MyPocketSkill closes Seed round to empower Gen Z’s

TL;DR

• MyPocketSkill has closed its first round of funding, with participation from the LBS Angels network, Capital Angel Network, Capital Pilot Boost Fund, and co-investment from industry angels, taking its capital raised to £1.2m.
• They have skyrocketed in the last year, with over 80,000 sign-ups and 7,000 bookings completed on the platform (20% month-on-month growth since launch).
• Zara & Matt are experts in the field.
• We were delighted to work with the team on this round — read on to find out more 👇

MyPocketSkill were one of the 12 companies selected to participate in our under-represented investor readiness programme. Once the programme ended, we decided to continue working with the team to help them close their seed round. It’s been a pleasure working with them and contributing to changing the dismal state of affairs surrounding the percentage of female- led companies receiving funding in the U.K.

Jonathan Hollis, Managing Partner, Mountside Ventures

Many think Gen Zs live off the Bank of Mum and Dad, but according to Zurich, as of 2025, they will comprise 27% of the UK’s workforce and 30% of the global workforce. They’re now grappling with an inflation rate that’s reached historic 40-year highs. It’s not a rosy outlook, as they have 86% less purchasing power than baby boomers did when they were in their 20s. Despite the economic backdrop, a financially savvy generation will emerge; a group of people with aspirations of security and stability.

Enter, MyPocketSkill, operating at the intersection of EdTech and FinTech; a digital platform that connects young people to money-earning opportunities, providing practical money-earning experience, and savings accounts, from an early age.

The team inspires young people with opportunities to earn money (tutoring & homework help, art, dance, drama, music lessons, IT/web design, etc.) and supports these activities through upskilling and financial education. Then, using behavioural prompts helps with setting saving goals for their earnings, which are held in an account on MyPocketSkill.

Independent reviews of the platform have shown the proposition’s validity; young platform users saved more money earned through MyPocketSkill than any other income, with 97% of earners saving at least some proportion.

Mountside <> MyPocketSkill

We met Zara and Matt through one of our previous clients Wombat Invest, with who we helped raise £7m, and as part of their participation in our Underrepresented Founders programme, ran in conjunction with Funding London (for female and diverse founders in London). What we liked from the get-go:

• Endless possibilities — the realisation that this could be a robust ecosystem was immediate; savings and investment products, with educational and upskilling content, drive more young people to contribute to society positively.
• A dire problem in a vast and growing market — The employment sector in the UK associated with flexible tasks is projected to grow rapidly over the next few years, with estimates of 30% year-on-year to 2025. Not to mention, by targeting this younger generation, Zara & Matt will be able to capture customer loyalty early on and see vital LTV metrics.
• Key point(s) of differentiation — MyPocketSkill is not a generic task platform for all-comers or based on commoditised tasks. Their mission is to empower Gen Z only. They’ve also emerged as a safety-centric first-mover in this segment, given the difficulties in navigating the vulnerability of young people online.
• Team — Zara understands the user landscape, having been involved in youth entrepreneurship with various organisations, such as Young Enterprise and Youth Business International, as well as in social impact with projects such as running complex fundraising for the Prince’s Regeneration Trust. Matt held MD and product-led roles, leading successful digital projects that have reached global audiences for major FTSE-listed companies, as well as previous technology and consulting exits. They also have an advisory board with industry experts, such as the CEO of Smart Pension and the former co-founder of PerkBox.
• Highly awarded — Finalist in TechCrunch’s Europas awards, finalist in the Global Edtech Startup Awards (GESA), part of NatWest’s #PowerUp 100, winner of the Global Female Fintech Awards run by Google… the list goes on.

Mountside Ventures were helpful to us throughout the process. The team really understands the market dynamics, have an excellent network of investors and were able to advise us on a number of situations.

Zara Ransley, MyPocketSkill, CEO

Closing their seed round

Congratulations to the team, who closed their seed round which took its capital raised to £1.2m, with participation from the Capital Pilot Boost Fund, the LBS Angels network, Capital Angel Network, and co-investment from industry angels.

The company was advised by Mountside Ventures. Zara added:

We are delighted with experienced and supportive investors who joined our round. The funding will enable us to scale our platform to help young people to become more employable and financially capable. We aim to reach over 1 million young people in the next three years and this round puts us well on the trajectory to achieve that.

Are you fundraising?

If you’re a founder as ambitious as this team, we’d love to hear from you — submit your company details here. We aim to respond to everyone within 48 hours!