MBA alumni close a £500,000 equity fundraising deal
Paperless Receipts Ltd trading as eReceipts announces investment
Cass full time MBA alumni Andrew Carroll and Giles Hankinson, co-founders of eReceipts, have raised £500,000 in private equity investment less than a year after officially launching their business and completing their MBAs.
eReceipts provides a paperless solution to the problem companies face in managing, storing and retrieving receipts on daily transactions. Digital receipts are created and collected from retailers' electronic point of sale (EPOS) systems, payment gateways and mobile phones. These receipts are sent and stored in password protected individual web accounts. eReceipts has recently partnered with IBM Retail, a market leader in UK EPOS technology, who will roll out the service as an optional addition to their EPOS framework for all existing and new clients.
2010 graduates Carroll and Hankinson came up with the idea for eReceipts during a strategy lecture delivered by Dr Julie Verity at Cass. Carroll developed the model for his Business Mastery Project (BMP) in the latter half of his MBA, supervised by Dr Sionade Robinson, Faculty of Management and Course Director for the full time MBA, and David Mellor, Client Director, Cass Executive Education and Chairman, Viridian Corporate Finance.
Carroll and Hankinson stress their success is down to building a strong team. Their Chairman is Lord Ian Maclaurin (ex CEO and ex Chairman of Tesco, ex Chairman of Vodafone) and their investors include the founders of Kiddicare.com (sold to Morrisons for £70m earlier this year), Robert Diamond, ex CEO of Emnos (datamining experts), and Peter Gardner (seed investor in Last.fm which sold to CBS for $280m in 2007.)
Commenting on the success of eReceipts Andrew Carroll said, "The Cass MBA has been instrumental in the foundation of eReceipts. It has given me the knowledge, confidence and self belief that I required to start a new venture. The course helped in all aspects of the fundraising and I am very excited to use the learnings to build eReceipts into a successful business."
Dr Robinson said, "Andrew and Giles have inspired us all by using their MBA experience to turn an idea into a viable and funded business proposition. All of us in the MBA programme are very pleased that so soon after completing their studies they have marketed such an attractive proposition to investors - and we are right behind them as they progress to the next stage."