Marketing technology platform secures new investment for international expansion
News
Harper Macleod has advised Triyit, the Glasgow-based marketing technology platform, on a £1.1m investment round which will help the business accelerate its domestic and international expansion plans.
Triyit connects brands with target consumers by sending members a tailored selection of new products for free, in return for honest feedback. It works with a wide variety of household brands and manufacturers including Mars, Kellogg’s, Costa, Arla and AB InBev.
The business secured an £850,000 investment from the Investment Fund for Scotland, managed by Maven Capital Partners and delivered by the British Business Bank, as part of a £1.1m total funding round which included other private investment.
The funding will be used to develop Triyit’s data science capabilities, its bespoke technology platform, and UK and international expansion.
Triyit was established in 2016 and has had more than one million members sign up to its sampling and research community.
Alex Barron, founder and chief executive of Triyit, said: “We have seen demand for our hyper-targeted consumer engagement services skyrocket in recent years, tripling activity and enjoying record profits last year.
“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.
“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.
“We are excited to be entering the next stage of our journey and expanding internationally. Today certainly feels a far cry from our early days working out of the E-Spark accelerator, when I had to hand deliver thousands of Triyit campaigns myself – in my mum’s trusty purple Fiat Panda.
“We’ve had some fabulous support along the way, particularly from Harper Macleod, Scottish Enterprise and Scottish Edge who have all played a key role in helping us get to this stage.”
Investment and entrepreneurial experts at law firm Harper Macleod have advised Triyit since 2017 on various corporate and commercial matters including investments, licensing, employment matters and share options and trademarking. Harper Macleod initially began working with Alex and the Triyit team through its involvement with Entrepreneurial Spark, then Scottish Edge, as well as the Glasgow City Council Business Growth Fund Programme, under which Harper Macleod continues to provide expert support to Glasgow based SMEs.
“By combining a bespoke technology platform, the application of data science, and a deep understanding of consumer behaviour, Alex and the team have created an experience for members, and vital insights for customers. It is another example of a technology-led business, established in Glasgow, which is attracting international attention.”