Airtime Rewards to ‘fast track’ growth with £1m Northern Powerhouse investment
Airtime Rewards Ltd has secured £1m to fuel its next stage of expansion.
The Manchester- and London-based company, which runs a digital customer loyalty programme, will use the funding to grow its sales and customer services functions.
The investment will also enable Airtime to develop its infrastructure and technology platform.
NPIF - Maven Equity Finance, part of the Northern Powerhouse Investment Fund managed by Maven Capital Partners, contributed £750k of the seven-figure total.
Airtime enables shoppers to build reward currency that can be converted into monetary credit on their mobile phone account or used for additional mobile data.
Waitrose, Missguided and Sunglass Hut are among the retailers already signed up, rewarding members when they transact using their linked payment cards.
The company was founded by entrepreneurs Adam Ward and Josh Graham.
CEO Adam said: “2017 was a pivotal year for our business when we were able to prove that there is a clear consumer and retailer demand for our technology, giving us a solid platform for growth.
“It has been great to find an investor in our home city of Manchester which shares our vision and we are looking forward to working with Maven to take our business to the next stage.”
Maven investment manager James Darlington commented: “We are delighted to support Airtime in realising its growth strategy.
“The company’s offering is exciting and innovative - allowing users to transact and redeem their rewards easily and in a way that best suits their lifestyles. Adam and Josh have worked tirelessly, achieving a great deal of success within a short timeframe and with minimal resources.”
He added: “They have positioned the business well and this investment will allow them to fast track the company’s performance. We look forward to working with them to drive the business over the next few years.”
The Northern Powerhouse Investment Fund is operated by British Business Bank.
Ken Cooper, British Business Bank MD, said: “It is great to see NPIF investment supporting innovative businesses like Airtime. This funding will help them grow through developing their pioneering technology platform.”
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