Pepper, a software platform that creates merchant branded apps to drive loyalty and increase customer spending, has completed its Crowdcube equity crowdfunding round with nearly£798,830 in funding from 362 investors. The company originally sought to raise 500,000 and is now part of Crowdcube’s FundedClub.
The company was launched in 2015 and is currently live in over 50 stores and is reportedly looking to be added into more than 500. Pepper currently provides apps for three U.S. chains and is in discussion with businesses in the Middle East.
“Pepper is a proprietary software platform that builds and supports merchant branded apps for coffee chains, restaurants, and retailers looking to offer customers a host of features like pre-ordering, digital loyalty, mobile payment, rewards and surveys. Pepper’s tools are designed to improve customer service, speed up queues, automate loyalty and direct marketing, while gathering valuable data and customer insights.”
Pepper, which is backed by London Businesses and London Co-Investment Fund, stated it is now planning to launch a web-enable self-serve product later this year. This new product will be dedicated to independent businesses and small chains:
“Pepper achieved £80,240 in revenues in 2016 with over 50 live locations. With 4 prospects accounting for another 500 locations in negotiation we have identified a market of hundreds of prospects, representing thousands of locations. Pepper projects its 2017 year-end revenue at £732k (based on 700 locations). Pepper expects to increase revenue per merchant as additional features are added.”
Pepper added that funds from the campaign would be used for staff growth, product development, cash flow support.
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