Ecrebo secures £12 million investment from partnership which includes Air Miles and Nectar founder, Sir Keith Mills
- Posted by Sarah Todd
- On 22nd February 2017
– Investment will be used to support product and technology development, accelerate expansion into North America and strengthen Ecrebo’s world-class management team
– Sir Keith Mills, Air Miles and Nectar founder and Joseph Schull, the former Head of Europe for international private equity firm Warburg Pincus, both join the board of Ecrebo
Ecrebo, the retail point of sale marketing specialist, has today announced a £12 million investment from Air Miles and Nectar founder Sir Keith Mills and former Warburg Pincus Head of Europe, Joseph Schull.
The new funding will support increased investment in product and technology development for Ecrebo’s digital marketing platform, and will help to accelerate the retail technology specialist’s global expansion, with a particular focus on North America. This will build on Ecrebo’s success to date in Europe, and entry into the American market in 2016. The funds will also be used to recruit new talent into Ecrebo’s growing team.
Sir Keith Mills and Joseph Schull will join Ecrebo’s board as directors alongside the company’s Founders, Dr Hassan Hajji and David Vernon. Existing investor Octopus Ventures, one of Europe’s largest venture capital teams, is also participating in the investment round and will continue to be represented on the board.
Ecrebo’s innovative technology platform enables retailers to deliver targeted offers and messages to customers at the checkout alongside their receipt or digital receipt. Since 2010, the Ecrebo platform has processed more than £35 billion in transactions for some of the world’s leading retailers, including M&S, Waitrose and PANDORA, and generated more than £500 million in additional sales. The Reading-based business also recently featured in the Deloitte UK Technology Fast 50 2016 as one of the UK’s fastest-growing technology companies.
Sir Keith Mills, said: “I am delighted to announce this investment in Ecrebo, who impressed me with their firmly-established credentials and leadership within the retail technology sector. Ecrebo’s technology gives retailers the ability to open up a marketing channel that is fully retailer-owned, enabling them to reach all their customers and engage them on a one-to-one basis in a way which is personalised, rewarding and convenient. I am looking forward to working closely with the Ecrebo team in the coming months to help them grow the business both in the UK and internationally.”
Joseph Schull, said: “Ecrebo’s technology platform is highly differentiated and greatly valued by the company’s world-class customers, who derive demonstrable ROI from it. Hassan Hajji and his colleagues have developed an ingenious application which seamlessly integrates with customers’ point of sale infrastructure and enables personalised communication at the till, which can be rapidly rolled out at scale. We see considerable growth potential from new and innovative products which are already in development, as well as further geographic expansion to build on the successes achieved to date.”
Dr Hassan Hajji, Ecrebo Co-Founder and CEO said: “We are delighted to secure investment from Sir Keith Mills and Joseph Schull and to welcome them both to our board. Their long-standing retail expertise and investment experience will help to further enhance our product offering, recruit the best talent, and expand into North America, and beyond. We’re really excited about the impact this investment will have on both our customers, our employees and our technology in helping us to reach our full potential.”
About Sir Keith Mills GBE DL
Sir Keith Mills GBE DL is a British business entrepreneur who founded the Air Miles and Nectar customer loyalty programmes and has established numerous businesses, both in the UK and internationally. In September 2003, Sir Keith was appointed International President and CEO of London 2012, the company that successfully won the bid for the 2012 Olympic and Paralympic Games. Having established the London 2012 organisation which planned and organised the Games (LOCOG), Sir Keith remained as Deputy Chairman alongside Lord Sebastian Coe to oversee operations. In 2014, Sir Keith was Chairman of the Invictus Games, working with Prince Harry to deliver a new major international sport event for wounded servicemen and women. Sir Keith also chairs the Sported Foundation, the 1851 Trust, and The Royal Foundation of the Duke and Duchess of Cambridge and Prince Harry.
Sir Keith is the founder and director of the British America’s Cup team, and Chairman and sole shareholder of the Origin Sports Group.
Sir Keith has received numerous awards including: Master Entrepreneur of the Year, Chief Executive of the Year, and the Sports Industry Businessman of the Year, and was knighted by The Queen in 2006 and again in 2013 for his services to sport.
About Joseph Schull
Joseph Schull has been involved in early stage, development capital and leveraged buyout investments across the technology, media and telecommunications (“TMT”) sector during an 18-year private equity career. He joined Warburg Pincus (“WP”) in 1998 and led the firm’s TMT group in Europe as well as its investment activities in Emerging Europe. During 2010 through 2015, he was WP’s Head of Europe, and he served as Chairman of Warburg Pincus International LLC during 2016. During 2010-2016, he was also a member of the firm’s Executive Management Group, which oversees WP’s activities on a worldwide basis.
He holds a B.A. and M.A. from McGill University, where he studied politics, philosophy and economics and was a Guy Drummond Scholar, and he received a D. Phil from Oxford University, where he was a University Lecturer during 1990-1991.
He has been involved in Warburg Pincus investments in software and technology-enabled services, B2B and information services, cable television and broadband services and digital media. He is currently a director of Mercator, a leading provider of software and services to the global aviation industry, and of IPAN, a leading provider of software and services for the management of intellectual property assets. He also serves as a Board advisor to Blue Yonder, a leading European provider of cloud-based predictive applications for retailers.
He is a member of the Advisory Council of venture philanthropy organisation Impetus-Private Equity Foundation, a member of the Visiting Committee to the Social Science Research Council, and a member of the International Advisory Board of McGill University.