Manchester-based product testing platform Vypr has secured £3.4m in funding to continue its product development.
Companies use Vypr to get feedback on their product designs such as packaging and menus from its community of 65,000 reviewers.
Richard Law, chairman, Vypr said: “Vypr is addressing the nascent market for real time insights and intelligence that businesses need to enable them to make the right and most profitable decisions about what new products and propositions to develop and when to launch them.”
Iceland, Co-op, KFC, Leon and Ella’s Kitchen are all users of the platform.
The company recently appointed Kevin Baldwin as CEO, Chris Williams as CFO and Adam Warburton as CPO.
“We have been really impressed by the power of the Vypr platform and how rapid and robust consumer-validated insights help clients to streamline their product intelligence processes and reduce waste and cost,” said Steve Harrison, partner, YFM Equity Partners.
YFM Equity Partners provided £3m of the investment, with the remainder coming from Vypr’s management team, existing shareholders and Law.
To date, the company has raised £5.5m in funding according to Dealroom.
Kevin Baldwin, CEO, Vypr said: “We are delighted YFM has followed up its 2021 investment to help us achieve our ambitious growth plan over the next few years.”