North East Development Capital Fund invests £750,000 in SoPost
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Innovative product sampling platform, SoPost, has received a £750,000 investment from the North East Development Capital Fund (NEDCF), supported by the European Regional Development Fund. The business, which helps brand partners run highly effective product sampling campaigns online, will utilise the funding to accelerate its product roadmap, extend its publisher, retail and agency partnerships, as well as fund its expansion into new markets.
SoPost is one of the North East’s most successful start-ups in the technology sector in recent years, enjoying year-on-year growth since it was established in 2012 and ranking 49th in the 2020 Sunday Times Tech Track 100 list of the fastest growing technology companies in the UK. It has built up an impressive blue-chip client base over that period, including major brands within the beauty, fragrance, food and beverage markets.
SoPost’s platform allows its customers to run highly targeted and data driven product sampling campaigns through a broad range of social media platforms and display advertising. It also undertakes the associated fulfilment of the product to consumers providing a one-stop-shop from the point of activation.
Its innovative visualisation platform, ‘Campaign Manager’, enables customers to track all of the key metrics associated with a sampling campaign in real time, alongside providing highly relevant benchmark insights. Campaign Manager can integrate with a customer’s existing CRM system, allowing for the seamless transfer of data.
The NEDCF, which is part of The North East Fund, a £120 million investment programme available to businesses across Durham, Northumberland and Tyne and Wear, was set up to support the growth aspirations of innovative companies like SoPost. The business will use the capital to further invest in its proprietary data visualisation platform, increase its footprint across key territories in Europe and North America, and build out its available consumer audiences through further publisher and ad tech partnerships.
David Nixon, Investment Manager at Maven, commenting on the investment said: “We have been impressed by how the business has scaled in recent years and the ambition of management to continue to drive sales and platform enhancements, whilst looking to expand into new markets. SoPost is an exciting high growth business with a compelling proposition and is an excellent example of the type of company that the North East Development Capital Fund was set-up to support. Today’s funding will enable SoPost to accelerate its growth plans and capitalise on the increasing global demand for cosmetic products and online shopping.
Jonathan Grubin, Founder & CEO at SoPost, added: “We’re building something really special here at SoPost, and over the past 8 years have demonstrated our ability to grow quickly and sustainably. I’m delighted that our partnership with Maven gives us the ability to accelerate our growth plans, and I’m excited to ramp up our investment in Newcastle, as well as in our key markets.”
North East business looking for funding to grow? Speak to Maven’s local team about your current and future needs, and our experienced investment professionals will be able to guide you on your funding requirements. Contact our team today on 0191 731 8590.