Friday, May 24, 2024

£2.8m round will help Edinburgh HQ-ed company fuel data innovation and USA expansion – Scottish Business News

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BGF, one of the largest and most experienced growth capital investors in the UK and Ireland, today announces a £2.5 million follow-on investment in Edinburgh-based Hyble, an industry-leading provider of marketing technology to the global drinks and hospitality sector, as part of a £2.8m funding round.

The funding will be used to capitalise on momentum stemming from Hyble’s successful US launch and the recent signing of a multi-year contract with the world’s preeminent distributor of beverage alcohol, Southern Glazer’s Wines and Spirits (SGWS).

Hyble’s expansion into the USA has driven 73% year on year revenue growth in Q1, and the growth of Hyble’s team across the UK and US, to almost 100 people in the past year. 

In addition to an already impressive client list, which includes leading drinks brands such as Pernod Ricard, Diageo and Bacardi, Hyble has now launched with soft drinks customers in Ireland and Germany, proving the value of its software in growing adjacent markets and solidifying their position as a major player in the marketing technology landscape.

Hyble is benefitting from identifying two major trends in the sector, a move to self-serve design and on-demand print. Hyble’s intuitive, and scalable technology platform, enables brand owners and wholesalers to dramatically increase the level of marketing support they provide to their customers. Its technology allows users to create high-quality, highly customisable marketing materials quickly and easily, that increase brand visibility and product sales.

Craig Letton, CEO at Hyble, said: “We’re pleased to secure this new funding at an important moment for Hyble’s long term growth trajectory. Having recently relocated to the US, I’ve seen first-hand how our technology is having a game-changing impact for our customers. We’re particularly excited about the scale of the opportunity with SGWS and the opportunities it has created as we are now ideally placed to capitalise on this.”

Euan Baxter, investor at BGF and board member at Hyble, said: “We’ve enjoyed working with Craig and the wider Hyble leadership team since our initial investment in 2020. During that time, we’ve seen the business deliver significant growth. We look forward to the next chapter as the company explores a wider range of applications for its sector-leading technology.”

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