GLASGOW, Sept. 17, 2024 – Glasgow-based marketing technology platform Triyit Ltd (“Triyit”) has secured an £850,000 investment, from the Investment Fund for Scotland (“IFS”), managed by Maven Capital Partners (“Maven”) and delivered by the British Business Bank, as part of a £1.1 million funding round.
Triyit connects fast moving consumer goods (“FMCG”) brands with target consumers through its innovative performance sampling and research campaigns. With over 1 million organic sign ups to the consumer facing “product discovery” side of the platform, Triyit offers brands a unique way to hyper-target and engage the right audience, with built-in campaign mechanics delivering deep consumer insights, quality user-generated content (“UGC”) and high value earned media influence as part of each activity. Triyit already works with a wide variety of brands, across all FMCG categories, from startups and challenger brands to market leading, global enterprise organisations like AB InBev, Costa, Arla, Mars and Kellogg’s.
Globally, brands spend over £100 billion on sampling, consumer insight, content, and influencer services each year. Triyit is paving the way as brands make the shift from outdated mass drop sampling and old-school research services, to a more targeted, measurable and cost effective approach to driving growth.
With agile consumer insight, authentic UGC and trusted earned media influence all forming a critical part of the strategy behind any fast growing FMCG company, Triyit is perfectly positioned to help brands embrace the change into a truly digital-first landscape. This investment will support further development of the company’s data science function, bespoke technology platform, and most significantly, the planned expansion of the wider service offering in the UK and international markets.
Rob Stevenson, Investment Manager at Maven, said: “Technology enabled product sampling is an exciting and fast growing market. Triyit is well positioned in the space with a strong consumer following and traction gained with a number of well known, established brands. The company has achieved impressive growth to date, and we look forward to supporting Alex and the team as they embark on the next stage of their strategy.”
Alex Barron, Founding CEO of Triyit, said: “We’re absolutely thrilled to announce this investment from Maven, facilitated by the Investment Fund for Scotland, which comes at a very exciting time for our business. Working with the team at Maven will help accelerate our plans for international growth and enable Triyit to fully achieve the long-standing vision of connecting consumer and brands like never before.”
Sarah Newbould, Senior Investment Manager, Nations and Regions Funds, at the British Business Bank, said: “High-growth technology businesses are increasingly becoming a mainstay of the Scottish economy and represent a core focus for the Investment Fund for Scotland. Through our fund managers, we are committed to helping entrepreneurs all over the country with better access to funding opportunities to support their growth and development.”
This marks the sixth investment made by IFS Maven Equity Finance. The Fund has also backed 3D printed micro-tumour specialist, Carcinotech, premium Indian ready meals business, Praveen Kumar and Glasgow University spinout, Nami Surgical. The £150m IFS covers the whole of Scotland and provides loans from £25,000 to £2 million and equity investment up to £5 million to help a range of small and medium sized businesses to start up, scale up or stay ahead.
The purpose of IFS is to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across Scotland. IFS will increase the supply and diversity of early-stage finance for smaller businesses in Scotland, providing funds to firms that might otherwise not receive investment and help to break down barriers in access to finance.
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ABOUT MAVEN CAPITAL PARTNERS LLP www.mavencp.com
Maven (a subsidiary of Mattioli Woods plc) is a leading private equity house focused on the provision of flexible funding for high growth businesses, and one of the most active SME investors in the UK. Headquartered in Glasgow, and with offices throughout the UK, Maven has over 100 investment and support professionals providing a truly nationwide coverage. Maven has over £790 million funds under management and available to invest, and manages assets for a variety of client funds, including Venture Capital Trusts, MBO Fund, UK regional fund mandates, and Maven Investor Partners, a syndicate of institutional, family office and experienced investors.
ABOUT THE INVESTMENT FUND FOR SCOTLAND
- Operated by the British Business Bank, the Investment Fund for Scotland (IFS) provides a mix of debt and equity funding. IFS will offer a range of commercial finance options with smaller loans from £25k to £100k, debt finance from £100k to £2m and equity investment up to £5 million. It works alongside the in-region small business finance ecosystem, local intermediaries such as accountants, fund managers and banks, to support Scotland’s smaller businesses at all stages of their development.
- The funds in which the IFS invests are open to businesses with material operations, or planning to open material operations, in: Greater Glasgow, Greater Edinburgh, Aberdeen and North East, Dundee and Tayside, South of Scotland and the Highlands & Islands.
- Supported by Nations and Regions Investments Limited, a subsidiary of British Business Bank plc, the Bank is a development bank wholly owned by HM Government. Neither Nations and Regions Investments Limited nor British Business Bank plc are authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA) www.investmentfundscotland.co.uk
