Yahoo Finance Online wedding company Prezola receives Business Growth Fund backing
Online wedding company Prezola has received a multi-million pound investment from the Business Growth Fund as it looks to branch out into mobile app technology.
The wedding gift list service, which also allows customers to create customisable wedding websites, has received a £3m backing from the BGF, which invests in small and mid-sized firms in the UK.
Founded in 2012 by husband and wife Dom and Ali Beaven, Bath-based Prezola has sold more than 1m wedding gifts to date. It had turnover of £10m last year, and is forecasting £15m this year.
It works as an aggregator, allowing users to compile wedding gift lists from 300 different shops instead of having to choose one department store. Couples can add items to their gift list, and guests can then purchase them directly on the Prezola site.
The founders said the money will help to create a mobile app as well as extend its reach into continental Europe.
There are around 300,000 weddings each year in the UK, and the wedding gift market is estimated to be worth around £600m per year.
“When we launched in 2012 it was just Ali and I in our kitchen,” said Mr Beaven. “But by the end of the year we had a few more people, so we had some in the spare bedroom and others knocking around the house.
“We have had to move four times because of growth, and we now have a team of 50 in our head office and our distribution centre in Wiltshire.”
Last year, the company acquired the gettingmarried.co.uk site, which allows users to create personalised wedding websites.
Its growth will be supported by Dr David Kelly, a non-executive director at travel company Holiday Extras and The Gym Group, who has been appointed as chairman.
Dr Kelly has previously served as operations director at Amazon and COO at eBay Europe.
BGF investor Alex Garfitt said: “BGF’s investment will support the growth of Prezola into a mobile-first, full-service wedding gift and guest management platform.
“We are excited for Dom and Ali, and their management team, as they continue to invest in mobile technology to further strengthen their position in the UK’s increasingly valuable wedding market.”
