The Moot Group raises £5m seed funding to provide e-commerce as a service
- The Moot Group (TMG) is on track to reach £100M revenue in 2022 with a growth rate of 1300%, with funding led by Fuel Ventures
- TMG has a global client base with household names including Sports Direct and The White Company from its West Midlands HQ
STAFFORDSHIRE, England, 14 July, 2021 | The Moot Group (TMG), an ecommerce technology company empowering brands to operate and scale online, today announces it has secured £5m in seed funding. The round, led by Fuel Ventures, tees the business up for its next stage of growth, building on its own highly successful interiors brands and supporting its third-party customers with bespoke ecommerce technology.
In under two years, TMG has become one of the UKs fastest growing technology companies – on track to reach £100 million revenue in 2022 and growing at 1300%. In the coming year it is set to hire an additional 30 people to bolster its existing 50-strong team of technologists and ecommerce experts in its offices across Staffordshire, London and Glasgow. The £5m seed funding round is to be followed swiftly by a Series A round anticipated to be in the region of £20m. This funding is to get TMG to its £100m revenue ambition for 2022 – just 3 years after inception. The group will also be expanding its operations into the US this year and plans to open further operations in Europe and the UAE shortly after.
In addition to its own technology, TMG is the catalyst behind its own brands including Olivia’s (the UK’s fastest growing homeware brand, that has seen 800% growth in Q1 2021 (compared to Q1 2020) and has predicted y-o-y growth of 1300%), and Houseology, which TMG rescued from administration in 2020 and is now the leading destination to connect interior designers with suppliers. The company is already working with household names across the globe including Sports Direct, Bet365 and The White Company to provide them with technology solutions to build and maintain the best online experience for their customers.
During lockdown, ONS data shows that home and garden spending increased 71% YOY in 2020 – compared to just 1% growth in clothing – and 120% YOY in Q1 2021 and yet, due to a lack of ecommerce nous, archaic and fragmented systems, brands have struggled to adapt to online and make the most of the increased demand. The Moot Group has built proprietary technology to service ecommerce brands from customer acquisition through to final mile logistics. A current fragmented market, requiring consolidation through technology, that takes all the pain points of technology and operations away from brands, in a cost effective end to end platform.
Nick Moutter, Founder & CEO at TMG said:
“During the pandemic, we have seen interiors become the new fashion, with people investing in their homes instead of their clothes. The growth in demand is astonishing and shows no sign of slowing. This investment from Fuel Ventures, marks the next step in our journey to scale and help other ecommerce brands to do the same.
“When I first started Olivia’s in 2019 there was no streamlined technology stack that gave me all of the tools I needed in one platform for one cost and provided a great customer experience. We’re building the technology I wish existed when I started out in ecommerce. As well as working with the big names, we’re powering the next generation of UK ecommerce entrepreneurs to scale their product and brands online without the complexity.”
Mark Pearson, Founder & Managing Partner at Fuel Ventures said:
“We’re delighted to support Nick and the rest of the team at TMG. The growth of the group has been staggering, they are clearly one of the UK’s most exciting and fastest growing companies. We look forward to supporting them on the rest of their journey.”
Nick is fast becoming one of the UK’s most successful ecommerce and adtech entrepreneurs having achieved success with his first business Admedo, the unified programmatic marketing platform. Following the investment, TMG welcomes to its advisory board Richard Chapple, former GymShark exec and Founder of The Growth Foundation, and Mark Pearson, of Fuel Ventures.
Notes to Editors
For more information contact: [email protected]
About Nick Moutter
Nick Moutter is the founder and CEO of The Moot Group (TMG), an ecommerce technology and services company with an end to end platform to enable brands to operate and scale online.
TMG is also the home of some of the UK’s fastest growing homewares brands including Olivia’s (y-o-y growth of 1300%) and Houseology which has seen record profits since being acquired by TMG in 2020. TMG recently closed £5m in seed funding led by Fuel Ventures. 2021 has seen triple digit y-o-y growth and has built a team of 50 technicians and e-commerce experts at its HQ in Staffordshire.
Prior to establishing TMG, Nick achieved success with his first business Admedo, the unified programmatic marketing platform. In his seven years at Admedo, Nick played a significant role in transforming the ad industry by offering all businesses unprecedented access to inventory and targeting tools to help them drive leads, conversions and awareness.
Prior to Admedo, Nick helped to launch and monetise the likes of Currys PCWorld, LADBible and THG Ingenuity, an commerce & fulfilment solution.
Based in the West Midlands and a father of one, Nick is also an advisor to many fast growth startups and investment funds. A motoring enthusiast and keen fisherman.