Purple, a platform that offers location and Wi-Fi analytics services, has secured a £10.5 million investment from BGF. The company was founded in 2012 by Gavin Wheeldon due to his frustration with poor guest Wi-Fi connections. The company evolved to become a solution for businesses to transform their physical venues into intelligent spaces.
Purple provides cloud-based guest Wi-Fi access portals that offer comprehensive business analytics, as well as digital wayfinding solutions. The latter was acquired through the purchase of US-based wayfinding business LogicJunction in 2019. Recently, the company launched an asset tracking platform that allows customers to monitor, track, and locate key assets real-time with the help of an interactive map. The system can alert clients if an asset leaves a pre-set area.
Currently, Purple has over 1,000 customers worldwide, including blue-chip corporations and small and medium-sized enterprises (SMEs) in various sectors such as healthcare, retail, transport, banking, and the government. The business is based in Manchester, UK.
CEO Gavin Wheeldon noted that customer experience has become a pivotal aspect of many industries, leading to digitalisation to meet customers’ needs and expectations. The CEO also believes the indoor location services market is on the rise, offering new growth opportunities. Wheeldon stated that the search for a long-term investor led them to partner with BGF.
The investment was led by BGF’s Manchester team investors Pinesh Mehta and Courtney Walker. Mehta remarked that Purple is a fast-growing business that has tapped into a market ripe for growth, with the indoor location services market expected to grow exponentially over the next decade.
The said investment will enhance Purple’s product development efforts, allowing it to fulfil its potential in a dynamic and innovative market.