London technology company RevLifter has completed a £3m funding round, which it will use to create new jobs and support the opening of its second office in Newcastle.
RevLifter, an AI-powered data platform used by major retailers such as New Balance and Uniqlo, secured the funding boost from the European Development Fund – an initiative managed by existing investors Maven Capital Partners – and Gresham House Ventures.
The funds will enable the company to create digital jobs in the North East from its new office, based at The Catalyst in Newcastle, and enable the company to continue its expansion of its existing headquarters in London.
The company, which helps brands to achieve ecommerce goals, said the funding will also support its on-going expansion efforts in the US as well as the development of new solutions and features.
Michael Vassallo, Investment Director at Maven, said: “Maven manages a diverse range of funds and can use a combination of these, alongside working with other investors, to structure a flexible financial package that is tailored to the financial objectives of the business.
“This comprehensive offering is enabling RevLifter to tap into the digital talent pool in the North East of England and build an infrastructure which will allow it to scale.”
RevLifter CEO, Simon Bird, added: “We are very pleased to count on the continued support of both Maven and Gresham House to facilitate our move into the North East.
“As we prepare to launch a range of cutting-edge tools in 2022, the extra funds will prove crucial to bringing these solutions out to the market through the hiring of new RevLifter talent in digital hubs like Newcastle.”