Former Tesco CEO Sir Terry Leahy has led a £1.5 million cash raising process for mobile voucher business Eagle Eye Solutions, it was announced today.
Alongside City retail analysts Bill Currie and Iain McDonald, the former grocery boss has helped provide the funding which will allow the technology firm to further expand its team as well as consolidate and grow its retail partnerships.
It comes at a time when mobile marketing is expected to grow significantly in the UK due to the huge roll out of smartphones and just days after telecoms giants Everything Everywhere, Telefonica UK and Vodafone UK announced a joint venture to support the adoption of mobile payment technology across the British Isles.
“This is an exciting time to get on board with Eagle Eye Solutions, which has expanded its retail partnerships rapidly in recent months,” Leahy explained.
“The retail industry is waking up to the huge opportunities that mobile marketing represents and mobile coupons are a vital component.
“Eagle Eye is leading the way in this field and I look forward to playing a part in its positive impact on the market.”
It is the second investment Leahy has made in retail technology businesses in the space of a week following the announcement last Monday that he had put £2 million into online delivery management specialist Metapack to take a ten per cent share of the firm.
The backing of such a successful and experienced retail professional was welcomed by Metapack’s CEO and co-founder Patrick Wall at the time, and CEO of Eagle Eye Solutions Steve Rothwell was quick to identify a number of benefits Leahy’s investment could bring to his business.
“We are delighted to have secured the backing of such experienced and high profile figures within the industry,” Rothwell commented.
“Our technology empowers retailers with physical stores to use digital marketing techniques that have worked so well online in the last 15 years.
“This funding round will enable us to accelerate our progress and sign up more retailers more quickly than we could organically.”
Leahy’s investment follows last month’s announcements that Eagle Eye had appointed Hobbycraft executive Simon Burke as its new Chairman, and former Vice President of Global Alliances at AdMob Russell Buckley as Chief Marketing Officer.