Salesfire, a UK-based company specialising in aiding e-commerce outlets in increasing sales, has secured GBP £2.75 million in funding from NPIF II—Mercia Equity Finance, managed by Mercia Ventures under the Northern Powerhouse Investment Fund II.
The newly acquired funds will allow Salesfire to integrate its latest artificial intelligence (AI) technology into its platform and facilitate the creation of more than ten new job positions within the upcoming two years.
Salesfire's software, developed for e-commerce platforms, generates a detailed profile for each website visitor. Utilising behavioural cues, it aims to discern users' interests and shopping behaviours to personalise and enhance the customer experience. This, in turn, helps online retailers improve conversion rates by guiding users through the purchasing process while fostering a bespoke, ongoing customer relationship.
The Middlesbrough-based organisation is currently advancing new AI technology that offers a deeper understanding of customer behaviour. This development includes the ability to identify anonymous users with multiple accounts, a feature that is becoming increasingly important as traditional tracking methods like cookies are gradually being halted.
Salesfire's platform is adopted by over 700 brands, including notable names such as Hamleys, Moss Bros, Select fashion, Sportsshoes.com, and Trespass. Founded in 2017 by Rich Himsworth, a professional with prior experience in software and marketing, the company now employs 65 staff members and reports an annual recurring revenue of GBP £3 million. Initial support from Mercia and NPIF was received in 2022, with the current funding round bringing their total capital raised to date to over GBP £5 million.
Salesfire CEO, Rich Himsworth, stated, "Salesfire's mission is to help retailers grow their e-commerce sites and drive revenue. Our new Salesfire AI technology will be revolutionary in giving them scope to identify more anonymous site traffic and opening up a whole new world of marketing and data opportunities. We are pleased to have the continued support of our investors in this latest round and really excited to be at the forefront of AI in e-commerce."
Chris McCourt of Mercia Ventures commented, "Salesfire stands out from competitors by offering the type of sophisticated features normally only available in more costly products. Its new AI technology will make the platform even more powerful and initial trials have shown it can further increase sales. This investment will enable the business to accelerate its development and further differentiate itself in the market."
NPIF II—Mercia Equity Finance targets providing equity investments, with a focus primarily on the Yorkshire and Humber regions, including areas such as the City of Kingston upon Hull and East Riding of Yorkshire, North Yorkshire, South Yorkshire, and West Yorkshire.
The GBP £660 million Northern Powerhouse Investment Fund II covers Northern England, offering loans ranging from GBP £25,000 to GBP £2 million and equity investments up to GBP £5 million. It aims to assist small and medium-sized enterprises in initiating, growing, or maintaining their competitive edge by enhancing the availability of early-stage finance throughout the region and fostering innovation and economic development opportunities.
