Maven VCTs invest in e-commerce personalisation platform RevLifter
The Maven VCTs have invested alongside Gresham House Ventures in growing e-commerce business RevLifter. The £3.3 million funding round includes a £1.5 million investment from both private equity houses, alongside a commitment from existing investors.
RevLifter’s AI-powered technology uses live data to enable its clients to match highly personalised offers to customers who reflect a specific profile or behaviour. The platform helps eradicate wastage associated with blanket promotions by presenting real-time, targeted incentives during the buying process that improve browsing conversion rates and encourage higher average customer spend.
RevLifter has not only proven resilient in the face of lockdown measures across the UK, but the economic impact of COVID-19 has accelerated a marked shift towards increased digitalisation to reflect evolving consumer behaviours, which has presented new growth opportunities for RevLifter’s innovative solution.
The global e-commerce market is now worth approximately $3trn, with the pandemic estimated to have quickened the shift away from physical stores to online shopping by roughly five years and increased RevLifter’s addressable market by 50% in the past six months.
The business has already acquired high-profile customers in the retail and telecoms space, including Harvey Nichols, Very, Currys PC World, AT&T, BT Broadband and EE.
The Maven VCT investment will support the continued expansion of the business, which is on track to grow its revenue by almost 200% year-on-year in 2020. With this financial backing, RevLifter is aiming to expand its US-centric presence in EMEA and APAC, as well as target industries such as finance and utilities.
“Maven is very pleased to support RevLifter at this exciting stage of its journey. The surge in online that we’re all seeing as a result of the COVID-19 pandemic, brings with it increasing customer demands and expectations. The quality of personalised experience that brands need to deliver to customers has never been more important.”
Alexander Sleigh, Investment Director at Maven
“We are delighted to welcome both Gresham House Ventures and Maven Capital Partners into the RevLifter fold. Knowing we have their belief is an amazing validation of our vision. We will be using the investment to capitalise on our leadership position in this market and continue our rapid expansion into new markets.”
Simon Bird, co-founder and CEO of RevLifter