Wi-Fi and location analytics platform Purple has raised 拢10.5 million investment from BGF.聽
Purple was founded in 2012 by Gavin Wheeldon out of frustration for poor guest Wi-Fi connections and has now evolved into a powerful tool for businesses to turn their physical venues into intelligent spaces.
Its two core offerings are a cloud-based guest Wi-Fi access portal providing detailed business analytics; and digital wayfinding solutions following the acquisition of US wayfinding business LogicJunction in 2019.
It recently launched an asset tracking platform which enables customers to monitor, track and precisely locate key assets live on an interactive map and, through integration with wayfinding, can alert the client if an asset leaves a pre-set area.
Headquartered in Manchester, Purple has more than 1,000 customers worldwide, including blue-chip corporates and SMEs across a wide range of markets such as hospitality, retail, government, healthcare, banking and transport.
鈥淐ustomer experience has become a key driver across a multitude of sectors in recent years which, in turn, has sparked a wave of digitalisation in order to meet the needs and expectations of end users,鈥� said CEO Gavin Wheeldon.
鈥淭he rise in indoor location services has rocketed, providing us with the perfect platform to grow our core product offerings. In order to realise our future ambitions, we wanted to partner with a minority investor that was willing to join us on our growth journey by taking a long-term approach to their investment. In BGF, we have found that partner. 鈥�
The deal was led by Pinesh Mehta and Courtney Walker, investors in BGF鈥檚 Manchester team.聽
Mehta said: 鈥淧urple is a highly impressive and fast-growth business that has tapped into a market that is ripe for growth 鈥� both domestically and internationally.聽
鈥淭he team鈥檚 appetite for continuous product development perfectly positions them to capitalise on the rise in demand for consumer data and insights, with the entire indoor location services market expected to grow exponentially over the next decade.
鈥淲e鈥檙e delighted to be working alongside a hugely ambitious and talented team, helping them to reach their full potential in what is a dynamic and innovative marketplace.鈥�