Newcastle product sampling platform receives £750k investment
A North East capital fund has announced that it has invested £750k in a Newcastle product sampling platform.
The North East Development Capital Fund, supported by the European Regional Development Fund and managed by Maven Capital Partners, has invested the funding in product sampling platform, SoPost.
The business, which helps brand partners run product sampling campaigns online, will be using the funding to accelerate its expansion into new markets.
SoPost’s platform allows its customers to run highly targeted and data driven product sampling campaigns through a range of social media platforms and display advertising.
David Nixon, investment manager at Maven, commented: “We have been impressed by how the business has scaled in recent years and the ambition of management to continue to drive sales and platform enhancements, whilst looking to expand into new markets.
“SoPost is an exciting high growth business with a compelling proposition and is an excellent example of the type of company that the North East Development Capital Fund was set-up to support.
“Today’s funding will enable SoPost to accelerate its growth plans and capitalise on the increasing global demand for cosmetic products and online shopping.”
Jonathan Grubin, founder and CEO at SoPost, added: “We’re building something really special here at SoPost, and over the past eight years have demonstrated our ability to grow quickly and sustainably.
“I’m delighted that our partnership with Maven gives us the ability to accelerate our growth plans, and I’m excited to ramp up our investment in Newcastle, as well as in our key markets.”
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