L-r: Martin Balaam, CEO of Pimberly, Graham Davies of Mercia Fund Managers and Sue Barnard of the British Business Bank
Manchester-based software-as-a-service (SaaS) company, Pimberly has completed a Series A funding round after securing an investment from NPIF - Mercia Equity Finance, which is part of the Northern Powerhouse Investment Fund (NPIF).
The £2.0million funding announcement follows 16 months of rapid growth for Pimberly, whose SaaS Product Information Management (PIM) platform helps retailers, distributors and manufacturers to increase sales through accurate and engaging product information.
The Series A growth capital will allow the business to focus on product development, customer success and new business development.
Pimberly’s PIM platform enables users to harness and enrich increasing volumes of product data across multiple channels and regions. Its high-profile customers include Moonpig and Ellis Brigham.
Martin Balaam, CEO of Pimberly, said: “We’re absolutely delighted to have attracted such prestigious investment. Reaching this Series A funding milestone so quickly is an achievement for every member of the team and underlines the exciting potential of Pimberly. I am also proud to be showing that the North of England not only has a heap of great talent, but crucially has the funding available to help its businesses scale and grow.
“We created Pimberly because, as ecommerce continues to grow, so too does the need for companies to enrich their product information, handle an increased volume of data in multiple formats, and present it all to the consumer in a way that improves the overall shopping experience and encourages them to buy. Securing this investment gives us the impetus we need to scale up the business in line with our customers’ needs.”
Dr Graham Davies, Investment Director at Mercia Fund Managers, said: “Pimberly is a great example of the innovation and leadership that is fuelling the Northern Powerhouse. Its innovative technology is already disrupting the market, and we look forward to seeing where this exciting Manchester business can go with this funding.”
Ken Cooper, Managing Director at the British Business Bank, said: “This is one of the larger equity transactions from the Northern Powerhouse Investment Fund and it highlights the strength of the region’s software sector. Pimberly has the potential to disrupt in the UK tech market and we look forward to seeing the business develop over the next few years.”
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.