The seed round was led by Jenson Funding Partners and will fund platform development and partnership expansion.
"When I ran a portfolio of major music festivals for nearly a decade, I got to experience the merchandise world and all the issues that artists and fans go through first hand. It’s a problem that’s needed a solution for a long time, particularly on the sustainability front where it was often the case where I’d be left with countless boxes of items and be left to find ways of getting rid of it. Our marketplace platform helps alleviate all of these pain points and offers a more seamless process for all parties from start to finish. This funding will help us continue to develop our service and expand it to other parts of the world so artists and fans everywhere can enjoy a better experience with merch at live gigs."
The funding round was led by Mercia with backing from Beringea to support private sector expansion and new academy launches.
"These are really exciting times for our business and we are delighted that Mercia have invested in us alongside Beringea to help us scale and support more organisations to deliver a positive contribution to society and the planet. Their investment will allow us to continue to improve and innovate, making it easier for members provide to more social good."
BGF led a £5.3m minority investment in technology group KCA Holdings to fund platform development and team expansion.
"I had known of BGF for some time as they are very successful and active in fast-paced technology sectors. When they approached us I was pleased that the BGF team took the time to really get to know our management team and our business; they understand how we have successfully grown organically and can see how we can further accelerate customer efficiencies and benefits with additional investment."
The oversubscribed round surpassed its initial target with backing from senior executive Martin Varley.
"Merchr was created on the belief that everyone, no matter what level of entrepreneurial spirit they possess, has the power to design, publish and profit."
