Smart packaging business Hive bags £2.5m
Loughborough-based company will use funding from Encore to launch subscription service and remove the cost of printing its interactive codes
Hive, a Loughborough-based smart packaging company, has secured £2.5m in funding from Encore capital.
Founded in 2006, Hive prints a unique interactive code onto plain consumer packaging to help brands drive sales, influence consumers and deliver promotions.
The 40-strong company now counts 50 brands as clients, including Pepsico, Heineken, Arla Foods and Nestlé, and has said that it expects to print more than six billion codes in 2016.
The company plans to use the investment to launch a subscription model which it believes will give brands more control over their promotions and remove the cost of enabling printers to print its codes.
Jonathan Jackson, CEO at Hive, commented:
“A promotion using unique codes will increase sales more than if the promotion is run without a code and we can continue towards our goal of giving every item of packaging an individual, unique identity to allow consumer packaged goods brands to build a direct relationship with their consumer.”
Rajesh Shah, partner at Encore Capital, added: “Jackson and his team have an extensive understanding of the market and value creation opportunity, and our investment and experience in supporting fast growth companies will act as the catalyst for the business to deliver its growth plan and beyond.”