Munich tech firm ‘doubling down on UK expansion’
Posted on January 22, 2021 by Jonathan Symcox
A Munich tech firm says it is to “double down” on expansion in the UK after securing a base in London.
Ryte, a website quality management platform, has raised €6.5 million growth funding, led by UK Investor Octopus Investments, to expand “aggressively” on these shores.
It helps more than 1,500 companies and partners in more than 50 countries to continuously monitor and optimise their website’s performance. Its clients include BMW, Allianz and Boston Consulting Group.
Currently the UK market accounts for roughly 10% of the Ryte client base but the plan is to increase this rapidly.
“This new investment will allow us to quickly accelerate our growth, focusing on the UK market where we will be doubling down on resources and acquisition,” CEO Andy Bruckschloegl told BusinessCloud.
“To kick off the UK expansion, we have secured an office in London which will serve as a secondary office to our headquarters in Munich, where nearly all 100 staff are based.
“The plan is to grow our UK office with commercial teams, maintaining all operations and tech in Munich.”
A brand’s website remains the most important digital asset for most businesses and with roughly €5.4 trillion in eCommerce sales forecast for 2022, those who neglect their website’s performance stand to leave sizable revenue on the table.
Ryte helps customers drive a better user experience whilst ensuring regulatory compliance with increasing legal and data-related standards.
Bruckschloegl says Brexit is “far from ideal” and “adds an additional layer of complexity” to the situation.
However, he added: “We still believe in the strength of the UK economy and the huge opportunity it presents for us at Ryte.
“The long–term business strategy for Ryte is continued international expansion. We believe the UK is critical to that expansion and a stepping stone into the US and North America.
“The maturation of the market, the high concentration of Enterprise brands – namely within eCommerce, as well as access to high–quality talent – makes the UK very attractive for our continued growth.”