A York-based company, which has developed software that helps e-commerce businesses to increase sales, has secured a £500,000 investment from NPIF – Mercia Equity Finance, which is managed by Mercia Fund Managers and part of the Northern Powerhouse Investment Fund.
PureClarity’s technology uses big data and artificial intelligence to analyse customers’ behaviour and recommend the most relevant products when they search for goods in online stores. The funding will allow the business to further develop its product and create eight new jobs for sales and marketing staff at its premises in York.
PureClarity was set up in 2014 by a five-strong team of IT and digital marketing specialists led by CEO Dr Paul Gibson, who identified the need for the product while working in e-commerce agencies. The software was released in 2017 and is now used by organisations including the Royal British Legion, Norwich City Football Club and bike accessories supplier Zyro Fisher.
Clients have seen a 26.6% increase in online revenues, 71.5% increase in conversion rates and 15.6% increase in average order value following the adoption of PureClarity’s platform. PureClarity is more powerful than other e-commerce personalization products on the market and is the only one to offer personalised results across multiple channels including in-store search, advertising banners and email campaigns.
Emma Cross, Investment Executive with Mercia Fund Managers, said:
“The amount spent online is growing each year but the challenge for retailers is finding ways to acquire, convert and retain more customers in the face of increasing competition. PureClarity’s software provides greater insight into customers’ preferences and offers a personalised service. The funding will support the company as it moves to the next stage of its development.”
Ken Cooper, Managing Director at British Business Bank, said: “Following a great first 12 months, it is good to see that our Northern Powerhouse Investment Fund is well established and finding good demand from growing tech companies.”
David Dickson, Deputy Chair Of The York, North Yorkshire and East Riding Local Enterprise Partnership and NPIF RAB Member, said: “PureClarity is clearly a fast growing, dynamic digital company that York is developing a strong reputation for supporting. Yorkshire and the Humber has an international reputation for software and digital development and the £500,000 investment by NPIF is yet another marker for our commitment to a sector that continues to create strong economic growth “
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
CMS provided legal advice to the Mercia, while Walkers Commercial Solicitors Garbutt and Elliot accountants advised the company.