Envestors helps electronic receipts firm raise £1m

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Braveheart, the Perth-based investment group, today said its Envestors subsidiary has raised £300,000 for Paperless Receipts as part of its £1 million second-round fundraising.

Paperless Receipts is the London-based company behind eReceipts, which creates electronic records from retailers’ point of sale systems for customers to access through their internet-connected devices.

The firm – chaired by former Tesco boss Lord MacLaurin – has already signed up over 110 stores, including furniture chain DFS, and is due to roll out its technology to an unnamed supermarket group in April.

Envestors had contributed to a fundraising round of £500,000 last year and founding director Oliver Woolley said: “The team have achieved each of their targets since we first raised money for them and members of our network were keen to be involved in eReceipts, a concept now turned into reality and one which might just prove to be a game-changer.”

Paperless Receipts chief executive Andrew Carroll said: “This additional funding puts us on the front foot, enabling us to achieve the next stage of growth.

“The fundraising ability and responsiveness of the Envestors team have been a great help to us and we look forward to working with them again at our next round in 2013.”