£750k NPIF Investment Clears Road to Growth for E-commerce Firm02 April 2019
PureClarity – the York-based e-commerce personalisation software platform – has secured a further £750,000 investment from NPIF – Mercia Equity Finance, which is managed by Mercia Fund Managers and part of the Northern Powerhouse Investment Fund.
The investment is the second within the past year from NPIF – Mercia Equity Finance and brings the total amount raised to £1.25m. It will allow the company to enhance its product, speed up implementation times and step up its marketing campaigns, creating eight new jobs.
PureClarity uses artificial intelligence to analyse customers’ behaviour and deliver a personalised customer experience through product recommendations, personalised marketing campaigns, personalisation within search as well as email, helping retailers to boost online revenue. Launched in 2017, the platform was developed by a five-strong team of IT and digital marketing specialists led by CEO Dr Paul Gibson. It is now used by organisations including the Royal British Legion, Norwich City Football Club and bike accessories supplier Zyro Fisher.
Paul Gibson said: “We are extremely excited to receive the next round of funding. Our advanced ecommerce personalisation solution is developing at a fast rate and our clients are experiencing fantastic results with increased online revenue of 26%. This investment reflects not only the confidence in our company growth but also the unique service we are providing within the Artificial Intelligence field. Our plans to advance our AI platform and extend our marketing reach globally will help facilitate and expedite this success.”
Emma Cross, Investment Executive with Mercia Fund Managers, said:
“We have great confidence in the management team of this innovative business which has identified a niche in the ecommerce market. This latest round of funding will enable them to extend their market exposure and scale up the operation both nationally and internationally.”
Grant Peggie, Director at British Business Bank, said: “Since its launch in 2017, NPIF’s impact on businesses has been wide-ranging, providing funding to launch new products, employ new staff, enter new markets and acquire new facilities. We are pleased that NPIF is continuing to unlock the North’s growth potential by supporting small growing businesses with vital investment.”
David Dickson, LEP Board Member for the York, North Yorkshire and East Riding Enterprise Partnership, said: “Pure Clarity are an example of an increasing number of businesses that are leading innovation in the digital and creative sector, with positive impact for the City of York and wider region.
“Investments of this type by NPIF will keep our region on the forefront of global advancements in artificial intelligence, bringing opportunity for economic growth locally and drive York and the region’s reputation as a hotbed of technological advancement.”
Walkers Commercial Solicitors advised the company on the investment while CMS advised Mercia.
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.