Triyit, a Glasgow-based marketing technology company, has secured £1.1 million growth funding for its ambitious plans to expand rapidly abroad. This fast-growing company must grow its seven-figure sales tenfold over the next two to three years.
Triyit was created with specific goals in mind: connecting FMCG brands with their targeted consumers. The company has already cooperated with such big global brands as Kellogg’s, Mars and Corona to activate relevant marketing campaigns for all of them. Founder Alex Barron said that, in recent times, interest in Triyit’s consumer engagement offerings increased significantly, tripling the operational activity for the year and, in fact, achieving record profits. He said that while multinationals are showing interest in the global expansion of Triyit, the company took the time to hone their offering before pushing growth in the UK and overseas markets.
The guaranteed investment will enable Triyit to focus on rapid growth in Europe, Australia, and the United States. As the company is already operating at a profit, it is well-positioned to consume this funding with efficient growth.
The company has committed to meaningful relations between brands and consumers since it was formed in June 2016. Its discovery platform of products allows users to test new products free of charge at home, which resulted in over one million sign-ups and more than 50,000 five-star ratings, making it one of the highest-rated product sampling services available.
This consumer base will form the premise of Triyit’s offer, focusing on data-driven consumer engagement solutions tailor-made for FMCG brands. The platform allows marketers to target specific audiences, generate user-generated content, gain profound insights into consumers, and drive growth more aptly. Estimating that brands spend over £100 billion every year around the world on sampling and consumer insights, Triyit wants to disrupt that market by offering more targeted and affordable options.
Mostly, £1.1 million investment is being funded by Investment Fund for Scotland (IFS) that is managed by Maven Capital Partners and British Business Bank, and by Scottish Enterprise Growth Fund. So far, the company Triyit has raised almost £1.4 million in capital.
Triyit also will continue to extend its capabilities in data science enhanced to improve on the technology platform. In these services, the company is looking to extend such activities of its kind domestically as well as internationally. Going back in the company’s history, Barron reminisced about fondly the time he personally delivered Triyit campaigns driving his mother’s Fiat Panda. With organizations such as Harper Macleod, Scottish Enterprise and Scottish Edge, the business has really taken off, and today is one of the first movers in hyper-targeting – a new practice to the world of product sampling that guarantees like no other such business.
