Rico Developments (t/a Adimo) secures £1.54 million Seed Follow On investment led by Maven

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Maven VCTs lead £1.54 million funding round for B2B SaaS marketing platform Adimo 

Maven Capital Partners (“Maven”), one of the UK’s most active investors in smaller businesses, has led a £1.54 million funding round for Adimo, a marketing technology platform that enables FMCG brands to turn their digital marketing campaigns into shoppable experiences. 

In today’s connected world consumers are increasingly engaging with content and messaging from a multitude of brands across digital media. However, when it comes to ecommerce, the path from product discovery to purchase is rarely seamless. Using real-time information on price, promotions, stock and retailer availability, Adimo’s technology is enabling consumers to buy directly from virtually any digital marketing touchpoint they interact with, including display adverts, landing pages, websites, social media and video. Adimo essentially provides FMCG companies with a frictionless online equivalent to in-store impulse purchases. 

The COVID-19 pandemic has massively accelerated the growth of online shopping and this shift presents challenges for both retailers and FMCG brands as consumers are 25% less likely to make spontaneous purchases. Solutions like Adimo provide an effective tool to mitigate this growing challenge by helping its clients shorten the path to purchase, maximise customer conversions, increase brand loyalty and importantly, provide valuable behavioural data insights to marketeers on customer decision-making. 

Adimo works with some of the world’s biggest FMCG 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. Our next-gen solutions for shoppable marketing and commerce media provides a seamless experience not only for the end customer, but also for the marketer, and I’m delighted to be working with Maven as we look to expand into rapidly maturing markets, and accelerate our revenue growth.” 

— ends — 


Principals and key advisors to the transaction: 

Financial – Consilium
Commercial – Validify
Legals – RW Blears
Management – Confidas People
IT – Rich Kershaw
Insurance – Lockton 

Further information 

For media enquiries or any questions about the investment, please contact:  

Maven Capital Partners 

Julie Glenny                                       07768 468 010   [email protected] 

Steven Ford                                        07580 792 608 [email protected] 

Sapience Communications (PR to Maven) 

Richard Morgan Evans   077 5108 7291   [email protected] 

Borja Miquel                                      074 6347 7697   [email protected] 

Sasha Johnson                                  077 1785 5741   [email protected]

 

Notes to Editors 

About Maven Capital Partners UK LLP       www.mavencp.com  

Maven Capital Partners UK LLP (Maven) is an independent private equity house focused on the provision of flexible equity and debt funding for high growth businesses, and one of the most active investors in smaller companies in the UK. 

Headquartered in Glasgow, and with offices throughout the UK, Maven has over 100 investment and support professionals providing a truly nationwide coverage. Maven has £660 million funds under management and ready to invest, and manages assets for a variety of client funds, including Venture Capital Trusts, UK regional fund mandates, and Maven Investor Partners, a syndicate of institutional, family office and experienced investors.

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Safiya Marzook

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