Edinburgh-based brand protection platform SnapDragon has raised £1.2 million in a recent funding round. The startup helps brand owners identify and remove counterfeit versions of their products in a number of popular online marketplaces. With the new funding, SnapDragon plans to further develop its AI/ML capabilities and grow its customer base. To date, the firm has raised a total of £3 million.
SnapDragon is aiming to combat the counterfeit items that comprise 3.3% of all global trade. With their proprietary software solution Swoop, the startup is able to detect brand fakes and intellectual property infringements and deliver detailed reports to clients. From here, it’s simply a matter of “click, bang, gone” from a brand’s side.
Additionally, SnapDragon isn’t just looking in one location and at a one-off offense. The service creates a profile of offending listings and sellers, allowing bad actors operating across multiple channels to be identified, and shut down, even more rapidly.
The company has grown by 25% in the last 12 months and counts US baby brand 4moms, Australian b.box, AG Barr, producers of (the unofficial non-alcoholic drink of Scotland) Irn Bru and Rubicon brands; UK-based Bondeye, and StylPro amongst its client base.
SnapDragon Monitoring was founded by Rachel Jones, who knows all too well the detrimental impact counterfeits and copycats can have on a brand and its reputation, as her own baby product Totseat fell victim to these practices.
“Sometimes out of adversity comes opportunity, and SnapDragon is a testament to that. We are helping brands to remove fakes from sale online: protecting revenues, reputations, and, most importantly, the end consumer,” commented Jones.
SnapDragon’s latest funding was provided by ACF Investors, Mercia, and Scottish Enterprise.
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