Purple, a leading provider of intelligent spaces solutions, is pleased to announce that it has secured a strategic investment from BGF.
BGF – one of the largest and most experienced investors in the UK and – has taken a minority stake in Purple, further fuelling the company’s aggressive growth plans for the next three years.
Purple has experienced remarkable growth over the past three years, with a consistent year-over-year increase of 40%. The company’s platform now boasts over 300 million users and is deployed in more than 60,000 venues worldwide. Purple’s relentless commitment to innovation and adaptability has not only allowed them to meet their goals but exceed them by a significant amount.
With this investment, Purple has solidified its position as a market-leader in the intelligent spaces industry, offering a comprehensive suite of services for businesses looking to understand and engage with their visitors, guests, and customers better. This support from BGF will further accelerate the company’s expansion plans and facilitate the introduction of new and innovative solutions.
Gavin Wheeldon, CEO of Purple, expressed his excitement about the partnership, stating: We are delighted to have BGF on board as a partner. Their investment and strategic input will be instrumental in consolidating our position as the go-to intelligent spaces platform for businesses worldwide. With their support, we’re confident in our ability to achieve even greater heights in the coming years.”
Pinesh Mehta, an investor at BGF, also shared his enthusiasm for the collaboration, saying: “We see great potential in Purple’s business model and its exceptional track record of growth. BGF is committed to helping Purple reach its full potential, and with further capital available to drive growth organically and through strategic acquisitions, we are excited to see where the business can go over the coming years.”
Purple is a leading provider of intelligent spaces solutions, enabling businesses to deliver real-time analytics, marketing, and communication solutions. With over 300 million users and 60,000 venues utilizing their platform, Purple has solidified its position as a market leader, helping businesses worldwide gain valuable insights and engage with their customers effectively.
BGF was set up in 2011 and has invested £3.5 billion in over 550 companies, making it the most active investor in the UK. BGF is a minority, non-controlling equity partner with a patient outlook on investments, based on shared long-term goals with the management teams it backs. BGF invests in growing businesses in the UK and Ireland through its network of 15 offices. In 2018, Canada launched its equivalent – the Canadian Business Growth Fund – and in 2020, Australia did the same, both based on BGF’s funding model.