London-based event lead capture company Akkroo has received a £1.75m cash injection in a round led by Conviction Investment Partners (CIP).
Existing private investors also participated in the Series A round, with the business having access to potential further capital of an equal, or greater amount, in a year’s time.
Akkroo, based in Brixton, will use the cash to fuel its marketing activities and significantly expand its footprint in the US.
Launched in 2013 and as a spin out from RMP Enterprise, the startup allows sales and marketing teams to transform how they capture, process and evaluate leads from exhibitors at events.
The startup claims to be working with the likes of IBM, Sony, Getinge AB and PayPal and unlike other event tech providers, Akkroo says it offers a ‘horizontal’ solution, aimed specifically at the organisations exhibiting at events, as opposed to the event organisers themselves.
Co-founded by Chris Wickson, an entrepreneur who previously co-founded RMP Enterprise, Akkroo says it’s more than doubled annual recurring revenue over the past two years.
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Wickson, of Akkroo, told UKTN: “This funding comes at a time of significant growth for Akkroo as we expand and develop our product in this emerging space, and seize the vast opportunities in both the European and US markets.
“There is a huge disconnect between the manual, outdated activities that are used for lead capture when regularly exhibiting and an organisation’s existing, often sophisticated, sales and marketing systems. Businesses have long struggled with how to capture and process leads at events efficiently, follow up with those leads in a timely manner and ultimately evaluate the true ROI of exhibiting. What’s more, GDPR means that data collected and processed from events in a responsible manner is more important than ever.
“Akkroo is at the forefront of bridging this disconnect, solving a significant challenge that impacts sales and marketing teams all over the world. Our solution not only enables teams to win more business from events but also provides intelligence that ensures they’re exhibiting at the right events, at the right time.”
The company previously raised £150,000 in a small Seed round in 2013, followed by £550,000 in a larger Seed round in 2016.
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Andrew Jenkins, co-founder of Conviction Investment Partners, commented: ‘Since our initial investment in Akkroo a year ago we have witnessed it grow at impressive organic rates.
“As we learnt more about the market opportunity and implications of the new GDPR legislation we decided to elevate Akkroo to our Conviction portfolio company and become their lead financiers.
“The company is a true pioneer, solving a very real problem for businesses across the world. It has a significant opportunity to become the clear leader in this emerging space with very little competition, and we look forward to working with Chris and his team to support Akkroo’s rapid growth.’