Eagle Eye Solutions, which claims to be the market leader in mobile voucher issue and redemption technology for retailers in the UK, has raised £1.5 million in a Series A round of funding.
The round was led by Sir Terry Leahy, the former chief executive of Tesco and who oversaw the introduction of the Tesco Clubcard, and city retail analysts, Bill Currie and Iain McDonald, who have previously invested in the likes of The Hut Group, Metapack, ASOS, QXL Ricardo and Zooplus. The new funding is said to enable Eagle Eye to further expand its team and “consolidate and grow its retail partnerships”, which include Comet, Blockbuster, Aurora Fashions and Virgin Active.
Eagle Eye’s technology enables retailers with physical stores to use digital marketing via digitally redeemed mobile coupons and gift vouchers in a way that utilises existing payment infrastructure. It does this by using the Chip and PIN pad already in retail stores, therefore bypassing the need for extensive upgrades of retail/EPoS systems, while the digital voucher is redeemable “simply and securely, in real time and with the ability to track customer usage.”
Today’s funding news follows the recent appointments of Simon Burke, the former Chief Executive of Virgin Entertainment Group and Chairman of Hamleys PLC, as Chairman and of Russell Buckley, former VP of Global Alliances at AdMob (which was acquired by Google) as Chief Marketing Officer at Eagle Eye Solutions.