Salesfire – a UK company whose platform helps e-commerce stores to increase sales - has raised a further £2.75m from NPIF II – Mercia Equity Finance, which is managed by Mercia Ventures as part of the Northern Powerhouse Investment Fund II (NPIF II).
The funding will enable the company to incorporate its latest AI-powered technology into its platform and create over ten new jobs in the next two years.
Salesfire’s software creates a comprehensive profile of every individual visiting a company’s website, and uses behavioural cues to understand their interests and shopping behaviour. It enables retailers to personalise the customer experience, guide shoppers through the buying funnel to improve conversion rates, then re-engage with them and build a one-to-one relationship.
The Middlesbrough-based company is developing new AI technology that will give deeper insights into customer behaviour, such as recognising anonymous individuals with different user accounts, and will be particularly valuable once existing tracking tools such as cookies are phased out.
Salesfire is used by over 700 brands including Hamleys, Moss Bros, Select fashion, Sportsshoes.com and Trespass. Founded in 2017 by Rich Himsworth who had previously worked in software and marketing, it now employs 65 staff and has annual recurring revenue of £3m. The company first received backing from Mercia and NPIF in 2022 and the latest round brings the total it has raised to date to over £5m.
