Funding for tech firm backed by Sir Stuart Rose

Digital technology start-up investment firm Ariadne Capital has closed a £500,000 funding round for online retail tech business Taggstar.

Ariadne is the lead venture capitalist in Taggstar, which provides cloud-based software-as-a-service technology to improve eCommerce operator's sales conversions. The tech works by engaging customers with real-time messaging about the products they are looking at online.

It allows shoppers to benefit from "social proof" by seeing how many other people are buying a product at the same time as they shop, highlighting what is selling fast. Over the last 12 months, Taggstar has worked with companies such as Shop Direct and Thomas Cook.

Ex-Marks & Spencer CEO and current Ocado chairman, Sir Stuart Rose, is another investor in the start-up, alongside entrepreneurs Rob Hersov and Nigel Taee. The business is led by chief technology officer Andrew Lucas and managing director Marjorie Leonidas. The latter spent a decade at BT Retail, helping build the BT Wi-Fi business.

Amit Pau, partner at Ariadne Capital Entrepreneurs Fund, said: "Taggstar is part of the value chain of eCommerce supporting retail platforms in delivering a significant ROI and stronger engagement with customers.

"It helps build customer loyalty in an extremely competitive space."

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