UK-based female-founded startup Slip gets €2.9M to help retailers with digitising receipts

London-based Slip, a software company, announced on Thursday that it has raised as raised €2.9M in a Seed funding round led by Adjuvo.

Other investors, including Haatch Ventures, Unbundled VC, the Side by Side Partnership, and a range of angels including ASOS’ Executive Vice President of Customer & Marketing, Dan Elton, and former CIO at Frasers and former CTO at John Lewis, Julian Burnett, also participated. 

Fund utilisation

The UK company will use the investment to further accelerate the power of its technology and enable more retailers to leverage receipts to better understand customer behaviour. 

The company will also expand its current team of seven. 

As part of this expansion, the company has appointed Myles Dawson, former Managing Director of Adyen UK, as Chief Commercial Officer.

Slip: Digitising receipts

Following a lost receipt incident that left her unable to return a faulty item, Founder and CEO Tash Grossman launched Slip to create a digitised system that enhances the customer experience and provides new opportunities for retailers to add value. 

She was joined by co-founder and CTO Eddy Herman.

 Slip‘s technology digitises receipts to help retailers understand consumer trends and engage with customers in new ways. 

Its API can integrate with existing systems and feed customer activity insights into partner CRMs and marketing technology stacks.

The Slip software has already been embraced by leading retailers, including JD Sports & Beyond Retro. 

Besides providing personalised marketing routes for retailers, the company is also on a mission to eliminate the environmental impact of paper receipts. 

Over 11 billion receipts are generated each year in the UK alone, most of which aren’t recyclable. 

Tash Grossman, Founder & CEO, comments, “Until now, receipts have represented nothing but waste and a wasted opportunity. The response we’ve seen from our early adopter retail partners says it all: our software drives engagement and unlocks valuable customer data. We’ve seen huge spikes in everything from email sign-ups to app downloads for the brands using our software. This investment will enable us to work with more retailers, make our products even more impactful, and prevent billions of receipts from heading to landfill.”

The investor

Adjuvo is an experienced membership network of Angel investors who support and commit capital to innovative early-stage British companies.

Mark Foster-Brown, CEO of Adjuvo, comments, “Slip has re-engineered the receipt from purely a proof of purchase into a tool that helps retailers better understand, re-engage, and reward their customers after leaving the store. Slip’s innovative, mobile-based technology not only gives customers a seamless experience throughout their transaction journeys, but also enables retailers to significantly improve data around customer behaviours and outcomes. We have been inspired by the drive and determination of Tash and the wider Slip team, and are delighted to support their next phase of expansion.”