Tech Pitch: Formisimo
The analytics start-up helping some of the UK's leading brands improve their online sales – Startups finds out more…
Company name: Formisimo
Founders: Al Mackin (35) and Tom New (27)
Background: Mackin – development, digital marketing and entrepreneurship. New- sales and marketing, business development
Based in: Manchester
Very simply, what does your tech start-up do?
Formisimo is a cloud-based analytics tool that shows companies why their customers drop out of their online checkouts or online forms – we reveal the pain points, which means that our clients can make subtle changes that lead to a big difference in conversion rates.
We’re improving online sales for companies in 83 countries, including brands like Travelex, GoCardless, Genting, Borro and Secret Escapes.
Formisimo reliably increases the conversion rates of the sites it is used on, and is the single best way to improve your forms and checkouts.
Tell us why there’s a need – what do you disrupt?
Website visitors hate forms – 67% of potential customers who start filling in an online checkout or form don’t end up completing it. Since almost all the value of a website flows through a form or checkout this represents not only a huge loss in revenue but a big dent in how a customer views the brand.
We’re here to fix that: to make it easier for website visitor to buy, enquire or contact the companies they want to and to dramatically improve sales for our clients without having to increase marketing spend.
The potential impact on companies is huge (and very tangible), especially for online travel companies, e-commerce businesses and financial businesses with a large online presence, whose continued success is based upon people completing online forms.
Building a website for your business idea is easier than you might think. Our online tool ranks the top website builders that offer free trials.
Are you funded?
We closed our seed round in May 2014, which included Seedcamp, the NorthWestFund and two London based angels. Prior to funding we were part of the Seedcamp programme at Google Campus.
What were you doing before starting?
Mackin has been developing since an early age – he created the digital marketing agency theEword in 2006, which has grown to a team of 35. Mackin’s previous online ventures include two nightlife and entertainment websites.
New worked in the recruitment industry in London and Manchester before joining a boutique law firm as marketing manager. After working in a disruptive recruitment start-up he started Formisimo with Mackin.
What the best thing about where you’re based?
Manchester has everything we need to create a highly skilled and motivated team; there’s a great pool of talent here, and our base in MediaCity means that the team has bars, restaurants and green space on our doorstep.
There’s some great historical and current technology start-ups in Manchester, and a growing number of early stage start-ups that drive and inspire each other.