Penny Black secures new £1.3m investment
New ecommerce marketing and packaging innovator Penny Black has secured a further £1.3m in in seed funding from Agfa and venture capital investor ninepointfive.
Print Monthly Consultant Editor
Thursday, 01 Dec 2022 09:15 GMT
Agfa and ninepointfive each committed £650,000
Penny Black will use the new funding to support the ongoing development of its software that is designed to seamlessly connect ecommerce stores, marketing tools and fulfilment operations.
Agfa and ninepointfive each committed £650,000 to Penny Black as part of the latest round of funding.
Having been incubated in Agfa’s innovation lab, Penny Black launched independently in the UK and Europe in April 2022 and has already secured a number of customers, including luxury jewellery and watch retailer Paul Valentine, tea mixology company Bird & Blend, and online contemporary nursery décor store Modern Nursery.
Douglas Franklin, chief executive of Penny Black, says the latest funding will help the company build on its early success and expand it client network in 2023.
“The meteoric rise of ecommerce means that packaging is quickly becoming the only physical contact brands have with their customer,” Franklin says.
“This makes it a hugely influential content channel in its own right, which until now has been staggeringly under-utilised due to the complexity of personalising the fulfilment process.
“Attracting this latest funding will support us to deepen the platforms we integrate with, strengthen our relationships with our fulfilment partners, and allow brands to use the unboxing moment to secure repeat and recurring revenue.”
Jorge Tomas, vice president of strategy and corporate development from Agfa, adds: “Penny Black’s holistic solution brings the best of digital to tactile personalisation, creating opportunities to build ever-important brand loyalty.
“We are always striving to support and nurture innovation that will transform industries. With its integrated approach, leveraging data, technology and partnerships, Penny Black is on course to do just that.”
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