This latest round will support accelerated sales of its unique data insights offering, Product Future aimed at improving retailer margins.
The new funding came from existing investors, including SIB and Par Equity and new investors Equity Gap and London Scottish Investment Group and coincides with the appointment of retail expert Peter Robinson to the company’s board.
The team are now focussed on using the unique consumer preference data generated in app to help retailers survive the retail apocalypse currently facing them.
Mallzee delivers a great shopping experience for consumers and through this we’ve driven significant value for our retail partners.Cally Russell, Founder and CEO, Mallzee
New product failure is an issue that is estimated to cost retailers billions every year. Mallzee’s Product Future solution helps tackle this problem enabling brands and retailers to test and analyse product sales potential before any orders are placed by showcasing and capturing feedback through the app’s Tinder style interface.
Using this data in collaboration with companies’ merchandising and buying teams, can result in an improvement of between 6 and 10% in new product success rates, the difference between a profit or loss for many retailers. Since launch, the Mallzee app has won a range of awards, racked up over 1.4 million downloads and has seen over 150 companies list on the Mallzee platform, driving over 25 million visits to partner sites...