Retail tech startup Mallzee, from Edinburgh, has raised £1.9 million from SIB, Par Equity, Equity Gap, and London Scottish Investment Group, bringing its total funding to £5 million.
The new funds will be used to boost sales of its Product Future service, which helps retailers leverage and make sense of consumer preference data. The solution allows companies to test and analyse product sales potential before any orders are made.
“We quickly realised there was a major opportunity for us to utilise our engaged audience as a testing zone for these partners’ new products helping buying and merchandising teams make informed stock decisions based on real data, to improve sell through success,” said CEO Cally Russell of the app, which has garnered 1.4 million downloads to date.
“The results have been amazing and the interest we’ve had speaks for itself - we’ve seen more companies test products last quarter than in the rest of 2017 combined.”
The company has also appointed Peter Robinson, former executive head of ecommerce of Marks & Spencer, to the board.
He commented, “The team have a real can-do attitude and I’m delighted to work with them to build their retail insights capabilities as I believe that Product Future can fundamentally help the fortunes of many retailers.”