London-based Playrcart is an app that lets you browse and watch video content, then buy the related products, without leaving the player, and is usable on any device. Today, the company announced that it has raised over £1M (approx €1.17M) in a fresh round of funding.
The round saw participation from a list of private investors, including Dominic Shorthouse and Clive Hollick.
“Making advertising transactable”
Founded in 2011 by Glen Dormieux, Playrcart has created patent-pending technology that enables transitions directly within an advertising asset. Its App lets users browse and watch video content, then buy the related products, without leaving the Player.
The platform was born out of frustration with advertising assets that redirected consumers on a long purchase journey, and this is what led Founder & CEO Glen Dormieux, and Richard Mason CTO to develop Playrcart.
Typically users that wish to purchase viewed content are being redirected to a third-party website to fulfill the transaction. However, Playrcart gives users the ability to view content then conveniently buy merchandise or tickets from within the app, all in one window. Basically, customers can purchase products and services directly within rich media assets such as video and gifs, banner ads, as well as via live streams.
According to the company, brands that use Playrcart’s technology see their sales funnel diluted by 70 per cent on average.
Use of the funds
The proceeds from this round will help Playrcart to expand its services internationally and accelerate technical developments.
Peter Scott joins as Chairman
Besides the funding, the company also announced industry heavyweight Peter Scott as its Chairman. Scott co-founded WCRS and became Chairman and CEO of Aegis, and later co-found and headed up The Engine Group, which saw revenues of £120M.
Speaking on the development, Scott says, “I am incredibly enthused about Playrcart. What persuaded me to initially invest was the sheer size of the market opportunity, patentable tech and the absolute belief and commitment of founders Glen and Richard.”