A London technology company has secured £3m in investment that will see it switch part of its operations and create jobs in the North East.
The North East Development Capital Fund and Gresham House Ventures have completed a £3m funding round for RevLifter, an AI-powered technology platform that enables brands to achieve their eCommerce goals through personalised deals and content.
The company - which is used by major retailers such as New Balance, Uniqlo and Staples - aims to help companies solve challenges such as increasing basket values, lowering cart abandonment, raising margin, and boosting conversion rates.
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Maven Venture Capital Trusts and Gresham House Ventures led a £3.3m series A funding round with RevLifter in 2020 as it capitalised on growth opportunities driven by changing consumer behaviours as a result of the pandemic. The company increased revenues by 125% last year and won a number of new high-profile clients, including AO.com and Boohoo. It now processes more than 185m online baskets every month through its platform.
The funding announced today will help RevLifter continue its impressive growth and relocate part of its business to the Catalyst in Newcastle, home to the National Innovation Centre for Data. The investment will support the hiring of several new staff in the North East, driving its push into the US market.
Simon Bird, CEO at RevLifter, said; “We are very pleased to count on the continued support of both Maven and Gresham House to facilitate our move into the North East. RevLifter is focused on helping some of the world’s biggest retailers unlock the billion-pound growth opportunity attached to personalised offers. As we prepare to launch a range of cutting-edge tools in 2022, the extra funds will prove crucial to bringing these solutions out to the market through the hiring of new RevLifter talent in digital hubs like Newcastle.”
The North East Development Fund Capital Fund is part of the wider North East Fund, which is aiming to invest £120m in around 600 North East businesses up to March 2023.
Michael Vassallo, investment director at Maven, which manages the North East Development Capital Fund, said; “We are delighted to reaffirm our support for RevLifter and this additional investment cements our belief in the continued growth of the business. Maven manages a diverse range of funds and can use a combination of these, alongside working with other investors, to structure a flexible financial package that is tailored to the financial objectives of the business. This comprehensive offering is enabling RevLifter to tap into the digital talent pool in the North East of England and build an infrastructure which will allow it to scale.”
Thomas Makey, investment director at Gresham House Ventures, said: “Since our initial investment in RevLifter in 2020, the business has gone from strength to strength and we are excited to make this additional investment to support the next phase of its regional and international growth. RevLifter’s management team is well-placed to bolster the business’ position in the rapidly evolving e-commerce sector and we look forward to continuing our successful partnership over the coming years.”
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