Prezola, the Bath-based online wedding gift list firm, is poised for further rapid growth after receiving a £3m investment.
The funding from BGF, the UK’s most active investor in small and mid-sized companies, will be used to develop mobile app technology – making it even easier for couples to create and share their wedding plans and gift lists online and on the move.
Prezola, which has its head office on Queen Square and a warehouse in Westbury, has expanded rapidly since its launch, appropriately, on Valentine’s Day in 2012 by husband-and-wife team Dom and Ali Beaven, pictured.
It is now the UK’s largest independent wedding gift list company and has already sold more than 1m wedding gifts.
Prezola’s service allows couples to create stylish, modern wedding gift lists with more than 30,000 products supplied by 300-plus retail partners and also incorporates a commission-free honeymoon fund if required. Guests can buy online or by phone and gifts are delivered free of charge directly to the couple.
BGF’s investment will be used to develop Prezola’s mobile technology and create an all-round, user-friendly wedding management platform, easily accessible by couples and their guests on mobile apps as well as online.
At the same time Dr David Kelly, former Amazon.com operations director and COO of lastminute.com and eBay Europe, has been appointed as chairman to support continue the firm’s growth strategy.
Dr Kelly has a wealth of experience in scaling online businesses and is currently chairman of Love Home Swap and non-executive director of Holiday Extras, The Gym Group and On the Beach.
Last year Prezola acquired Getting Married, the UK’s leading wedding website platform which lets couples quickly and easily create stunning personalised wedding websites with integrated guest management tools. The Getting Married platform will also be launching an app-based version of the service later this year.
Dom and Ali, who have now been married for 21 years themselves, came up with the concept of Prezola following a birthday party for Ali in 2008, when she received some ‘interesting’ present choices.
They launched Prezola in 2012, giving up their jobs less than a year later to focus full time on building up the company.
Dom is a former Future Publishing director, who was also head of digital and social media at Comic Relief and FIFA’s 1Goal World Cup legacy while Ali was an interior designer.
Prezola’s gift list volumes have grown exponentially and the brand is now well established with strong supplier relationships. It has also launched geo-location pricing and check-out, allowing consumers to view gift lists and make payment in their local currency anywhere in the world. Delivery services have been extended to cover the whole of continental Europe.
As well as featuring a curated range of household goods from premium brands such as The White Company, Le Creuset, Jo Malone, Dyson and Habitat, Prezola’s site also offers more quirky gift options including vinyl records, wall art and experiences such as Virgin Balloon Flights.
Sales have grown rapidly year on year but the firm and BGF see further potential. There are around 300,000 weddings every year in the UK, with the wedding gift market estimated to be worth £600m per annum.
Prezola CEO Dom Beaven said: “Prezola’s expansion has been the result of great technology, great brand partnerships and beautifully curated product collections – making the process enjoyable and inspiring for couples and their guests.
“Bringing BGF on board gives us access to long-term investment capital and a wide-ranging network of business leaders and like-minded entrepreneurs. We are equally excited to welcome Dr Kelly, who brings years of experience scaling up online companies and their strategies, to our board.”
The investment was made by BGF’s Bristol office with a team made up of Alex Garfitt, Daniel Tapson, Ned Dorbin and James Skade.
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.”
Prezola recently more than doubled the size of its warehouse on Westbury’s Woodland Estate and now occupies 13,000 sq ft.
The firm was advised in the BGF deal by Nathan Guest, a partner at Bristol law firm Veale Wasbrough Vizards.
BGF was advised by Rory Suggett, a partner in the Bristol corporate team of regional law firm Ashfords, and Neil Davies, a partner in accountants Saffery Champness’ Bristol office.
