.”
Jane Siddle, senior investment executive at NEL Fund Managers, added: “Despite all the challenges that the pandemic has thrown at the leisure sector, PoptopUK has been able to keep making extremely impressive progress and well set to do even better through this year and beyond.”
