Manchester’s Propello raises £650k for loyalty software used by Hello Fresh
Manchester-based Propello, a startup that creates white-label customer loyalty software for businesses such as Hello Fresh and JD Gyms, has secured £650,000 in funding.
The seed funding round was led by DSW Ventures, a venture capital firm that’s also based in Manchester, and attracted investment from angle investors.
Founded in 2020 by CEO Mark Camp and COO George Charlesworth, Propello has created “plug and play” customer loyalty solutions that companies can integrate into their own apps or website and apply their own branding.
Companies can scale the software, which includes services such as perks, referrals and tiered loyalty programmes, to cater to audiences from 1,000 to more than a million people.
Propello said it will use the capital to expand the team to nearly 30 people by the end of next year.
“We’re excited to take Propello forward with their backing, with significant investment already underway in both the platform and team,” said Camp.
Camp added that Propello has held off fundraising until it found its product market fit. The startup is targeting mid to enterprise-size organisations.
It marks DSW Ventures’ tenth investment. Other portfolio companies include ecommerce software firm Shopblocks, utility platform One Utility Bill, and 3D printing startup 4D Biomaterials.
The early-stage scaleup investor typically makes investments of £250,00 and above, primarily using the Enterprise Investment Scheme, an initiative that offers tax relief on certain investments.
DSW is backed by high-net-worth angel investors and British Business Investments, the commercial subsidiary of the state-owned British Business Bank.