RevLifter bags £3 million in funding and steps up US push
Published: 1 August 2022|
By North East Fund
The North East Development Capital Fund (“NEDCF”), supported by the European Regional Development Fund and managed by Maven Capital Partners (“Maven”), and Gresham House Ventures (“GHV”), today announced the completion of a £3 million funding round for RevLifter, an AIpowered technology platform that enables brands to achieve their goals through personalised deals and content. The transaction is split evenly between NEDCF and GHV.
RevLifter is used globally by retailers such as New Balance, Uniqlo, Staples, EE, and Lowe’s to switch their 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. Boston Consulting Group expects personalised offers to generate an extra $70 billion (£53.2 billion) in annual revenue for retailers, and RevLifter is uniquely positioned to unlock this growth.
In 2020 the Maven VCTs and GHV co-led a £3.3 million 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. Since then, the company has performed strongly, increasing revenues by 125% last year and winning a number of new high-profile clients, including AO.com and Boohoo. The company now processes more than 185 million online baskets every month through its platform.
The funding announced today will help London-based RevLifter continue its impressive growth. Maven has leveraged its position as manager of the NEDCF to provide a flexible finance package that will enable the company to 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.
Michael Vassallo, Investment Director at Maven, said: “We are delighted to reaffirm our support for RevLifter and this additional investment cements our belief in the continued growth of the business. Maven manages a diverse range of funds and can use a combination of these, alongside working with other investors, to structure a flexible financial package that is tailored to the financial objectives 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.”
Thomas Makey, Investment Director at Gresham House Ventures added: “Since our initial investment in RevLifter in 2020, the business has gone from strength to strength and we are excited to make this additional investment to support the next phase of its regional and international growth. RevLifter’s management team is well-placed to bolster the business’ position in the rapidly evolving e-commerce sector and we look forward to continuing our successful partnership over the coming years.”
Simon Bird, CEO at RevLifter, said: “We are very pleased to count on the continued support of both Maven and Gresham to facilitate our move into the North East. 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.”