Venue-based marketing start-up Swipestation secures £300,000 investment
Angel investor backing values fledgling company at £1.25m
Tech start-up Swipestation, which operates a venue-based marketing platform allowing customers to print off vouchers in participating locations, today announced the closure of a £300,000 seed round from two angel investors.
Launched in 2012 by 23-year old entrepreneur Sam Fresco and Syd Nadim, founder of digital agency Clock, Swipestation produces a device with a printer, scanner and screen which is installed inside venues, allowing customers to view promotions and print coupons and vouchers within the venue itself.
The start-up says this model allows brands and retailers to closely track promotions from inception through to redemption, whilst removing barriers for consumers and driving fresh and repeat footfall.
Since launch the start-up has amassed a number of clients including Red Bull, Pepsi, Empire Cinemas and Yates’s.
Adrian Grumi, executive director of BBNG Financial Services, and Neil Sikka, founder of Barbican Dental Care, both backed the fledgling business in exchange for 25% equity.
The backing values the business at around £1.25m, and is expected to be used to market and roll out the product amongst more brands and retailers.
Neil Sikka recently sold Barbican Dental Care after winning the Asian Business Awards’ Entrepreneur of the Year. Sikka said, “I’ve been looking to invest in a new venture that will benefit from my experience and contacts, as well as something that excites me.
“I’ve known Syd for a number of years now and when he showed me SwipeStation in development two years ago I immediately saw the potential. I’m thrilled that we are now business partners and look forward to working with him, Sam and Adrian to build an exciting and disruptive business.”
Adrian Grumi added: “I really wanted to get involved with something completely different. When I heard about the SwipeStation investment opportunity, I realised I’d found just what I was looking for.
“It’s fun, innovative and is at the right stage where, as a shareholder and hands-on director, I can help take it to the next level.”
Sam Fresco, co-founder and director of Swipestation, commented: “We’d invested a huge amount of money, sweat and tears getting SwipeStation to a stage where we were ready to seek investment.
“I’ve put heart and soul into this business and it’s a huge vote of confidence that two experienced businessmen share the vision and are willing to invest a considerable amount of cash into helping make that vision a reality.”