Bath-based wedding planning app Prezola has landed a £3m investment from venture capital firm Business Growth Fund.
The startup, founded in 2012 by Dom and Ali Beaven, will use the investment to develop new mobile app technology, it says.
Prezola allows couples to create and share wedding plans and gift lists online, and claims to have sold more than 1 million wedding gifts since 2012. The firm had a turnover of £10m last year, and is forecasting £15m this year.
Britain sees around 300,000 weddings take place each year, with the wedding gift market estimated to be worth £600m per annum.
Dom Beaven, CEO of Prezola, said support from Business Growth Fund “gives us access to long-term investment capital and a wide-ranging network of business leaders and like-minded entrepreneurs”.
He added: “Prezola’s expansion has been the result of great technology, great band partnerships and beautifully curated product collections – making the process enjoyable and inspiring for couples and their guests.”
Alex Garfitt, investor at Business Growth Fund, said the firm’s investment will “support the growth of Prezola into a mobile-first, full-service wedding gift and guest management platform.”
“We are excited for Dom and Ali and their management team, as they continue to invest in mobile technology to further strengthen their position in the UK’s increasingly valuable wedding market,” he added.