A Leicester cashback startup has just closed its first funding round with a post-money valuation of £1.5m.

Tuck is an app which enables users to earn cashback when they shop at their local independent businesses.

Founder Neel Thakrar said about the investment:

“Over the moon! We feel that this is the first stepping stone to help us grow what we have done to date. Our key mission is to support these small businesses during these difficult times and get more customers shopping with them.”

The startup took part in the second Leicester Startups Accelerator this February and the founders credit the 6-week programme for the investment.

Neel added:

“The accelerator helped us to network with experts across different industries and sectors. We were able to grow our knowledge in areas such as marketing, UX, and finance. We also engaged with 2 of the investors from the accelerator who loved our pitch and vision at the demo day.”

The investment in the business will be used to grow Tuck’s team and marketing the app first to Leicester and then the wider Midlands region.

The startup has 25 official paying businesses signed up across the city and has begun testing this week. Users can still sign up to join the waiting list here.