Posted 8th July

Private equity firm leads £3m investment in DigitalBridge

8th July 2019 - 10:40am
money matters, kitchen, bathroom, digitalbridge, design, artificial intelligence, platform, maven capital partners, venture capital, private equity, investment, kbb, kbbdaily

Private equity firm Maven Capital Partners has led a £3m funding round in Manchester-based kitchen and bathroom design platform Digital Bridge, with the fresh capital earmarked to support the roll-out of DigitalBridge’s platform as well as create 15 new jobs.

Maven invested £1.5m in the company via its Venture Capital Trusts, with the remainder coming from the NPIF Maven Equity Finance, which is a regional development fund that forms part of the Northern Powerhouse Investment Fund.

DigitalBridge said the capital injection will also help it to create new products and “penetrate new markets, particularly the US”. The company added that it has been working with Kingfisher, which owns Screwfix and B&Q.

Its platform works by integrating directly into a retailer’s website and using artificial intelligence – AI – and computer vision technology to “guide people to easily design and visualise their dream bathroom or kitchen”. According to DigitalBridge, the technology “has been proven to drastically reduce sales cycles, increase conversion rates and average basket sizes as well as drive more engaged customers into store”.

“The team at DigitalBridge have developed a market-leading AI product which solves a genuine problem for retailers by better engaging with their customers online,” said Maven investment director Jeremy Thompson. “The considerable traction they have seen proves they’re enabling retailers to increase conversions, shorten sales cycles and increase order values.

“The business is developing a strong working culture which has helped them attract some exceptional talent in computer vision and machine learning. We are genuinely excited to work with them and support their next stage of growth, as they look to accelerate deployment of the existing product, develop new products and enter new markets, including the US.”

DigitalBridge CEO David Levine added: “Consumer buying behaviour has fundamentally changed, especially online as e-commerce now accounts for 15% of all retail purchases, according to Mary Meeker's Future of the Internet. People are doing most of their research online and are being inspired by what they see. Bathrooms and kitchens still require a lot of face-to-face time and store visits, however, so DigitalBridge uses AI and computer vision to guide consumers through the complex and confusing journey of designing their dream bathroom or kitchen.

“We’re excited to partner with Maven to drive DigitalBridge to the next level. In addition to the European retailers we are working with, this investment supports our growth into the US market and allows us to deliver on the opportunities we’re already working on.”

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