Edinburgh-based Machine Labs has today raised an additional seed funding round of €1.12 million led by Techstart Ventures alongside the founders, the angel investors Bill Dobbie and Richard Freedman, and the British Business Bank. An additional €112K was provided in the form of grant funding by Amazon and Scottish Enterprise.
Founded in 2018, the Scottish startup Machine Labs is an automated ecommerce marketing platform that harnesses data science to improve email communications, develop quality customer relationships and exponentially boost sales. The Machine Labs SaaS solution for marketing automation also enables you to create dynamic segmented groups by industry type.
Andrew Veitch, the founder and CEO of Machine Labs stated: “We’ve had a great first year with over 300 e-commerce stores from 23 different countries choosing Machine Labs to increase their sales. Right now, we work exclusively with Shopify who power over 1 million web shops around the world, of which 80,000 are in the UK. We are planning to add other e-commerce platforms next year.”
For many startups Covid-19 caused disruption to funding rounds and forced the cancellation of several critical business meetings. On the other hand the public health and safety measures resulted in an increase of 57% in usage of Shopify as high street shops were forced to switch to e-commerce.
Andrew Veitch added: “This was far from the ideal time to be raising money. Fortunately, we had made enough progress in the critical US market, which accounts for most of our customers, to get the support from investors for our next step. I’m hugely grateful to everyone who wrote a cheque at this difficult time, and I’m excited about where we will be in 2021.”
In total, the young company has now raised over €2.23 million, following the original seed funding round at the end of June 2019.