Maven Capital Partners leads £1.54m funding round for Glasgow-based Adimo
Glasgow-based Maven Capital Partners has led a £1.54 million funding round for Adimo, a marketing technology platform based in the same city that enables FMCG brands to turn their digital marketing campaigns into shoppable experiences.
Using real-time information on price, promotions, stock and retailer availability, Adimo’s technology is enabling consumers to buy directly from virtually any digital marketing touchpoint they interact with, including display adverts, landing pages, websites, social media and video. Adimo essentially provides FMCG companies with a frictionless online equivalent to in-store impulse purchases.
The COVID-19 pandemic has massively accelerated the growth of online shopping and this shift presents challenges for both retailers and FMCG brands as consumers are 25% less likely to make spontaneous purchases.
Solutions like Adimo provide a tool to mitigate this growing challenge by helping its clients shorten the path to purchase, maximise customer conversions, increase brand loyalty and importantly, provide valuable behavioural data insights to marketers on customer decision-making.
Adimo works with some of the world’s biggest FMCG brands, including Nestle, Arla, Danone, Fever-Tree, and Bacardi, helping them optimise their digital marketing strategy and drive efficiencies.
The investment from the Maven Venture Capital Trusts (VTC) will support its expansion into the US market to accelerate revenue growth, as well as help with the development of a highly complementary new product.
Julie Glenny, investment director at Maven, said: “This is an exciting opportunity for the Maven VCTs to back an impressive management team who have developed a highly focused solution that is helping FMCG brands take control of their data and create a direct link with their end consumers.
“Adimo has demonstrated strong commercial traction for its product thus far, which is reflected by the number of blue chip customers who have adopted the platform. The ecommerce market is experiencing rapid expansion, which is set to sustain throughout 2021. We look forward to supporting the business as it seeks to capitalise on these growth opportunities.”
Richard Kelly, CEO at Adimo, added: “We are thrilled to take the next step on our journey with the backing of Maven. Online shopping growth in the FMCG and CPG markets has accelerated significantly over the past year with the pandemic, and this has only caused more challenges for brands who are spending significantly on advertising and shopper marketing but gaining little back in consumer insights.
“Our next-gen solutions for shoppable marketing and commerce media provides a seamless experience not only for the end customer, but also for the marketer, and I’m delighted to be working with Maven as we look to expand into rapidly maturing markets, and accelerate our revenue growth.”