Southwark based technology platform business, Landmrk, has received a £225,000 loan from the Greater London Investment Fund via The FSE Group. The loan is backed by the Coronavirus Business Interruption Loan Scheme (CBILS).
The funding will enable 15 new jobs to be created within the company over the next three years whilst maintaining investment into further developing the existing platform, which is essential for the company as it adjusts to the “new normal” stage of operating in a COVID-19 impacted world.
Founded in 2017 by Seth Jackson as a spin out from his digital advertising agency, Strange Thoughts Ltd, Landmrk enables brands to run promotional campaigns by building smartphone web applications to engage their audiences.
The platform builds the campaign by placing digital content experiences at physical locations on a map in the real world. These promotions engage a brand’s followers, enticing them to find and unlock the experience by travelling to the location.
During COVID-19 times, the Landmrk platform has been modified to allow followers to unlock digital experiences in their own homes, keeping travel to a minimum.
Seth Jackson, Founder and CEO of Landmrk, commented: “With the loan received from GLIF via The FSE Group, we will be able to continue researching options and developing the app’s software to offer the best experience for both brands and followers in these challenging times. Over the next three years, the finance will help us expand our team by hiring 15 new employees to support the development and achieve our growth plans.”
Landmrk currently has two million users who have spent c40,000 hours on the platform. The easing of travel restrictions means the business can explore safe opportunities for them to resume unlocking experiences at specific locations when it is safe to do so.
Paul Shadbolt, Investment Manager for The FSE Group, which manages the £55 million GLIF debt fund on behalf of Funding London, commented: “Seth is a successful entrepreneur with previous experience of scaling up SMEs. Brands are always looking to enhanced engagement with their followers and the Landmrk app has been instrumental in producing strong marketing campaigns in this growth sector. Seth has demonstrated flexibility and adapted his product to the current economic climate and has a healthy pipeline. GLIF is keen to support innovative high growth businesses in Greater London, and with job creation for the local economy included in their plans, we were pleased to be able to offer Landmrk the loan funding they need to execute their expansion strategy.”
Maggie Rodriguez-Piza, CEO at Funding London, adds: “Seth and the team have demonstrated resilience and determination to adapt their business to succeed in the recent extremely challenging conditions. We are delighted that the GLIF loan will enable Landmrk’s team expansion and fuel their growth strategy. As we emerge from travel restrictions, Landmrk is well poised to go from strength to strength”
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.