Liverpool-based eCommerce solution provider Made With Intent is looking to expand globally after raising £2.4m in investment.
The company has developed an AI-powered model that, when added to eCommerce websites, provides real-time customer insights by analysing over 800 onsite signals.
The approach has been likened to Moneyball and looks at indicators like clicks to predict intent which retailers can then use to inform marketing and website experience.
Made With Intent already counts MandM, Hotel Chocolat, On the Beach, Benson for Beds and Jacamo, who have been able to boost revenues by almost 10 per cent by delivering personalised experiences.
The company was founded by David Mannheim, a published author who has written about intent in marketing and previously sold his agency User Conversion to the digital marketing giant Brainlabs.
Now the company has raised £2.4m in an investment round led by NPIFII – PXN Equity Finance, which is managed by PXN Ventures as part of the Northern Powerhouse Investment Fund II.
The round also included existing investors Mercuri and Haatch.
Having grown revenue by 150 per cent over the last year, Made With Intent is now gearing up to expand further into Europe and the US.
Mannheim said: “Too many brands are only looking at page views, time on site and clicks as their go-to metrics without tapping into their customers’ level of intent, leading to missed opportunities.
“Intent data not only reveals each visitor’s mindset, but because it updates as they shop, it lets you deliver experiences right at the optimal moments.
“Made With Intent lets Commerce brands take a Moneyball approach to finding new growth. It helps them to boost revenue and profit gains by increasing sales and not giving discounts away too cheaply.”
Patricia El Jichi, Investment Manager at PXN Ventures, said: “Online retailers often have access to large amounts of customer data, but not every retailer knows how to use it to improve customer experience and boost sales.
“Made With Intent is leading the industry by understanding the intent of the consumer, which is an incredibly challenging problem, but one that that will create competitive advantages for the retailers that adopt it.
“The eCommerce landscape is becoming more sophisticated and traditional metrics are being improved upon by smarter campaign decisions, with David and his team at the forefront of that change.”
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Sue Barnard, senior investment manager at British Business Bank, said: “The UK’s creative and digital industries are essential to driving future growth across the economy.
“Innovative, fresh ideas that address the needs of modern businesses can help to uplift entire sectors, driving sales and creating entirely new jobs.
“That’s why we’re proud to be backing businesses like Made With Intent through NPIF II, helping ambitious retailers to scale while building a thriving global business all from a Northern base.”