UK-based Ecrebo, the retail point-of-sale (POS) marketing specialist, has closed a £12 million funding round. The investment comes from Sir Keith Mills, the founder of Air Miles and Nectar, and Joseph Schull, former head of Europe for the international private equity firm Warburg Pincus. The two investors will join Ecrebo's board of directors. Existing investor Octopus Ventures also participated in the round and will continue to be represented on the board.
Ecrebo’s innovative technology platform enables retailers to deliver targeted offers to customers at the checkout, alongside their print or digital receipt. Customers benefit by getting relevant offers in a convenient way. Since 2010, Ecrebo has processed more than £35 billion in transactions for some of the world’s leading retailers, and generated more than £500 million in additional sales.
The funding will be used by Ecrebo to invest in technology for its digital marketing platform and to expand internationally, especially in North America. The funds will also be used to recruit talent for the company's growing team.
“I am delighted to announce this investment in Ecrebo, who impressed me with their firmly-established credentials and leadership within the retail technology sector," said Sir Keith Mills in a statement. "Ecrebo’s technology gives retailers the ability to open up a marketing channel that is fully retailer-owned, enabling them to reach all their customers and engage them on a one-to-one basis in a way which is personalised, rewarding and convenient. I look forward to working closely with the Ecrebo team in the coming months to help them grow the business both in the UK and internationally.”
“We are delighted to secure investment from Sir Keith Mills and Joseph Schull and to welcome them both to our board,” said Dr. Hassan Hajji, co-founder and CEO of Ecrebo in a statement. “Their long-standing retail expertise and investment experience will help to further enhance our product offering, recruit the best talent and expand into North America, and beyond. We are excited about the impact this investment will have on our customers, our employees and our technology in helping us to reach our full potential.”
Read more: Business Wire