Potential Manchester ‘Unicorn brand’ targets US following $15m cash injection
A $15m investment is funding domestic and international expansion for Manchester-based performance marketing efficiency platform, Lunio.ai.
The finance is a privately backed investment in a round of Series A funding led by Smedvig Capital.
The business – the first to market in the rapidly growing and highly topical performance marketing efficiency space – helps performance marketers achieve more while spending less.
The Series A cash injection is enabling Lunio’s growth plans which include breaking into the US market.
Founded in 2018 by co-founder and CEO, Neil Andrew, co-founder and COO, Segev Hochberg, and co-founder and CBO, Alex Winston, the scale-up has quickly grown by both headcount and client base due to brands catching on to the company’s unique offering of full automation and high level of efficiency.
The company now boasts an impressive client portfolio of more than 1,000 businesses, including brands such as McDonald’s, eBay and MetroBank.
Lunio.ai recently appointed Neil Ruth to the VP partnerships position as it continues to establish and grow its strong agency and channel presence. Neil joins the team off the back of successful exits with travel technology platforms, TapTrip and Vessul, in March 2022.
Neil Ruth said: “Expansion into the United States is our next target with us recently returning from a visit to Dallas, Chicago and NYC.
“The decision to expand stateside has been organically led by demand from Lunio’s UK agencies who have a US presence, success within our European divisions as well as a huge demand for increased efficiency on performance marketing spend from within the US market.”
Neil Andrew said: “We know that brands and agencies have a pressure to do more with tighter resources, and we’re here to help. Our solution is designed to streamline the entire process, driving increased efficiency at a time when every cent counts.”
He added: “With our recent $15m cash injection, we’re confident that we can make a real impact in this space and change the way businesses approach digital advertising for the better.”
Segev Hochberg said: “We have ambitious growth plans which include working with European, Australian and Asian markets having already secured significant customers within these regions.
“The company also aims to double its head count – which currently sits at 69 – in line with its plans to open a new 200-capacity HQ in Manchester in March this year. Lunio’s overarching goal is to become Manchester’s next Unicorn brand which it is on track to achieve.”
