Glasgow-based Adimo has announced the closure of a £1m Seed funding round from investors including Scottish Investment Bank.
The MarTech firm, which will use the funds to expand its commercial team and drive customer acquisition, also drew support from ESM Investments, Galvanise Capital and Patrick Griffith; co-founder and former CEO of Havas Work Club.
Adimo, founded in 2012 by Richard Kelly – who formerly worked in the digital advertising sector – leverages technology to shorten brand’s path to purchase by enabling consumers to easily add items to their online shopping baskets.
“CPGs [Consumer Packaged Goods] see data as the key driver of growth and competitiveness but despite spending billions on awareness campaigns they’re getting very little back in terms of data. This makes marketing optimisation extremely difficult,” said Kelly.
“Our technology integrates with any form of marketing to make it shoppable, shortening the path to purchase, putting brands in baskets and providing valuable behavioural data about customer decision-making for to clients,” he added.
Adimo has also produced a real-time analytics dashboard to help brands get a better insight on what products consumers have viewed, what they’ve added to their basket and revenue.
The company claims to be working with the likes of Nestle, P&G and PepsiCo and says that it’s helped customers generate incremental revenue of more than £14m.
“The Adimo business is extremely exciting given the scale of the market opportunity and the quality of the brands the company is already working with,” said Kerry Sharp, head of Scottish Investment Bank.
“We are delighted to be able to support the company’s growth plans by participating in this funding round in addition to the other support Scottish Enterprise has provided to the company,” concluded Sharp.
Investments in Scotland
Today’s announcement comes after another Scottish firm, TVSquared announced the closure of a $6.5m Series C round.
The Edinburgh-based company also drew support from Scottish Investment Bank.
Other raises by Scottish technology businesses in recent months include Snap40’s £2m round and Swipii’s $2.5m raise.