Consumer insights platform, Vypr, has raised £3.4m to scale its operations.
YFM Equity Partners (YFM) has provided £3m of the cash, which means its total investment in the Manchester firm has reached £5.5m. The remainder came from the management team and existing shareholders.
Chairman, Richard Law, who previously grew North West-headquartered GB Group plc from a valuation of £5 million to £500 million, becomes the second largest shareholder after YFM with a holding of over 10%.
“Vypr is addressing the nascent market for real time insights and intelligence that businesses need to enable them to make the right and most profitable decisions about what new products and propositions to develop and when to launch them. It is building both a strong market position and brand and has recruited an enviable group of household name clients that now base their decisions on Vypr Insights,” said Law.
“I’m confident that our market will continue to grow strongly as consumers demand better products in shorter development cycles and as more business continues to move online. I’d like to congratulate the Vypr Team on their success both in growing the business and attracting this new funding and thank our shareholders for their ongoing support.”
The company’s cloud-based product intelligence platform is used by companies including M&S, Leon, and Ella’s Kitchen.
“We have been really impressed by the power of the Vypr platform and how rapid and robust consumer-validated insights help clients to streamline their product intelligence processes and reduce waste and cost. We continue to be excited by the market opportunity and look forward to Vypr further developing its market-leading proposition,” added YFM partner Steve Harrison.
