Adimo aims for US after Maven raises funds
Adimo: working with global brands
UPDATED 4 March: Maven Capital Partners, an investor in smaller businesses, has led a £1.54 million funding round for Glasgow-based Adimo, a marketing technology platform to help expand its service into the US.
ESM Investments, based in Stirling, has made a partial exited almost five years after investing in the business.
Using real-time information on price, promotions, stock and retailer availability, Adimo’s technology enables consumers to buy directly from any digital marketing touchpoint, including display adverts, landing pages, websites, social media and video.
The COVID-19 pandemic has massively accelerated the growth of online shopping and this shift presents challenges for both retailers and brands as consumers are 25% less likely to make spontaneous purchases.
Adimo works with some of the world’s biggest brands, including Nestle, Arla, Danone, Fever-Tree, and Bacardi, helping them optimise their digital marketing strategy and drive efficiencies.
The investment from the Maven VCTs will support its expansion into the US market to accelerate revenue growth, as well as help with the development of a highly complementary new product.
Julie Glenny, investment director at Maven, said: “This is an exciting opportunity for the Maven VCTs to back an impressive management team who have developed a highly focused solution that is helping FMCG brands take control of their data and create a direct link with their end consumers.
“Adimo has demonstrated strong commercial traction for its product thus far, which is reflected by the number of blue chip customers who have adopted the platform.
“The ecommerce market is experiencing rapid expansion, which is set to sustain throughout 2021. We look forward to supporting the business as it seeks to capitalise on these growth opportunities.”
Richard Kelly, CEO at Adimo, added: “We are thrilled to take the next step on our journey with the backing of Maven.
“Online shopping growth in the FMCG and CPG markets has accelerated significantly over the past year with the pandemic, and this has only caused more challenges for brands who are spending significantly on advertising and shopper marketing but gaining little back in consumer insights.”
ESM investments, an early stage technology investment company based in Stirling, has partially sold its shareholding in Adimo, earning its investors a multiple of 4.6x on capital invested since mid-2016 (3.2x capital return before tax relief).
ESM was founded in 2011 with a purpose to invest in early Enterprise Investment Scheme (EIS) qualifying growth stage technology companies and the wider investment ecosystem in Scotland and, more recently, the North of England.
It co-invests with more than 100 high net worth individuals, family offices, corporate venture funds and university funds. It is currently actively invested in 11 opportunities with an average investment of £1m in each company, evaluating up to 25 new investment options every month.
Steven Morris, founder & chairman of ESM, said: “Adimo has enjoyed fabulous success since its launch and its unique proposition, clear strategy, purpose and market opportunity was something we identified and recommended strongly to our investment members in 2016.
“In line with the investment strategy that we outline and pursue on behalf of our partners it is the right time to realise some significant returns on capital for them.”