Envolve Tech raises £720K in latest funding round
Performance marketing technology provider Envolve Tech has successfully closed its latest funding round for a total of £720,000.
The vast majority of investment was provided by private investors, including several prominent members of the performance marketing industry from the Thorium Technology Investor Network. Additional investment came from the female angel investment network Angel Academe.
The round had been opened with a goal of £325,000, but was extended following stronger than expected demand.
The money comes at an important time for Envolve Tech, which has seen a surge in demand following the boom in online shopping during the COVID-19 pandemic. With the new funding in place, company leaders can be fully focused on meeting that demand and developing further product improvements.
Envolve Tech’s main product is an A.I.-powered Virtual Shopping Assistant (VSA), which sits inside the online chat function of client websites. The VSA can identify sales opportunities within customer conversations, making intelligent product recommendations based on sophisticated language analysis.
Since its launch in Q4 of 2019, the VSA has been added to the websites of major retailers in the UK and USA, including appliance makers Beko, Haynes Manuals, Stila Cosmetics, and designer bag brand The Sak. Performance marketing network Tradedoubler recently added the VSA to the website of their new specialist network for small companies, Grow.
Speaking of the investment, the CEO of Envolve Tech, Emma Smith said:
“Closing this round, especially at the higher than expected amount, provides Envolve Tech with a huge opportunity now.
“We are speaking to bigger and bigger retailers every week about helping them boost their conversion rates, and now we have the space to focus on just this new business and product improvements for the foreseeable future.”
Chairman of Thorium Technology Investors Mike Bourne said,
“Envolve Tech is seeing a rapid uptake of its technology which is used to enhance and up sell clients using online chat services. TTI investors are delighted to lead this round to fund the company through this period of rapid global expansion as leading global brands deploy its technology.”
Angel Academe advisory board member & deal lead Mel Varley said,
“From the get-go we were hugely impressed with Envolve Tech’s drive and insight. They have developed a product that has the potential to deliver real innovation in an arena that has only grown and grown this year and yet remains ripe for disruption.”
About Envolve Tech: Founded by Emma Smith, Envolve Tech provides online retailers with A.I.-powered technology to increase sales conversion and lower customer service costs. After launching its Virtual Shopping Assistant in Q4 2019, it has partnered with major brands in the UK and the USA including Haynes Manuals, Beko appliances, and Stila Cosmetics.
About Thorium Technology Investors: TTI is an informal investor network whose founders come from various backgrounds in the technology industry. TTI typically leads the investment rounds as the invested companies approach commercialisation and assists them until such a stage that they can either attract investment from VCs or execute an exit by means of trade sale or flotation.
About Angel Academe: Angel Academe is an award-winning network of female angel investors (and some male allies!) who invest in female-founded tech start-ups. Founded in 2014 by technology consultants Sarah Turner and Simon Hopkins, Angel Academe has now invested in over 30 businesses across a range of technology verticals, including finance, health, education, HR and consumer.
Notes for journalists:
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