Glasgow-based marketing technology platform Triyit has raised £1.1 million in growth funding finance as it prepares for international expansion.
The business, founded by Alex Barron, specialises in connecting fast-moving consumer goods (FMCG) brands with target consumers. It currently operates exclusively in the UK delivering campaigns for brands for organisations such as Kellogg’s, Mars, drinks giant AB InBev and the Costa coffee chain.
The bulk of the investment, £850,000, was provided by the Investment Fund for Scotland (IFS) which is managed by Maven Capital Partners on behalf of the British Business Bank. The Scottish Enterprise Growth Fund also took part in the funding round, taking to total raised to date by Triyit to nearly £1.4m.
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The fresh funding will be used to support further development of the platform, and a planned expansion of the wider service offering.
“Despite repeated requests from multinational corporations for us to expand our data-driven services globally, we have deliberately taken the last few years to refine and consolidate our unique offering and are now perfectly poised to accelerate growth in the UK home market and also internationally," Mr Barron said.
“Although the business is already profitable, raising this growth funding gives us the ability to scale rapidly both in the UK and for the first time internationally in Europe, Australasia and the USA.”
More than £100 billion is spent globally on sampling, consumer insight, content, and influencer services each year. Triyit is paving the way as brands make the shift from outdated mass drop sampling and old-school research services, to a more targeted, measurable and cost effective approach to driving growth.
Rob Stevenson, investment manager at Maven, said technology-enabled product sampling is an "exciting and fast-growing market".
"Triyit is well-positioned in the space with a strong consumer following and traction gained with a number of well-known, established brands," Mr Stevenson added. "The company has achieved impressive growth to date, and we look forward to supporting Alex and the team as they embark on the next stage of their strategy.”
Sarah Newbould, senior investment manager at the British Business Bank, added: “High-growth technology businesses are increasingly becoming a mainstay of the Scottish economy and represent a core focus for the Investment Fund for Scotland.
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"Through our fund managers, we are committed to helping entrepreneurs all over the country with better access to funding opportunities to support their growth and development.”
It marks the sixth investment made by IFS Maven Equity Finance. The £150m fund covers the whole of Scotland and provides loans from £25,000 to £2m and equity investment up to £5m to a range of small and medium-sized businesses.
It was set up to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across Scotland. The goal of IFS is to increase the supply and diversity of early-stage finance for smaller businesses in Scotland by providing funds to firms that might otherwise not receive investment.
Mr Barron added: “We’re absolutely thrilled to announce this investment from Maven, facilitated by the Investment Fund for Scotland, which comes at a very exciting time for our business. Working with the team at Maven will help accelerate our plans for international growth and enable Triyit to fully achieve the long-standing vision of connecting consumer and brands like never before.”
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