UK-based adtech startup Playrcart raises £1m as it prepares for growth
UK-based startup Playrcart, the company that makes advertising assets instantly transactional, raised over £1 million in funding and added industry heavyweight Peter Scott as Chairman.
Playrcart has created patent pending technology that enables transactions directly within an advertising asset. Born out of frustration with advertising assets that redirected consumers on a long purchase journey, Founder & CEO Glen Dormieux and Richard Mason CTO developed Playrcart.
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 across three global offices. "I am incredibly enthused about Playrcart," says Scott. "What persuaded me to initially invest was the sheer size of the market opportunity, patentable tech and the absolute belief and commitment of Glen and Richard."
Playrcart allows customers to instantly purchase products and services directly within rich media assets such as video and gifs, banner ads, as well as via live streams. With investment from an impressive list of private investors including Dominic Shorthouse and Clive Hollick alongside Playrcart's leadership team, Dormieux plans to use the funding raised to expand internationally and accelerate technical developments.
Playrcart is truly taking traditional "shoppable video" to the next level with brands that are using its technology to significantly dilute the sales channel. Whether that's booking a test drive or buying a ticket to a concert, Playrcart fast-tracks the purchase process by significantly reducing the amount of clicks it takes to arrive at checkout. Consumers have an immediate purchase option when their emotional response to an ad is at its strongest - within the asset itself. Shoppable is now fully transactional.
In an increasingly cookie-less world, brands and retailers will need their creative assets to work harder. Playrcart's technology solves the problem by delivering a frictionless conversion funnel. "We're thrilled to welcome Peter to the team and we're incredibly encouraged by the backing we've received this year. We've come a long way in a short space of time, and someone of Peter's expertise will be invaluable in the next leg of our growth," comments Dormieux.
Oliver Leigh, Head of Biz Development, is another key member of Playrcart's senior leadership team, alongside Scott, Mason and Dormieux.