mmi Analytics, a specialist provider of beauty industry insights, has raised £4.5 million from angel investors to fund its next wave of expansion and data innovation.
mmi’s funding round was led by Nigel Wray, who previously invested in Domino’s Pizza, Nutmeg Saving and Investment, and Belluscura plc.
Lord Stanley Fink, an existing mmi investor and former CEO of Man Group plc, made a follow-on investment in this round.
Founded in 2005 as a media insight provider, mmi has evolved to become the global standard in beauty industry analytics. Today it monitors media, marketing and eCommerce data in almost 50 of the world’s largest beauty markets for clients including Coty, Huda Beauty, L’Oréal, Revlon, Groupe L’Occitane, Unilever and Shiseido.
mmi will use the investment to drive expansion into new territories and fund acquisitions that enhance its data capabilities. It will also support the development of new data insights to optimise clients’ sales, partnership and brand building activities online.
Christian Eckley, CEO of mmi Analytics, said: “With hundreds of billions of new beauty dollars up for grabs online over the next five years, brands are looking for a digital advantage. We provide that advantage and we are investing further to help our clients secure more attention and sales online.
“The convergence of media and etail data will drive conversion for beauty online. Beauty is breaking the boundaries between PR, marketing and eCommerce to optimise for digital, and we are blending our data to help drive the best outcomes at every stage in the online shopper journey.”
Wray, a former chairman of rugby union club Saracens, said: “Beauty is global, growing and moving online fast, which is why we are delighted to become shareholders in mmi.
“It has unique data, across media and all over the world, showing how shoppers experience beauty brands, and it works with many great global brands already.”