New investors back firm
Data collection firm raises £2m to scale up
Founded in 2014, Swipii the latest funding has come from a series of venture capital, private and public funding including Local Globe, Kima and Global Founders Capital. Some undisclosed additional public funding has also been provdied.
Chitresh Sharma, chief executive and co-founder of the two-year-old business said small firms often they suffer from poor levels of customer data collection due to a lack of time and resources.
He said this leads to the second problem of no follow-up communication to help increase repeat visits and drive customer loyalty.
“We want to give the power of systems such as Tesco’s Clubcard to small and medium sized retail businesses at a price that delivers a better ROI and significantly increases revenue for their business,” he said.
Swipii’s own data backs up the importance of customer loyalty, with customer visits increasing by as much as 44% when a loyalty programme is present, and 80% of a company’s revenue coming from 20% of its loyal customers.
Recently, Swipii announced a contract with Cordia, Scotland’s largest provider of catering services, to encourage and reward school pupils to eat healthier options at lunchtime.
After a three-month pilot scheme at a secondary school in the Southside of Glasgow, all 30 secondary schools in Glasgow have Swipii on their premises.
Louis Schena, chief operating officer and co-founder, said “We are all really excited to be launching Swipii across schools in Glasgow and delighted to be working alongside Cordia on this project. They are a great example of a catering provider showing innovation and keeping up to date with relevant technologies.”
Swipii is currently in discussions to install its platform at 200 schools and is looking to penetrate more of the 25,000 secondary schools across the UK.
It has additional partnerships with six universities, the latest being Newcastle University. Swipii’s current user base of 410,000 is expected to continue its rapid growth towards two million in the next 12 months.
To meet objectives, Swipii has recently grown staff numbers from 7 to 43, adding some key roles in sales, marketing, product development and support. Swipii now operate from two offices in Glasgow and London.
Photo: Louis Schena and Chitresh Sharma (contributed)