We'll use Praetura Ventures' investment to double our team, onboard new customers, and launch new AI-based tools for merchandisers
3 March 2022
Following a period of exciting growth, Sparkbox is thrilled to announce Praetura Ventures has invested £1.5m to help us expand our team, onboard new customers, and launch new products.
Retailers that are powered by data deliver more profits, waste less inventory, and delight more customers - but merchandising functions lag behind when it comes to adoption of data analytics tools. Praetura Ventures has joined our mission to eliminate guesswork and empower humans with the data they need to make better pricing and inventory decisions.
With this investment we welcome two new board members - Colin Greene, a Praetura Operational Partner and former director of US Consumer Retail at Apple, and Louise Chapman who will join as Investor Director.
Colin Greene commented: “Sparkbox’s approach to inventory optimisation has the power to bring about massive changes in fashion and home retail, which is clearly behind the times when it comes to technology adoption within merchandising. I’m looking forward to working with the team and sharing some of the lessons I’ve learnt from my time at Apple and the other tech businesses I’ve been lucky to work closely with over the years. The wider Praetura team are excited to be backing another fantastic Northern tech business and providing more than money support to make Sparkbox a go-to solution for even more household brands.”
As we celebrate this milestone, Sparkbox Co-founders would like to thank our extended team for their hard work during the pandemic and our fantastic customers - many of whom initially invested in our technology and our vision for the future of merchandising at a time of great uncertainty.
Huge thanks to the team at Praetura Ventures, especially Louise Chapman and Peter Carway, and to Adam Kaucher at Irwin Mitchell in Manchester for advising on the deal.
We are hiring! Visit our open roles at careers.sparkbox.ai or share your CV with careers@sparkbox.ai.
For more information please reach us at info@sparkbox.ai.