Slip, a platform redefining the role of receipts in retail, has raised a €2.9 million seed round led by Adjuvo and joined by Haatch Ventures, Unbundled VC, the Side by Side Partnership, and a range of angels including ASOS’ Executive Vice President of Customer & Marketing, Dan Elton, and former CIO at Frasers and former CTO at John Lewis, Julian Burnett.
Launched in 2022, Slip’s software is used by retailers to transform their receipt process and unlock a new realm of customer data and insights. The Slip software has already been embraced by leading retailers, including JD Sports & Beyond Retro.
By digitising receipts, Slip’s technology acts as a gateway that surfaces consumer trends, boosts engagement, and provides new marketing opportunities; allowing retailers to connect with customers in fresh ways and offer loyalty benefits. Slip’s API can integrate with existing systems – thanks to partnerships with leading providers including Shopify, Klaviyo, Epos Now and Sitoo – with insights from customer activity fed directly into partner CRMs or marketing technology stacks.
Tash Grossman, Founder & CEO, commented: “Until now, receipts have represented nothing but waste and a wasted opportunity. We’re transforming the humble receipt from its static, destined-for-landfill status into a data-rich source of customer insight. The response we’ve seen from our early adopter retail partners says it all: our software drives engagement and unlocks valuable customer data. We’ve seen huge spikes in everything from email sign-ups to app downloads for the brands using our software. This investment will enable us to work with more retailers, make our products even more impactful, and prevent billions of receipts from heading to landfill.”
JD Sports partnered with Slip last year to digitise receipts; using them as an acquisition channel to their brand loyalty app JD STATUS without introducing friction into the purchase process. To date, this Slip-powered approach has driven more than 25,000 app downloads and has been rolled-out across 400 stores. For Beyond Retro, adopting Slip’s digital receipts process unlocked a new route to customer data and a 226% increase in newsletter sign-ups in a single month.
As well as benefiting retailers, shoppers can also download Slip’s consumer-facing app directly where they can save receipts, handle returns, unlock brand rewards, and manage warranties for purchases from partner brands.
Founder and CEO Tash Grossman was inspired to launch Slip after a lost receipt saw her stranded in a shop, unable to return a faulty item. The experience sparked the idea for a digitised system that works better for customers and creates opportunities for retailers to add value. She was joined by co-founder and CTO Eddy Herman to turn the vision into reality.
Alongside their mission to unlock insights and personalised marketing routes for retailers, the company is also on a mission to eliminate the environmental impact of paper receipts. In the UK alone, over 11 billion receipts are generated each year, most of which aren’t recyclable.
This investment will be used to further enhance the power of Slip’s technology and enable more retailers to leverage receipts to better understand customer behaviour. The company will also expand their current team of seven. As part of this expansion Slip has welcomed Myles Dawson, former Managing Director of Adyen UK, as Chief Commercial Officer.
Mark Foster-Brown, CEO of Adjuvo, added: “Slip has re-engineered the receipt from purely a proof of purchase into a tool that helps retailers better understand, re-engage, and reward their customers after leaving the store. Slip’s innovative, mobile-based technology not only gives customers a seamless experience throughout their transaction journeys, but also enables retailers to significantly improve data around customer behaviours and outcomes. We have been inspired by the drive and determination of Tash and the wider Slip team, and are delighted to support their next phase of expansion.”
Read the orginal article: https://www.eu-startups.com/2024/06/london-based-slip-raises-e2-9-million-to-transform-receipts-into-a-data-tool-for-retailers/
