London-based RevLifter raises £2.3m seed funding
E-commerce deals personalisation platform RevLifter has successfully raised £2.3 million led by a syndicate of new and existing investors including Coutts.
The funding will help the two-year-old company – which influences 10 million online baskets every day, powering incremental revenue through personalised deals for 90 global brands across five markets – to further develop its platform and accelerate its growth.
RevLifter’s client portfolio already includes leading brands such as HP, Puma, EE, Carphone Warehouse, Verizon, AT&T, AO, TM Lewin, Clarks, and The Hut Group.
RevLifter says the funding will help it address growing demand from global retailers. The company particularly plans to boost its presence in the US where growth is intensifying rapidly as the US currently accounts for 30% of RevLifter’s customer base. The management team forecasts that the US will account for 70% of its business by 2022.
Revlifter’s Ai-powered Deal Intelligence Engine allows clients to set sophisticated rules around personalised incentives to transform the role of deals at the checkout stage on e-commerce websites. These rules can incorporate any desired deal trigger that relates to individual users such as geo-location, weather, customer lifetime value or knowledge of whether the user is a new or existing customer.
RevLifter’s co-founders, CEO Simon Bird and Chief Product & Strategy Officer Ryan Kliszat have two decades of e-commerce and affiliate marketing experience between them and believe there’s an opportunity currently being missed by most e-commerce brands to create mutually beneficial deals that suit individual customers and achieve strategic goals of the brand at the same time.
Bird said: “Deals are currently pre-planned, off-the-shelf promotions for the masses or involve customers searching Google for discount codes with third-party voucher sites for offers that actually negate your marketing strategy. We’re opening marketers’ eyes to the potential for deals to achieve whatever it is the business strategy demands.
“It could be a fashion brand aiming to encourage more customers of certain sizes or an electronics retailer wanting to maximise profit margins per basket. The reality that they can do this while better meeting the individual needs of each single customer in real-time, represents a huge opportunity.”
Further to this round a former Goldman Sachs Managing Director Jonathan Summers will join RevLifter’s Board.