Swoop Applications, a Redruth-based software company, has raised a £1.45 million Series A round of investment, including £600k equity investment from the Cornwall and Isles of Scilly Investment Fund (CIOSIF). The deal will create 34 jobs over the next three years.
The package includes funding from existing corporate investor, SMP Group PLC, and £250k via The FSE Group Investor Network. The FSE Group is the appointed CIOSIF fund manager.
Swoop has created a Software-as-a-Service (SaaS) platform called Colateral, enabling retailers and brands to manage their in-store marketing campaigns.
Colateral, already has an impressive client list boasting some of the UK’s leading retailers including Tesco, Waitrose, Mothercare, Paddy Power and WH Smith.
Swoop chairman, Robert Salvoni, said: “Managing in-store marketing is a massive headache for central marketing teams and somewhere between 20% and 50% of assets and resources are simply wasted. Colateral enables reduction in cost and time, whilst massively improving targeting and therefore sales and return on marketing spend.
“Our software offers an end-to-end solution, supporting and streamlining every stage, from building the initial campaign, managing the operation, through to post-event analysis. We are delighted to have received this funding from CIOSIF and our private investors, which will enable us to grow the team to support expansion in the UK and overseas, and to further develop the product.”
Ken Cooper, MD at British Business Bank, said: “CIOSIF was launched to support innovative, fast growing companies across Cornwall. It is good to see that investment in Swoop will support the creation of new jobs in Cornwall over the next three years.”
CIOSIF is a £40 million fund providing debt and equity finance from £25k to £2 million to help growing small businesses across the region. It has been established by the British Business Bank in partnership with the Cornwall and Isles of Scilly Local Enterprise Partnership (LEP).
CIOSIF is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020. Further investment has come from the Cornwall and Isles of Scilly LEP and HM Government.