Salesfire, a Middlesbrough software firm that helps e-commerce stores drive sales, is to create around 50 jobs following a £2.25m funding round.
The bulk of the investment, some £2m, came from NPIF – Mercia Equity Finance, which is managed by Mercia and is part of the Northern Powerhouse Investment Fund (NPIF). The remainder was raised from a private investor.
Salesfire plans to use the funds to add more AI-powered features to its platform and double the size of its team, creating around 50 new jobs in the Tees Valley. Salesfire helps online stores optimise conversion rates by personalising and enhancing the customer journey.
Its rapid site search enables visitors to see an almost instant set of product results, making it easier for them to find what they are looking for. The platform also makes intelligent product recommendations and provides targeted messaging to prompt visitors to complete actions or finalise their purchases.
Salesfire was founded in 2017 by Rich Himsworth who had previously worked in software and marketing agencies. The company now serves over 650 customers including Moss Bros, Sports Shoes and Hamleys, and has annual recurring revenue of over £2m.
Himsworth said: “Salesfire aims to replicate the in-store experience, where sales assistants and effective signage help customers to find the right products and maximise sales. In the current challenging retail environment, it is even more important that online stores make the most of their marketing spend. The investment from Mercia and NPIF will enable us to develop exciting new features to make the platform even more powerful.”
The Northern Powerhouse Investment Fund project 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, and the European Investment Bank.
