Customer analytics start-up Uncrowd has raised £3 million.

The round was led by Northwest England based private equity firm Arete, while Begin and Matrix Capital also participated.

The firms said the capital will enable Uncrowd to further develop its platform and facilitate the expansion of the team.

Uncrowd said it works by collecting data and observations to generate a view of how a company is performing against its competition, whilst detecting potential areas for improvement and identifying why a customer chooses one company over another.

The news comes after Uncrowd received £500,000 of funding in 2018.

“The traditional customer analytics industry has historically focussed on a two-dimensional understanding of the customer and their motivation, which is great, but there was a real gap in the market that needed to be filled in terms of what is going on elsewhere in the space,” said chief executive and co-founder Richard Hammond. “Uncrowd works by looking at the wider picture, using relative attractiveness to measure a retailer’s performance – because that is the key to developing your business. When you know your relative attractiveness versus your competitors, then you have the full 3D picture.”

He added: “We have chosen to partner with Arete because the team really understand what we are about as a business and they offer a real partnership when it comes to investment, which was a huge priority for us.”

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