The company said that it will be using the cash injection to develop and promote its mobile market research platform.
“We are delighted to receive the investment from The North West Fund. As an early stage company it is critical that we continue to develop our proposition to meet our clients’ needs. We look forward to working with The North West Fund to continue to deliver effective solutions for our customers,” said chief executive officer, Ben Davies, who funded the company in 2013.
VYPR’s mobile platform offers FMCG and retail firms to test new product offerings with customers before bringing them to market. It says it has agreements in place with “a number of major food brands” who are actively using the platform.
“We are pleased to welcome VYPR to The Fund’s portfolio, demonstrating our commitment to supporting young, growing companies. Over three quarters of new product launches in the FMCG sector ultimately fail and we believe that the VYPR platform delivers real insight and value to manufacturers and retailers to help them solve this issue,” added Alun Lucas, investment manager, AXM Venture Capital.