UK-based retail data analytics service more2 has received a $17 million (€15 million) minority investment from Eight Roads Ventures.
More2, founded in 2002, is a bootstrapped company and had previously avoided raising any outside funds. However the company is now looking to expand into new markets and industries and accelerate its growth with the support of Eight Roads.
More2 is a data analytics and marketing consultancy firm, based in London, focused on servicing small and medium sized retail businesses that wouldn’t otherwise be able to afford their own in-house data analytics team. It employs over 100 people and counts retailers like Boden, Charles Tyrwhitt, L.K. Bennett and Sweaty Betty among its clients.
“During the past 13 years, more2 has remained laser focused on the needs of its retail clients, helping them use technology to understand their rich data assets and make informed marketing decisions,” said Davor Hebel, partner at Eight Roads Ventures. “Their work makes the world of difference to small and medium retailers resulting in an extremely loyal customer base.”
The investment is the latest European move from Eight Roads Ventures, formerly Fidelity Growth Partners Europe, following investments in startups like Spain's Packlink, Brussels-based food delivery service Take Eat Easy and London online furniture retailer Made.com.