Albion Capital Backs AI Marketing Tech Leader in Latest Funding Round
Phrasee, the London-headquartered marketing technology company that uses artificial intelligence (AI) to generate optimised marketing copy, has closed a $4 million Series A funding round. The investment will fuel Phrasee’s international growth plans, including scaling up its new US operation in San Francisco and the recently announced expansion of its UK team.
Albion Capital Group LLP led the round, with follow-on funds from existing investors including global digital communications business Next Fifteen PLC (Next 15) and angel syndicate Galvanise Capital. Next 15 and Galvanise announced their initial investments in 2016.
Phrasee, which counts Virgin, Domino’s, Superdry and The Times amongst its clients, is the market leader in AI marketing language generation. It combines Natural Language Generation and Deep Learning to arm marketing teams with brand-compliant copywriting firepower. Phrasee’s AI writes email subject lines, Facebook & Instagram ads and push notifications that perform better than human-written versions, consistently delivering outstanding results for global brands.
“From day one, our vision has been to transform how brands speak to their customers online. Having built awesome relationships with some of the most progressive brands in the UK, we’re now ready to take our AI technology and approach to the US market,” said Parry Malm, Phrasee co-founder and CEO. “The investment from Albion, and the experience it will bring to the board, will supercharge our global ambitions.”
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“We have a solid track record of supporting the expansion of high-performing UK businesses into the US and understand the formula for long-term success,” said Emil Gigov of Albion Capital, who will be joining Phrasee’s board. “Based on Phrasee’s commercial track record to date, client-focused culture, product leadership and the calibre of its ever-expanding team, we believe the company has an incredible future and are proud to be part of this next phase in its growth story.”
Phrasee was recognised by US-based CB Insights as 2017’s Most Innovative AI Company and more recently launched its AI ethics policy, one of the world’s first AI businesses to do so. As a leader in the AI space, Phrasee believes it is critical that its customers know how their technology and data will be used, and is calling on the wider industry to follow its lead.
Saul Lopes, Virgin Holidays’ Client Lifecycle Lead, a flagship client of Phrasee since 2015, added, “We’ve been working with Phrasee from the start and it’s a fantastic company with a great vision, ethos and team. The product has transformed the way we think about marketing and I’m looking forward to seeing what comes next.”
