First funding awarded by new FSE managed partnership between South East Seed Fund and The Thames Valley Berkshire Growth Fund.
Ecommerce startup User Replay (www.userreplay.com) has closed a new funding round of $500k to bring the total funding raised by the British company to date to $2.5m.
The funding will be used to develop the UserReplay platform and comes from two funds managed by FSE Group – The South East Seed Fund (a commercially operated fund) and The Thames Valley Berkshire (TVB) Growth Fund.
Established in 2011, User Replay is the first company to receive investment from this joint package. The TVB Growth Fund is part of the TVB Funding Escalator, established by Thames Valley Berkshire Local Enterprise Partnership (LEP) in 2013 to assist high-growth Berkshire-based companies and create jobs in the region.
The South East Seed Fund is an active early-stage equity fund managed by FSE Fund Managers which has invested in 19 predominantly technology companies since inception, including Datasift, Duvas Technologies and Cisiv.
John Thompson, CEO of User Replay said: “We’re delighted to be the first company to secure funding from the joint programme between The South East Seed Fund and The Thames Valley Berkshire Growth Loan Scheme. Innovative schemes like this have an important role to play in the future of high-growth businesses like User Replay.”
The company’s UserReplay product helps companies with ecommerce channels understand the difficulties that their customers face when using their websites – such as poor usability and navigation – so conversion rates can be improved. Acting as a black-box recorder, UserReplay tracks customer journeys through an ecommerce website so users can see exactly what each customer has done.
Julie Silvester, Head of Equity at FSE said: “FSE is delighted to back User Replay, a fantastic example of the type of innovative fast growing companies we see in the Thames Valley. From the beginning we were impressed by the strength of the management team and we look forward to assisting the company to develop its product offering and adding to its already impressive customer base.”
Emma Gibson, Non-Executive Director of the LEP and lead on the business support eco-system adds, “We are delighted with the success of the Funding Escalator, which supports innovative and enterprising businesses across Thames Valley Berkshire. Organisations within the sub region are demonstrating their ambitious growth plans, with the LEP continuing to boost economic growth by giving them the hand up they need to achieve their aspirations.”
Customers of User Replay include Pizza Hut, DirectFerries.co.uk, Sports Direct and CoFunds, the UK’s largest independent platform for financial services. User Replay has also recently closed a deal with a large financial services company in the US.
About User Replay:
User Replay’s session replay technology lets users record, re-run and analyse every visitor’s journey through a website. For eCommerce companies this is invaluable as it enables them to improve conversion rates, find and fix site bugs, resolve customer disputes, recover abandoned baskets and prevent fraudulent transactions online.
Aimed at medium to large enterprises with ecommerce channels, UserReplay enables users to improve the quality of their websites, enhance customer’s shopping experience, and reduce dramatically the time required to resolve any problems and disputes consumers may have while shopping.