Wallace Equity has completed its inaugural deal with a £115,000 investment in Glasgow based company Triyit, along with fellow investment groups Apollo Investment and Angels Den.
Founded in 2016 by Alex Barron, Triyit is the latest offering in the test marketing industry, it allows companies to gain significant feedback about a product from their target market, before launching a new product or adapting a current one.
Triyit’s unique ‘Discovery Club’ allows members to receive products to test, tailored to their unique profile. Membership to Triyit’s ‘Discovery Club’ is free in exchange for encouraging users to feedback information about the products they receive.
Alex Barron, founder and director of Triyit came up with the idea after experiencing the frustration of the current expensive and ineffective sampling services in small to medium sized fast-moving consumer goods brands.
He said “Having done plenty of design and marketing for small FMCG brands, I was aware of the sampling and engagement services available in the UK, but also knew they were extremely expensive and mostly inefficient. I have been interested in the subscription box model for years and had been researching the industry in detail. In 2015 I was inspired to quit the best job I ever had, leave the best place I had ever been and start to build Triyit. Two years later, I had developed the business model and was ready to send out my first box.”
Now with a team of for, Alex was aware that to achieve the product he desired and to scale up quickly, an investment would be required.
Nearly 30 angel investors took part in the funding round, which will allow Triyit to expand its team and speed up the web platform development, in preparation for a full launch later this year.
Alex said: “This investment will give us the opportunity to take Triyit to new heights and strengthen the product testing model, ensuring products can be delivered to very specific audiences. There is already huge demand for the service, so exciting times ahead!”
A Wallace member said: “We are delighted to invest in such an innovative and forward-thinking business such as Triyit. Wallace members will be on hand to offer advice, support, mentoring and our varied member-wide experience will help Triyit grow into potentially the number one market testing product globally. We look forward to completing investments with companies that have the same high-growth potential in the near future.”