DripApp, the app that enables people in London to purchase coffee on the cheap, has been sold to Swipii, a digital loyalty and marketing company.
According to a report by Business Insider, DripApp Cofounder Jeremy Cortial said the deal was for a fair price but wouldn’t disclose the terms. The executive said he sees “great potential” working with Swipii.
The deal is a lifesaver for DripApp, which, earlier this month, had to shut down and remove its app from the App Store after Brexit forced one investor, EasyJet billionaire Sir Stellios Haji-Ioannou, to take back his offer of £500,000 that would have valued the company at £2 million. In an email earlier this month, DripApp said it arrived at a “crossroads in DripApp’s future and had to make a major decision. The last few months have been really difficult, and we have decided to stop running DripApp as a coffee provider. The reality is that running an app is not simple; it needs supporting staff and funds. We are a very small team, and it recently became quite complicated to run the app properly with our existing funding and team. Today, we are facing a lot of bugs and issues in the app that we can’t get fixed.”
Customers who already downloaded the app and purchased credits to get discounted coffee are unable to access their accounts. Cortial told Business Insider: “Regarding the refund of the users, to be honest, we are extremely busy right now, so we are doing it by small batch. The thing is it takes a lot of time since we need to find, for every single one, the transaction in our payment provider solution.”
DripApp is pivoting the company under the new deal, aiming to focus on a new platform, dubbed DripHub, which will be a one-stop shop for coffee shop owners to purchase coffee-related products.