Growth capital investors BGF (Business Growth Fund) has announced a £2.5 million follow-on investment in Edinburgh-based Hyble, a provider of marketing technology to the global drinks and hospitality sector, as part of a £2.8 million funding round.
The funding will be used to capitalise on momentum stemming from Hyble’s successful US launch and the recent signing of a multi-year contract with Southern Glazer’s Wines and Spirits (SGWS).
Hyble’s expansion into the US has driven 73% year on year revenue growth in Q1, and the growth of Hyble’s team across the UK and US to almost 100 people in the past year.
Hyble is used in 50 countries by the world’s leading drinks brands and distributors including Bacardi, Diageo, Carlsberg Group, Pernod Ricard, Campari Group, and Molson Coors.
The Edinburgh firm has now launched with soft drinks customers in Ireland and Germany.
Hyble is benefitting from identifying two major trends in the sector — a move to self-serve design and on-demand print.
The company’s scalable technology platform enables brand owners and wholesalers to dramatically increase the level of marketing support they provide to their customers.
Its technology allows users to create customisable marketing materials quickly and easily that increase brand visibility and product sales.
Hyble CEO Craig Letton said: “We’re pleased to secure this new funding at an important moment for Hyble’s long term growth trajectory. Having recently relocated to the US, I’ve seen first-hand how our technology is having a game-changing impact for our customers. We’re particularly excited about the scale of the opportunity with SGWS and the opportunities it has created as we are now ideally placed to capitalise on this.”
Euan Baxter, investor at BGF and board member at Hyble, said: “We’ve enjoyed working with Craig and the wider Hyble leadership team since our initial investment in 2020. During that time, we’ve seen the business deliver significant growth. We look forward to the next chapter as the company explores a wider range of applications for its sector-leading technology.”