Following a period of compelling growth, a business helping retailers better understand and engage with customers has secured further funding from the Coast to Capital Growth Equity Fund as part of a £1.5million funding round from both new and existing shareholders.
Yocuda was set up in 2011, to provide a digital receipt service to retailers. Over the last six years this has been developed into a sophisticated offering; using leading technology Yocuda helps retailers not only capture customer data, but also fully analyse and understand that data to enable advanced customer engagement.
Now boasting a number of the UKs most prominent high street retailers as clients, the company is in a position of strength with monthly revenues having grown by more than 600% since the first investment from the Coast to Capital Growth Equity Fund less than two years ago. An impressive 483million e-receipts have been processed by Yocuda for more than 35 million unique customers across 20 separate countries.
Andrew Carroll, Yocuda Founder and CEO, says: “As the business moves forward we are pleased to continue this journey with the support of our investors and look forward to continuing to work with them to realise our next set of goals for the growth of the business.”
The £100,000 from the Coast to Capital Growth Equity Fund will be used, alongside other funds raised including investment from the FSE Investor Network, to create new jobs to meet increasing demand and grow the business further. This will include a number of developer jobs in Croydon.
Avent Bezuidenhoudt, Senior Fund Manager at The FSE Group, which manages the Coast to Capital Growth Equity Fund on behalf of Coast to Capital Local Enterprise Partnership (LEP) adds: “With a highly strategic view of the market and the opportunity for Yocuda, the executive management team is continuing to achieve revenue growth and market acceptance both in the UK and abroad, leaving the company well placed to create shareholder value. We are delighted to be supporting them again in this latest funding round.
The Coast to Capital Growth Equity Fund is part of the Coast to Capital Funding Escalator, a £5million initiative funded by Coast to Capital Local Enterprise Partnership. The escalator, which also includes an expansion loan scheme, provides eligible companies with loans and equity funding between £50,000 and £500,000 for activities that will deliver high-growth and employment opportunities across the Coast to Capital region.
For more information about the Coast to Capital Funding Escalator please visit http://www.thefsegroup.com/coast-capital-funding-escalator or contact Avent Bezuidenhoudt at firstname.lastname@example.org, tel: 01276 608526.