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DSW Ventures has led a £650,000 investment round into customer rewards platform Propello.
The platform enables companies to easily build their own rewards and partnership programmes. It already has clients such as HelloFresh, JD Gyms and British Business Bank.
The business was founded in 2020 by CEO Mark Camp and COO George Charlesworth after spinning out of the integrated marketing agency Workhouse. The investment will allow the company to build a team of nearly 30 people by the end of 2023.
Propello will be the 10th company to join DSW Ventures’ growing portfolio.
Camp said: “DSW has been incredibly generous and supportive with their time and advice since we founded the business. As a result, we have been able to hold off raising until we found our product market fit, and felt that DSW, along with our co-angel investors, were exactly the right combination to execute our growth plans.
“We’re excited to take Propello forward with their backing, with significant investment already underway in both the platform and team.”
Ellie Boardman, investment manager at DSW Ventures, added: “We have got to know and admire Propello over a period of three years which demonstrates our commitment to developing strong partnerships with the management teams we invest in – we are delighted to now be investing in the business, with yet another deal being oversubscribed by our investors.
“Mark and George are extremely talented founders and have created what we believe to be a truly fresh and differentiated product.”
