SwipeStation attracts investment

New technology start-up SwipeStation has secured more than £300,000 in funding from two key investors, valuing the company at £1.25 million.

Neil Sikka and Adrian Grumi have invested their money for 25% of the fledgling business, which was launched in 2012 by 23-year-old entrepreneur Sam Fresco and founder of digital agency Clock, Syd Nadim.

Grumi, executive director of BBNG Financial Services, has a decade’s experience in the financial sector, while Sikka recently sold his business, Barbican Dental Care, for which he was awarded the Dentistry Innovation Award in 2003.

Both investors saw an exciting opportunity in SwipeStation, which is an innovative in-venue technology platform allowing brands and retailers to close the loop on their marketing campaigns and track promotions from inception through to redemption. The highly-flexible technology is designed for a range of location-based marketing scenarios. It has the ability to drive fresh and repeat footfall, and promote products with instantly-verified game mechanics.

SwipeStation allows consumers to engage with campaigns via digital and print media, utilising a printer, scanner and screen hooked up to The Cloud to seamlessly bridge the gap between online and offline. Clients include Red Bull, Pepsi, Empire Cinemas, Butlins and Yates’s.

Sikka, winner of the Asian Business Awards’ Entrepreneur of the Year, said: “I’ve been looking to invest in a new venture that will benefit from my experience and contacts, as well as something that excites me. I’ve known Syd for a number of years now and when he showed me SwipeStation in development two years ago I immediately saw the potential. I’m thrilled that we are now business partners and look forward to working with him, Sam and Adrian to build an exciting and disruptive business.”

Grumi said: “I really wanted to get involved with something completely different. When I heard about the SwipeStation investment opportunity, I realised I’d found just what I was looking for. It’s fun, innovative and is at the right stage where, as a shareholder and hands-on director, I can help take it to the next level.”

Sam Fresco, co-founder and director of SwipeStation, said: “We’d invested a huge amount of money, sweat and tears getting SwipeStation to a stage where we were ready to seek investment.

“I’ve put heart and soul into this business and it’s a huge vote of confidence that two experienced businessmen share the vision and are willing to invest a considerable amount of cash into helping make that vision a reality.”