London-based DaaS firm WhenFresh has announced the closure of a £3m Series A round.
The round, fully subscribed by CLS Data Limited (part of the CLS Group), also drew support from a series of undisclosed investors from the InsurTech and FinTech sectors.
Co-founded by Alan Dean and Mark Cunningham, WhenFresh uses predictive customer analysis to help firms identify key life events that will trigger purchasing decisions.
WhenFresh claims it’s proprietary algorithms are able to pinpoint exactly when customers are likely to spend more or dramatically less, thus giving customers advance notice of upcoming events.
“CLS is the right investment partner for us,” Cunningham said. “They have true strength and longevity in the insurance and technology space and recognise the power of the WhenFresh tech stack, which will accelerate both businesses”.
Tom Plews, director of innovation of CLS Data said he was delighted to have invested in the company.
“The sum of our combined data coverage, experience, scale and territorial coverage means we see phenomenal additional potential utilising both technology propositions,” he concluded.
Today’s announcement marks the firm’s first round of funding following an initial raise from shareholders.