Exeter, United Kingdom-based provider of a customer data platform Distil.ai raised GBP 1.1 million (EUR 1.3 million) in recent funding. The round took place on July 6, 2023. Mercia Ventures led the financing for the company. Meanwhile, angel investors also supported the investment.
Purpose of financing for Distil.ai
With the latest financing, Distil.ai seeks to enable the company to further enhance its platform.
It also has plans to expand its sales and marketing team to help scale the business. Earlier in 2021, Mercia invested in the company via its EIS fund. Therefore, this is the second investment for the firm.
What the company’s official has to add
Gerry McNicol, founder and CEO of Distil.ai, said, “At Distil, we are passionate about the power of data. It is the lifeblood of any business, shaping the landscape of industries around us. However, to truly harness its potential and transform it into a strategic asset, the way we approach and manage data must evolve. This is the driving force behind Distil.ai. Our mission is simple, if you want your data to guide your strategy, empower your marketing, and boost your profits, it’s time to start ‘Distilling’ it. We’ve filled Distil with powerful algorithms to provide a clear view of your business’s performance. With the support of our partners in this funding round, we’re set to accelerate the shift towards a more insightful and efficient future.”
What the investors have to add
Rafael Joseph, Investment Manager with Mercia Ventures, further said, “Companies which are selling online often lack the data insights they need to target customers more effectively and focus their sales and marketing strategy. Distil.ai is a powerful tool that enables companies of all sizes to unlock these insights and can drive operating profit at a rapid pace. This funding will give the company additional resources to further enhance its product, ramp up sales and reach a wider audience.”
About the company
Gerry McNicol launched the company in 2018. High-profile customers such as AQL, Crowdfunder, CMO Stores, Eden Project, Flavourly, Mancave and Crowdcube are a part of the company’s clientele. The platform enables companies of all sizes without their own in-house data teams to access powerful business intelligence for e-commerce.
The company’s own Shopify app allows businesses selling via Shopify to trial its platform free of charge. It is also planning to launch apps for other online marketplaces.
For more extensive analysis and Market Intelligence reports, feel free to approach us.
We try our best to fact-check and bring well-researched as well as non-plagiarized content to you. Please let us know
if there are any discrepancies in any of our published stories,
-how we can improve,
-what stories you would like us to cover
–what information you are looking for in the comments section below or through our contact form! We look forward to your feedback, and thank you for stopping by!
Next Article
 in recent funding.){kind=link}