Collective gifting platform Thankbox looks to download further growth after customer number and turnover progress

A tech start-up enabling users to send leaving gifts and messages to colleagues, for example, says it is on course to turn over £500,000 by 2024 after passing the “significant” milestone of 100,000 users.

The platform is also used in schools, to arrange class gifts for teachers, as well as by clubs, organisations, and communities. Picture: contributed.

The Edinburgh-based company – launched in 2020 by Bulgarian husband-and-wife duo Valentin and Tsvetelina Hinova – says its platform allows businesses to celebrate events such as birthdays, anniversaries, maternity leave, and retirements by gathering collections and leaving messages remotely. It is also used in schools, to arrange class gifts for teachers, as well as by clubs, organisations, and communities.

Additionally, the start-up has added several new features in the past year, including the ability to split the cost and a new layout format, and has introduced a flower delivery service in collaboration with online UK florist Bloom & Wild. It in fact partners with more than 700 global retailers.

The founders – who left their native Bulgaria a decade ago, Valentin to study computer game technology and Tsvetelina business and finance at the University of Abertay in Dundee – aim to turn over £1 million by 2026.

Tsvetelina Hinova – who trained as a chartered accountant with PwC – said: "We've sent more than 100,000 Thankboxes, collected over 2.1 million messages, and have issued over £5.5m worth of gift cards since we launched in 2020. The growth of remote and hybrid working, during and after the Covid pandemic, has undoubtedly helped to facilitate our rapid growth.”

The company – which won Scottish Edge grants in 2021 and 2022, worth a combined £60,000 – is currently turning over £25,000 a month, and expects this to increase to more than £80,000 by 2026, while the founders have a longer-term strategy to sell the company, but have not set a specific date.

The couple also pointed out that Thankbox can be employed by non-profit organisations and charities to thank groups and individuals on a larger scale. They are exploring ways to create more tools for scaling the creation and management of Thankboxes, including features like bulk Thankbox creation via CSV files.

The firm plans to move into new markets, and Valentin Hinova, who worked for independent games company Outplay Entertainment and G2G3 Digital, sees major potential in the UK, the US and in Europe. “To date, we have barely scratched the surface,” he said.