A London company which featured on our MarTech 50 ranking this week is to open a base in Newcastle.
Revlifter, an AI deals personalisation platform, has raised £3 million in fresh funding from the North East Development Capital Fund – supported by the European Regional Development Fund and managed by Maven Capital Partners – and Gresham House Ventures.
RevLifter is used globally by retailers such as New Balance, Uniqlo, Staples, EE and Lowe’s to switch mass, untargeted promotions for personalised incentives and content, enabling them to solve a range of common eCommerce challenges such as increasing basket values, lowering cart abandonment, raising margin and boosting conversion rates.
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In 2020 the Maven VCTs and GHV co-led a £3.3m Series A funding round for RevLifter to support the rapid expansion of the business as it capitalised on several new growth opportunities driven by changing consumer behaviours as a result of the COVID-19 pandemic.
The company increased revenues by 125% last year and won a number of new high-profile clients, including AO.com and Boohoo. The company now processes more than 185m online baskets every month through its platform.
Revlifter will relocate part of its business to the Catalyst in Newcastle, home to the National Innovation Centre for Data. The investment will also support the hiring of several new staff in the North East while driving RevLifter’s push into the US market where it has gained significant traction in the past two years.
“We are very pleased to count on the continued support of both Maven and Gresham House to facilitate our move into the North East,” said Simon Bird, CEO at RevLifter.
“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.”
Michael Vassallo, investment director at Maven, added: “We are delighted to reaffirm our support for RevLifter and this additional investment cements our belief in the continued growth 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.”