Salesfire Raises £2.75m to Advance AI-Powered eCommerce Solutions
Deal News | Nov 12, 2024 | Business Cloud
Salesfire, a UK-based eCommerce tech company, has secured £2.75 million in a funding round led by NPIF II and Mercia Equity Finance. This funding comes as part of the company's effort to integrate AI-powered capabilities into its platform, boosting eCommerce sales for its clients. The investment is expected to create over ten new jobs and enhance Salesfire's technology that profiles website visitors, aiding retailers like Hamleys and Trespass to optimize their conversion rates and personalize shopping experiences. Salesfire, founded by Rich Himsworth in 2017, now employs 65 staff and aims to leverage the latest AI innovations as existing tracking technologies such as cookies phase out. The Northern Powerhouse Investment Fund II backs this initiative, targeting economic growth in Northern England by focusing on startups and SMEs.
Sectors
- eCommerce Technology
- Venture Capital & Private Equity
- Artificial Intelligence
Geography
- United Kingdom – Salesfire is based in Middlesbrough, UK, and the Northern Powerhouse Investment Fund II focuses on the North of England.
- Northern England – The NPIF II investment focuses predominantly on supporting businesses in Northern England, including cities like Hull and Yorkshire.
Industry
- eCommerce Technology – Salesfire develops technology that aids eCommerce platforms in improving sales and customer engagement.
- Venture Capital & Private Equity – NPIF II and Mercia Equity Finance are involved as investors in Salesfire, showcasing their role in funding growth companies.
- Artificial Intelligence – The use of AI in Salesfire's platform demonstrates a focus on advanced technologies for understanding consumer behavior.
Financials
- £2.75 million – The latest funding amount raised by Salesfire.
- £5 million – The total amount Salesfire has raised to date after the recent funding round.
- £3 million – Salesfire's annual recurring revenue.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Salesfire | Target Company | Company | A Middlesbrough-based company specializing in eCommerce solutions, using AI to enhance customer experiences. |
| Northern Powerhouse Investment Fund II (NPIF II) | Investor | Company | A fund that provides loans and equity investments to drive economic growth in Northern England. |
| Mercia Equity Finance | Investor | Company | Provides equity funding and has continued to back Salesfire, aiming to support scalable businesses. |
| Rich Himsworth | Founder & CEO | Person | Founder and CEO of Salesfire, leading the company's vision and growth. |