Former Tesco chief executive Sir Terry Leahy has led a Series A round of funding in Eagle Eye Solutions, securing £1.5 million for the mobile voucher business.

Former Tesco chief executive Sir Terry Leahy has led a Series A round of funding in Eagle Eye Solutions, securing £1.5 million for the mobile voucher business.

Leahy and City retail analysts Bill Currie and Iain McDonald, who have invested in consumer facing companies such as The Hut Group, Metapack, ASOS and Zooplus, led the financing.

Eagle Eye, which develops mobile voucher issue and redemption technology for retailers, will use the funding to expand its team, and consolidate and grow its retail partnerships, according to a statement.

Leahy believes it’s an ‘exciting time’ to join the company, adding, ‘The retail industry is waking up to the huge opportunities that mobile marketing represents and mobile coupons are a vital component.’

CEO of Eagle Eye, Steve Rothwell, explains, ‘Our technology empowers retailers with physical stores to use digital marketing techniques that have worked so well online in the last 15 years.

‘This funding round will enable us to accelerate our progress and sign up more retailers more quickly than we could organically.’

The company works with a number of high street retailers, including Comet, Blockbuster and Virgin Active.

Leahy is said to be taking an ‘active role’ in the business, having made a number of introductions with senior level contacts in the retail space.

Currie and McDonald will be using their e-commerce experience to guide Eagle Eye’s business strategy.

The financing follows the appointment of retail industry veteran Simon Burke to chairman of Eagle Eye in June.