Tuesday, 18 March 2014

Tech start-up Amplience boosted by $1.4m Silicon Valley Bank funding

A start-up that claims to allow retail brands to create multi-faceted promotional campaigns across all devices and channels has received a $1.4m growth capital loan from leading US-based tech investor Silicon Valley Bank (SVB).

Founded in 2008 by James Brooke, Amplience offers a software-as-a-service (SaaS) solution that allows retail brands to manage and create promotional campaigns and websites across various devices and levels of complexity.

The London-based company says its ‘Adaptive Media Platform’ technology leads to better sales conversion rates for retailers, whilst eliminating the hassle of managing an online brand and marketing campaign through disparate solutions; it claims to reduce the cost of marketing campaigns by as much as 90%, whilst boosting average order value by 20%.

Since launch the company has amassed a portfolio of leading clients, including House of Fraser, Marks and Spencer, Mothercare, Superdry, Office Depot, LK Bennett and Jimmy Choo.

SVB’s backing comes a year after Amplience opened its first New York office, following which it has concluded deals with a number of high-profile American brands including L’Oreal, Sweaty Betty and Alexander Wang.

The $1.4m growth capital term loan will be used to support Amplience’s plans for further US expansion and develop its in-house technology offering, which recently released support for IBM’s Websphere e-commerce software.

San Francisco-based SVB’s loan is a further expression of interest in the UK’s burgeoning tech sector from its US counterpart, and sees Amplience join SVB’s group of clients which includes Shazam, Cisco, Mimecast, Mozilla and Pinterest.

James Brooke, founder and CEO of Amplience, commented: “This financing by Silicon Valley Bank is strong validation of Amplience’s mission to transform the economics of rich dynamic multi-channel retail customer experience production.”

Andrew Hunter, vice president at Silicon Valley Bank UK, added: “We are excited to partner with Amplience and provide them with the financing they need to develop and grow their footprint in the North American market.

“Silicon Valley Bank is committed to providing SaaS businesses at all stages of growth with the right financial products and services for their specific needs. We look forward to building a longstanding relationship with the Amplience team.”