This loan will be used to support unprecedented demand for its platform driven by the acceleration of digital commerce through changes in consumer behaviour during the current pandemic.
Also backed by MMC Ventures and with Storystream being profitable, the board sought external funding to respond to the opportunity to accelerate growth by investment in product and sales resources.
StorySteam helps both brands and retailers sell more products by enabling them to deliver authentic, engaging and personalised content across the online customer journey, driving purchase consideration and increasing propensity to buy.
Businesses now face the reality that eCommerce has become the primary way for people to shop. However, the customer experience is largely transactional and is not emotionally engaging which can result in lost sales.
Traditionally, consumers have relied solely on static content and product pictures. Brands now understand that consumers seek “social proof” in the form of authentic content and inspirational visual testimonials from existing customers, experts and influencers to help them decide when and where to buy.
Using patent pending AI, StoryStream provides the technology to help brands source this type of authentic content and seamlessly deliver it into their eCommerce experience at scale, helping consumers to better connect with the brand, the product and ultimately enabling them to make informed and concerted buying decisions.
StoryStream has established a position as the leading Content Experience Platform provider to the Automotive Sector, whose customers include Porsche, Mercedes and Vauxhall. The company is now witnessing a surge in demand from the wider digital commerce sector for its technology, such as leading supermarket brands like Sainsbury’s, as they seek to respond to the high growth in demand fuelled by consumers under the current circumstances.
Alex Vaidya, Co-Founder and CEO of StoryStream commented: “StoryStream is fortunate to be in a position to address opportunities for growth and job creation in Greater London which requires access to funding. Raising funds during an economic crisis can be challenging and I’m delighted that David at The FSE Group with the support of Funding London were able to see these opportunities and provide access to this additional support. “
David Booth, Senior Fund Manager for The FSE Group, who manage the £55 million GLIF debt fund on behalf of Funding London, commented: “GLIF supports innovative high growth businesses in Greater London. We were impressed by the StoryStream business model, strength of management and demonstrable commercial traction which are key attributes for commercial success. We are pleased to be supporting them through the opportunities and challenges of the pandemic and into the next phase of growth.”
Maggie Rodriguez-Piza, CEO at Funding London, adds: “StoryStream has established a position as the leading Content Experience Platform provider to the Automotive Sector, with customers including Porsche, Mercedes and Vauxhall. The loan from GLIF will help Alex and the team harness the surge in demand they are experiencing and the expansion into other sectors, will bolster their core offerings and bring a positive outlook for the year ahead.”
GLIF is a £100m initiative to help address the SME finance gap in Greater London, promoting economic growth through enterprise and an inclusive and sustainable economy. £55m of debt funding is available, via loans between £100,000 and £1m, to early-stage and established SMEs looking to scale-up and realise their growth ambitions. GLIF is financed through the European Investment Bank (EIB), European Regional Development Fund (ERDF), London Waste & recycling Board (LWARB) and Funding London’s Legacies.
The Coronavirus Business Interruption Loan Scheme (CBILS) is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy and industrial Strategy (BEIS). Deadline for CBILS applications has been extended to 31 January for UK businesses.