Uncrowd raises £3 million for customer analytics platform
Arete has led a £3 million investment into customer analytics startup Uncrowd.
Begin and Matrix Capital also participated in the round.
This builds on a a £500,000 seed funding round in 2020.
Uncrowd Co-founder Richard Hammond has over 30 years’ experience in the retail sector and is the author of Friction/reward: Be your Customer’s First Choice.
This became the framework for the venture’s business model, following a collaboration of ideas with fellow Co-founder and friend of 21 years, Rocky Howard.
The company was named as Microsoft’s Global Startup Partner of the Year in 2020 and is currently working with a number of brands in the UK and the US. The deal with Arete will enable Uncrowd to further develop its platform and expand its team.
Hammond says: “The traditional customer analytics industry has historically focussed on a two-dimensional understanding of the customer and their motivation, which is great, but there was a real gap in the market that needed to be filled in terms of what is going on elsewhere in the space.”
“Uncrowd works by looking at the wider picture, using relative attractiveness to measure a retailer’s performance – because that is the key to developing your business. When you know your relative attractiveness versus your competitors, then you have the full 3D picture.”
He adds: “We have chosen to partner with Arete because the team really understand what we are about as a business and they offer a real partnership when it comes to investment, which was a huge priority for us.”
“We had a number of options, but with Arete we saw a genuine sharing of expertise and we respected them as bringers of extra value right from our first conversation.”
“We’re looking forward to embarking on a long and successful relationship, leaning on Arete’s extensive knowledge of the tech and digital sectors to really help drive our business to its next stage of growth.”
2021 has also seen Arete invest in RTIH Innovation Awards nominee Peak AI.
Ben Hatton, Partner at Arete, says: “We're really excited to be partnering with Uncrowd. The business is already operating at a global level, which is down to the hard work and expertise of the senior management team which has come together to create a stand-out proposition.”
“In just four years, Uncrowd has managed to achieve recognition from tech giants Microsoft and Silicon Valley’s Plug and Play, the largest early stage accelerator platform in the world.”
“These are huge achievements for a company so young, which makes this a fantastic opportunity for Arete. We're looking forward to working together with Richard, Rocky and the wider team to drive Uncrowd to the next level.”
