A technology company which helps retailers to analyse footfall data more effectively has raised millions of pounds in funding from one of Britain’s leading networks of angel investors.
Sky News understands that Huq Industries will announce this week that 24Haymarket has led a £4m fundraising.
The capital will be used to facilitate Huq’s expansion into new markets, as well as to acquire new data sources to augment its service to clients.
Huq provides mobility data such as footfall volumes and visitor frequency to local authorities, retailers and property developers, aiding their decisions about future investments.
“We are delighted to have garnered such strong support…as we expand our operations to meet the growing demand for actionable insights on real world behaviours,” Conrad Poulson, CEO at Huq Industries, said.
“This funding will enable us to build on the world class team that we have put together here at Huq in order that we can capitalise on the immense demand that we are experiencing for our products across EMEA.”
James Campin, investment executive at 24Haymarket, said: “Huq’s mobility insights enable businesses and local councils to improve consumer experiences and with this additional funding, Huq will be able to deliver more actionable insights to its clients in both the UK and [Europe, the Middle East and Africa].”
24Haymarket’s network of angel investors have backed dozens of companies, including Wattbike, the exercise bike manufacturer, and Monterosa, a fan engagement platform which works with broadcasters.
ACF Investors, previously known as the Angel CoFund, also participated in the fundraising.
Tim Mills, managing partner at ACF Investor, said: “Via the insights that they provide, Huq helps its customers attain a better understanding of the current economic and societal landscape so that they can make the best decisions for their needs.”