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Sparkbox raises SEIS investment from VC AI Seed

Sparkbox, a Southampton based retail tech startup, raised SEIS investment from London based VC AI Seed in a March deal that was supported by Jon Gill and Matthew Howells at TLT.

Sparkbox is a cloud platform that helps retailers sell more inventory more profitably by optimising their pricing. The company was launched in 2018 by four Co-founders, all ex retailers and retail consultants who previously worked together to deliver custom pricing solutions for major UK brands, including The Very Group, Arcadia, JD Williams, and Superdry.

Sparkbox uses machine learning to understand how customers respond to price changes in real time and makes specific pricing recommendations that are tailored to business goals. The solution can be set up in just a couple of weeks and the team anticipates their technology will be especially helpful for fashion and seasonal retailers as the industry emerges from the ongoing Covid-19 crisis.

In February, Sparkbox won Tech Nation’s Rising Stars 2.0 competition and was named one of the “top 10 most exciting early-stage startups in the UK”. In November, they won Fashion District’s Retail Futures Innovation Challenge and a cash prize sponsored by Westfield. Most recently, Sparkbox began working with Google for Startups through their Immersion program, and two founders were included in Forbes 30 Under 30 Europe list (Retail and Ecommerce category).

With the continued support of AI Seed, the team is looking forward to growing their team and customer base in 2020. To learn more about future funding rounds, please connect with lindsay@sparkbox.co.

UKBAA

By UKBAA09 Apr 2020