North East agency SaleCycle secures £11.5m BGF funding
North East marketing firm SaleCycle has received an £11.5m investment from the Business Growth Fund to further scale its operations.
SaleCycle is a high-growth behavioural marketing business whose clients include Tommy Hilfiger and Nike.
The business, headquartered at Rainton Bridge, will use the funding to open two new international offices, in Japan and New York,and roll-out major advancements to its technology platform.
SaleCycle was founded in 2011 by CEO Dominic Edmunds with the support of angel investors. It helps online retailers to increase conversion rates, recover abandoned sales, gain visitor insights and drive customer loyalty through a sophisticated software platform and email remarketing service.
Edmunds said: “We have been through a period of significant growth in a relatively short period of time. That is testament to the hard work and inventive ideas from right across the team.
“This is an exciting time for the business as we continue to grow upwards and outwards, and commit to ongoing investment in our platform. Now is the right time to bring on board an investor that can support that growth over the longer-term, while retaining control of the company. We are pleased to be working with BGF and looking forward to driving the future growth of the business.”
BGF investor Barry Jackson, who originated and led the deal for BGF, added: “SaleCycle’s disciplined focus on innovation and service, alongside a natural drive towards efficiency has enabled it to succeed in becoming a highly profitable and scalable business. In a competitive landscape, we believe that this focus and energy will service the team and the business well over the longer-term, and we’re delighted to be working with them.”
The company currently generates £15 million in sales to a global blue-chip customer base across Europe, North America and Asia-Pacific.
After significant R&D, SaleCycle plans to roll out its new online platform architecture which is based on Amazon’s cloud computing platform AWS.
BGF backs a number of businesses in the North East including life sciences company Arcinova, which is based in Alnwick.