Sparkbox secures £1.5m seed investment from Praetura Ventures to expand its retail pricing platform.
Praetura Ventures backed the Manchester retail technology start-up in a round earmarked for team expansion.
Share allotment filed at Companies House
Sparkbox provides a cloud platform for retailers that optimises pricing to improve inventory turnover and profitability.
Manchester-based retail technology start-up Sparkbox has secured £1.5m in seed funding from Praetura Ventures. The capital will be used to double the company's headcount and expand its client base among fashion, home and seasonal retailers.
Founded in 2019, the firm employs machine learning models to help merchandising teams forecast demand, set prices and plan stock levels. Alongside the investment, Praetura operational partner Colin Greene is joining the company board.
The business counts River Island and Matchesfashion among its clients and previously participated in accelerator programmes run by Google and Tech Nation.
From the founder
"As a team of former retailers, we’ve seen first-hand how the retail industry is advancing in many areas but falling behind when it comes to making data-driven decisions. We know how much potential there is for AI and machine learning to improve profits and reduce waste in retail, and we are thrilled to have Prateura join us on our mission to modernise merchandising and put data behind the important pricing and inventory decisions our users make every day."
Lindsay Fisher
Co-founder at Sparkbox
Use of funds
- 01Grow the team
- 02Accelerate go-to-market
Investors
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About the company
Sparkbox
Sparkbox offers cloud pricing software that helps retailers sell inventory more profitably.