A company providing an innovative way for offline retailers to capture customer data has attracted over £400,000 of new equity investment, taking the total raised to date to over £2.5million.
Established in 2011, Yocuda enables retailers to offer consumers an emailed receipt, in order to safely and easily store a permanent digital record of their purchases and warranties. This is backed up by a sophisticated software solution which allows the retailer to collect and utilise in-store, customer-linked transaction data.
By presenting the retailer with a dashboard detailing real-time information about the consumer’s purchasing habits, the platform provides a powerful channel to enhance customer communications. This is illustrated by the company’s emailed receipts currently achieving open rates in excess of 70%.
This has led to some of the UK’s leading high street retailers, including Argos, Monsoon Accessorize and French Connection, adopting the system.
Andrew Carroll, Yocuda founder and CEO, says: “Our sophisticated technology provides high level data that has been proven to boost loyalty and engagement, whilst also being easily integrated with a retailer’s existing infrastructure. Our recent roll-out across 750 Argos stores around the UK shows how retailers, no matter how large or small and regardless of their existing POS environment, can utilise digital receipts to better understand and connect with customers with minimal effort and complexity.”
This latest funding, which includes £200,000 from the Coast to Capital Growth Equity Fund as well as investment from new investors, will be used to help the company accelerate its growth in advance of a Series A funding round in 2016.
Avent Bezuidenhoudt, Senior Fund Manager at The FSE Group, which manages the Coast to Capital Growth Equity Fund comments: “With a highly reputable and influential advisory board, which includes former Tesco CEO and Chairman Lord Ian MacLaurin, Yocuda is well-positioned to penetrate the retail sector with its software system which has seen all retailers that have undertaken a trial to date, move to a full roll-out of the platform. We are delighted to now be a part of their growth journey and look forward to supporting them in achieving their goals.”
Fund Executive at The FSE Group, Simon Labahn, adds: “An impressive team with an equally impressive product, Yocuda is addressing a clear gap in customer interaction for offline retailers. They are leading this emerging market with their superior technology, producing an effective solution which has been proven at scale and we are pleased to be working with them as they secure more clients both nationally and internationally.”
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 £200,000 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.