The Maven team.

North East in line for new jobs following £3m investment into AI technology platform

The North East Development Capital Fund (NEDCF), supported by the European Regional Development Fund and managed by Maven Capital Partners (Maven), and Gresham House Ventures (GHV), has announced a £3m investment for an AI-powered technology platform.

RevLifter is used globally by retailers such as New Balance, Uniqlo, Staples, EE, and Lowe’s to switch their mass, untargeted promotions for personalised incentives and content, enabling them to solve a range of common eCommerce challenges. The funding will help London-based RevLifter continue its growth.

Maven has leveraged its position as manager of the NEDCF to provide a flexible finance package that will enable the company to relocate part of its business to the Catalyst in Newcastle, home to the National Innovation Centre for Data.

The investment will also support the hiring of several new staff in the North East while driving RevLifter’s push into the US market where it has gained significant traction in the past two years.

Michael Vassallo, investment director at Maven, said; “We are delighted to reaffirm our support for RevLifter and this additional investment cements our belief in the continued growth of the business.

“This comprehensive offering is enabling RevLifter to tap into the digital talent pool in the North East of England and build an infrastructure which will allow it to scale.”

Thomas Makey, investment director at Gresham House Ventures added; “Since our initial investment in RevLifter in 2020, the business has gone from strength to strength and we are excited to make this additional investment to support the next phase of its regional and international growth.”

Simon Bird, CEO at RevLifter, commented; “We are very pleased to count on the continued support of both Maven and Gresham House to facilitate our move into the North East. RevLifter is focused on helping some of the world’s biggest retailers unlock the billion-pound growth opportunity attached to personalised offers.

“As we prepare to launch a range of cutting-edge tools in 2022, the extra funds will prove crucial to bringing these solutions out to the market through the hiring of new RevLifter talent in digital hubs like Newcastle.”

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