The platform helps high-profile brands, including American Express, FedEx, Western Union, iZettle and Vitality Health, target their direct marketing activity to businesses which are most likely to buy. The AI analyses results of past campaigns and then recommends future clients and the best way to approach them.
Growth Intelligence went into profit early last year and has tripled repeat customer revenue year on year. The company is confident that it will see continued triple-digit growth in 2019.
The company will use the £1.7 million to invest in its AI platform – building new AIs to solve additional challenges faced by B2B marketers. Data science, engineering and commercial talent are priority investment areas.
As part of the investment, Andy Robertson and Martin Brown are to join the board, with Stuart Dawson continuing as chairman.
Thomas Gatten, CEO of Growth Intelligence, said: “This is a great opportunity to invest on top of our triple-digit revenue growth. Trade is the human superpower, by applying AI to boost trade we are helping companies and economies grow faster.”
24Haymarket has invested in more than 50 high-growth business since inception in 2011, investing up to £5 million in any one company through its investor network.
Paul Tselentis, CEO of 24Haymarket, said: “24Haymarket are thrilled to invest in Growth Intelligence. We have been tracking the company’s progress and its unique approach to improving the productivity of B2B sales and marketing processes for two years. There is an exciting market opportunity ahead of them, as businesses embrace functional AI offerings. We look forward to applying our network to support the team on the next phase of their growth journey.”
London-based MMC Ventures invests more than £40 million annually in high-growth technology companies. Founded in 2000, the firm has backed more than 60 tech companies with the potential to disrupt markets. The firm has around £280 million under management.
Alan Morgan, chairman of MMC Ventures, added: “Growth Intelligence is one of a small number of companies using AI to deliver true predictive marketing. We are happy to announce our continued support for the business and look forward to working with Tom and 24Haymarket in the next phase of their growth.”