North East Development Capital Fund and Gresham House Ventures complete £3mn investment into RevLifter
Gresham House Ventures (GHV) today announced the completion of a £3 million funding round for RevLifter, on behalf of the Baronsmead VCTs, alongside the North East Development Capital Fund (NEDCF), supported by the European Regional Development Fund and managed by Maven Capital Partners (Maven).
RevLifter is an AI-powered technology platform that enables brands to achieve their eCommerce 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 House 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.”
About RevLifter
RevLifter is on a mission to make every eCommerce deal intelligent across the entire customer journey. Its market-leading platform enables brands across all verticals to launch real-time personalised offers and content that exceed goals for revenue, sales, conversions, acquisition, retention, and more.
Used by 100+ brands globally, including some of the biggest names in fashion, telecom, beauty, and consumer electronics, RevLifter’s cutting-edge solutions are rapid to implement and consistently deliver the best possible outcome for eCommerce retailers and their customers.
About Gresham House Ventures and Gresham House
Gresham House Ventures is a growth equity investor specialised in scaling businesses with business models driven by technology, customer insight or service excellence. Our team aims to work with ambitious management teams who want the support of a flexible long-term investor bringing capital, insight and expertise. Gresham House Asset Management is the FCA authorised operating business of Gresham House plc, a London Stock Exchange-quoted specialist alternative asset manager. Gresham House is committed to operating responsibly and sustainably, taking the long view in delivering sustainable investment solutions.
About Maven Capital Partners UK LLP www.mavencp.com
Maven Capital Partners UK LLP, a subsidiary of Mattioli Woods plc, is a leading private equity house focused on the provision of flexible funding for high growth businesses, and one of the most active investors in smaller companies in the UK. Headquartered in Glasgow, and with offices throughout the UK, Maven has over 90 investment and support professionals providing a truly nationwide coverage. Maven has over £740 million funds under management and ready to invest, and manages assets for a variety of client funds, including Venture Capital Trusts, MBO Fund, UK regional fund mandates, and Maven Investor Partners, a syndicate of institutional, family office and experienced investors.
About the North East Fund
The North East Fund is a suite of five venture capital and loan funds which was established in April 2018, to invest £120m in around 600 North East businesses in the period to March 2023. The fund managers provide business development advice and investment finance to small and medium sized enterprises based in the seven Local Authority areas of North East England: Northumberland, North Tyneside, Newcastle, South Tyneside, Gateshead Sunderland and County Durham. The programme encourages investment in and the commercialisation of new technologies, including low carbon technologies, as well as stimulating new business creation, private investment and entrepreneurialism in the North East, with a view to creating over 2,500 new jobs. The North East Fund has overall responsibility for the programme, which is delivered through five separate funds, each managed by independent, FCA regulated fund managers. Details of these, and up to date information on the progress of the programme, is available on the North East Fund’s website: www.northeastfund.org
The North East Fund has been established with funding from the North East of England European Regional Development Fund programme, the European Investment Bank and from returns on previous North East based, publicly supported investment funds. It is jointly owned by the seven North East local authorities.
About the European Regional Development Fund
The North East Fund will receive up to £58,500,000 of funding from the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The Ministry for Housing, Communities and Local Government is the Managing Authority for European Regional Development Fund. Established by the European Union, the European Regional Development Fund helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations. For more information visit https://www.gov.uk/european-growth-funding .
About the European Investment Bank
The European Investment Bank (EIB) will lend up to £60,000,000 to the North East Fund programme. The European Investment Bank is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals. For more information, visit: http://www.eib.org
