Bubbl receives £789,000 Innovate UK funding as it scales up
12th February, 2019
B2B2C tech start-up Bubbl (www.bubbl.tech) has received a £789,000 funding from Innovate UK to develop its game-changing proximity marketing plug-in for businesses.
The award comes as part of Innovate UK’s highly competitive two-year Innovation Loans programme pilot, which enables innovative companies to apply for very low interest loans on a competitive basis to scale up their proven new technologies and disruptive business models.
Bubbl’s geofencing location based marketing technology has been developed in response to the new GDPR landscape and the limitations of current data-driven mobile marketing and customer engagement models. Its B2B2C technology uses advances in mobile handset capability and location tools, meaning brands can now create authentic content led engagement based on a customer’s location and preferences.
Bubbl will utilise the funding to continue to build its world class in-house tech team, whilst scaling up the business, following successful trials with commercial clients in 2018.
Jo Eckersley, CEO of Bubbl, said:
“Bubbl was set up with a vision to provide an easy-to-use solution for three major problems in the marketing industry: irrelevant messages, privacy & security and complexity of solutions for the marketer wanting to reach mobile users. By turning any app into a new dynamic content location based distribution channel our tech will disrupt the international Adtech and Martech mobile space. Our tech helps owners of any existing native or hybrid app to significantly improve their real time customer engagement capability, using new types of content for customers, based on a knowledge of their exact location and current scenario – such as their presence at a particular event.”
A new way to engage
The Location Based Marketing (LBM) market is expected to be worth $52.46billion by 2022 (according to the Location, Technology, Software, Service, Application Global Forecast), and is gaining recognition as a major economic opportunity for the advertising and marketing industries.
Bubbl uses geo-fencing technology to foster engagement with customers in the most highly contextual, personal and relevant channel possible: their mobile device. This kind of engagement is highly relevant to where the customer is and what they are doing, making it more meaningful and driving up engagement.
Tim Sawyer, Chief Investment Officer at Innovate UK said:
“We recognise that access to finance for highly innovative projects involving later stage R&D can be challenging. Innovation loans are meant as a way to help businesses to scale and grow through innovation and our pilot programme is showing that we can add this form of support for ambitious businesses like Bubbl.”
The app engagement space
The average app loses 77% of its daily active users within the first three days (according to Quettra data). Increasing customer retention rates by just 5% can increase a company’s profitability by 75% (according to Bain & Co data) and using push notifications has the ability to boost retention rates by a staggering 180% (source). Bubbl is an integral part of the digital marketer’s shift in focus to the app engagement space as a way to unlock new revenue streams.
With the Bubbl technology platform and API’s/SDK’s for apps, brands, agencies and media channels have a new media and content distribution vehicle, creating potential for new revenue streams through service extensions in campaign management and creative. Bubbl is fully GDPR-compliant, enabling genuine mobile engagement in a way that is far less intrusive for the consumer than traditional ads to mobile.
Even when the app is not open, Bubbl allows an app owner to share hyper-local content in a much more relevant, customer service-focused way. Bubbl also facilitates live user feedback and immersive engagement, using emerging technologies in this space in a novel location-aware way.
Bubbl is winning awards for innovation in the LBM space and this funding award joins other accolades recognising Bubbl as one of the SOA technology providers in the field, with a faster implementation, dynamic engagement, and real time activity views that are not currently found elsewhere.
The start-up is still actively raising funds, with £150,000 in shares available to investors.
For further information, please contact:
Onyx Media and Communications
T: +44 20 7048 2700