Leahy leads investment in Groupon-style mobile start-up
Fifth investment in three months for former Tesco boss
A group of renowned investors led by Sir Terry Leahy, the former chief executive of Tesco, has injected £1.5m into Eagle Eye Solutions – a UK start-up built on similar lines to Groupon.
Leahy, the man credited with creating the Tesco Clubcard, led the financing in tandem with renowned City analysts Bill Curry and Iain McDonald, who have previously invested in consumer market leaders such as Metapack, ASOS and The Hut Group.
Each of the key investors will take a direct role in the company. Leahy has already begun networking within the retail industry on behalf of Eagle Eye, while Currie and McDonald will draw on their shared background in e-commerce to offer tailored advice.
This combination of funding and expertise will enable Eagle Eye to develop its leading-edge technology, which sends discount offers to members’ mobile phones while they shop.
Eagle Eye has already recruited a number of experienced business leaders, including Simon Burke, the former chief executive of Virgin Entertainment Group, who has joined as chairman. Furthermore, the company has agreed deals with high-profile retailers such as Comet, Blockbuster and Virgin Active.
Leahy, who has now invested in five start-up businesses since March, said:
“This is an exciting time to get on board with Eagle Eye Solutions, which has expanded its retail partnerships rapidly in recent months. The retail industry is waking up to the huge opportunities that mobile marketing represents and mobile coupons are a vital component.
“Eagle Eye is leading the way in this field and I look forward to playing a part in its positive impact on the market.”
Meanwhile Steve Rothwell, CEO of Eagle Eye Solutions, said: “We are delighted to have secured the backing of such experienced and high profile figures within the industry. Our technology empowers retailers with physical stores to use digital marketing techniques that have worked so well online in the last 15 years.
“This funding round will enable us to accelerate our progress and sign up more retailers more quickly than we could organically.”