Pimberly secures £2m Northern Powerhouse boost
Manchester-based software firm Pimberly has closed a £2m funding round from NPIF – Mercia Equity Finance, which is part of the Northern Powerhouse Investment Fund.
The Series A round follows 16 months of "rapid growth" for the business, whose software-as-a-service (SaaS) platform helps retailers, distributors and manufacturers to increase sales through accurate and engaging product information.
The Series A growth capital will allow the business, which counts the likes of Moonpig and Ellis Brigham as customers, to focus on product development, customer success and new business development.
"Reaching this Series A funding milestone so quickly is an achievement for every member of the team and underlines the exciting potential of Pimberly," said CEO Martin Balaam.
"I am also proud to be showing that the North of England not only has a heap of great talent, but crucially has the funding available to help its businesses scale and grow."
He added: "We created Pimberly because, as eCommerce continues to grow, so too does the need for companies to enrich their product information, handle an increased volume of data in multiple formats, and present it all to the consumer in a way that improves the overall shopping experience and encourages them to buy."
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
Dr Graham Davies, investment director at Mercia Fund Managers, said: “Pimberly is a great example of the innovation and leadership that is fuelling the Northern Powerhouse.
"Its innovative technology is already disrupting the market, and we look forward to seeing where this exciting Manchester business can go with this funding."