London fintech Upp. pockets $10m as it eyes global expansion
London-based fintech Upp. has secured $10m (£7.8m) in seed funding as its artificial intelligence and machine learning model wins over investors.
The startup, which uses AI to automate online retail, has garnered support in a funding round spearheaded by Californian venture capital firm Bonfire Ventures.
Mark Mullen, co-founder of Bonfire Ventures, said Upp. is “the future of online sales” and “possesses a lot of horsepower”.
“The company’s platform is incredibly powerful and has the potential to revolutionise the way retailers market, price and sell their products online”, Mullen added.
At the core of Upp.’s operations is its platform, Upp.AI, which employs advanced AI and ML technology to optimise advertising expenditure, enhance product discovery, and boost eCommerce sales.
Their innovative approach has already helped retailers achieve a 52 per cent increase in Google channel sales within the first year of adopting the Upp.AI platform.
Upp. was co-founded in 2019 by Ben White and Drew Smith.
White explained that Upp.AI will “empower retailers to excel in this fiercely competitive landscape”, see better results and “seamlessly align” their finance and marketing goals.
Retailers such as Charles Tyrwhitt, Onbuy, Roman Originals, and Nkuku are already using Upp.AI, which is available in the UK, Europe, and the US.
Upp. plan to use this investment to build a “world class” team, accelerate sales growth and expand into new global markets.