Aero Commerce ramps up growth after securing £1.4m funding in less than a year
A Teesside ecommerce platform specialist is ramping up its growth strategy after securing £1.4m of investment in less than a year.
Aero Commerce, based in Middlesbrough, was incorporated at the end of 2018 by experience ecommerce software developers Richard Bendelow and Matt Burton.
Now, having handled almost £100m of online retail transactions through its Aero platform in its first 12 months, the firm is gearing up for growth of its work within the rapidly expanding digital sector, triggering the need for investment.
In its latest round of fundraising includes investment from Mr Bendelow, the North East Development Capital Fund, and also from The Future Fund, a Government scheme backed by the British Business Bank.
Maven, which is managing the North East Development Capital Fund, originally invested in Aero back in 2019 to fuel its sales and marketing activities and open an office in Newcastle.
The investment will support the company, which predicts it will achieve more than a quarter of a billion pounds worth of ecommerce activity in 2021, in growing its market presence as it expands its network of 60 UK partner agencies, which integrate the Aero platform into ecommerce sites they build for retailers.
The company anticipates doubling its workforce in the next 12 months to provide more support to its network of partner agencies, as well as financial transaction providers, such as PayPal and Klarna.
Mr Bendelow, CEO and founder, said: “Ecommerce is fundamental to the future of retail and has been brought into sharp focus by the events of the past 12 months. As a result, we are experiencing strong demand for our ecommerce platform and a growing pipeline of partner agencies looking to build Aero into online retail operations for national and international brands.
“Our combined experience of the booming ecommerce market, both prior to establishing Aero Commerce and during this truly unprecedented period, has built a reputation for the business across the web developer and retail sectors. This has enabled us to expand our partner network of agencies on a national basis, which we will develop further as a result of our latest investment.”
David Nixon, investment manager from Maven’s North East office, said: “We are delighted to continue our support for Richard and the team at Aero by leading the latest funding round which will enable the business to execute a number of exciting growth plans. Existing online retailers are looking for more effective and secure ecommerce solutions while the number of businesses establishing sales platforms is growing exponentially, which is creating significant opportunities for Aero’s innovative technology.”
Aero Commerce will be exhibiting their technology at Internet Retailing Expo. Get in touch to book a demo via the website at aerocommerce.com