SnapDragon Monitoring, an Edinburgh-based online brand protection business, has raised more than €1.4 million in its latest funding round – bringing the total raised to just over €3.4 million – from ACF Investors, Mercia, and Scottish Enterprise, to help brand owners identify and remove fakes, copycats and online threats.
The fresh capital will be used to develop the technology and AI/ML to further extend capabilities, to scale the infrastructure, and to continue to build the team to help an expanding base of global clients fight fakes and copycats. Founded in 2015, SnapDragon Monitoring has grown its headcount by 25% in the last 12 months to support a significantly expanded client portfolio.
With fake products contributing over 3.3% to world trade each year, according to the OECD, SnapDragon Monitoring’s ‘Swoop’ platform searches for copies and counterfeits of products and brands, so that they can be removed from sale. Doing so protects revenues, reputations and, most importantly, the end consumer. Current clients include innovative US baby brand 4moms, Australian b.box, AG Barr, producers of the iconic IRN-BRU and Rubicon brands; UK-based Bondeye and global phenomenon StylPro.
Rachel Jones, Founder and Head Dragon, commented: “Sometimes out of adversity comes opportunity, and SnapDragon is testament to that. We are helping brands to remove fakes from sale online: protecting revenues, reputations and, most importantly, the end consumer. What brands may not realise is that sales made from counterfeits fund organised crime, such as trafficking – and nobody wants a fake of their brand funding illicit trade. In identifying fakes online, and removing them from sale on the pertinent platforms, we prevent their visibility and subsequent purchase, export, import and distribution.”
She continued: “We are pleased to have successfully raised additional funding to enable further business development and growth. We are female-led business, bucking the trend in terms of raising investment and being in the tech space – and delivering outstanding results to protect brands around the world. We are hugely proud of everything the team has achieved to date, not least preventing over £100 million of fake goods being sold in the last 12 months, and look forward to future growth and success.”