Stylechi secures £150,000 seed funding from London Business Angels
Investment in the online retailer set to accelerate growth
The social e-commerce business, Stylechi has received £150k seed capital in a funding round led by a syndicate of the venture capital fund London Business Angels (LBA).
The London-based online retailer says the investment will be used to increase its marketing and sales resources and support its expansion.
Claiming to revolutionise the way people shop online, Stylechi provides an e-commerce platform where loyal customers who visit and buy from the site are rewarded with discounted prices and offers.
The company claims its loyalty-rewards service encourages higher conversion rates and increased customer retention.
The funding round was also backed by The LBA Seed Enterprise Investment Scheme (SEIS) Fund 2012, which provided £35,000 finance.
The investment follows the LBA’s recent £10m investment in six UK technology start-ups as part of its aim to develop and expand fast-growth businesses.
CEO of Stylechi, Emmanuel Eribo commented on the funding:
“Social e-commerce has long been identified as the future of online retail. The LBA have provided the ideal platform for StyleChi to realise this assertion.”
Anthony Clarke, CEO of LBA added:
“This £150,000 SEIS investment will allow the company to further accelerate its growth and I am particularly pleased that we have been able to introduce a sector experienced lead angel alongside our LBA SEIS fund and one other value add LBA member in order to close this initial seed round.”