Erol Ayvaz, founder and CEO of Serve First.
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PRODUCT innovation and expansion into Europe and the USA are on the agenda for AI-driven customer experience and feedback management platform Serve First after the Milton Keynes-based company secured a £4.6 million funding package from investors.
The injection has come from Pembroke Venture Capital Trust and the Midlands Engine Investment Fund II through its appointed fund manager Mercia Ventures, alongside Tiny VCT, Techstars and angel investors.
Serve First‘s platform collects and analyses customer feedback from sources such as in-store surveys, online reviews and mystery shoppers. It then uses AI to deliver actionable help for companies across sectors including retail, hospitality, wellness and facilities management to optimise customer experience and loyalty.
The company, based in Avebury Boulevard, tripled its Annual Recurring Revenue in the past 12 months.
Founder and chief executive Erol Ayvaz said: “This funding marks a landmark moment in Serve First’s journey. We have proven the value of our platform in delivering measurable improvement in customer experience and this investment will enable us to aggressively scale that impact further both in the UK and internationally over the next three years.
“Our focus remains on building AI-driven technology that empowers businesses to serve, not just sell.”
Since launching in 2023, it has secured a place on the London Techstars accelerator programme and now works with major customers including Alphega Pharmacy, Aramark and Elior Group. Serve First has also doubled its headcount in the UK and has appointed James Dening, who has held senior positions at companies including Amazon and Google, to chair its board.
The customer experience management market is forecast to increase by USD $17.1 billion between 2024 and 2029, driven by rising consumer expectations and the increasing importance of feedback in purchasing decisions.
Pembroke VCT’s investment director Fred Ursell said: “In a market long underserved by generic, top-down software, Erol has built a product born from lived operational pain – purpose-built for frontline teams where customer experience is won or lost.
“The platform’s early traction with large enterprise clients, combined with strong unit economics and a founder who blends enterprise SaaS with real-world expertise, gives us high conviction.
“We believe Serve First has the potential to become the system of record for frontline performance.”
Amrit Sami, investor at Mercia Ventures, added: “With brands keen to measure customer experience, Serve First is well placed to meet the growing demand for data insights.
“The platform sets itself apart from other solutions in its ability to bring together customer feedback from many different sources and to be easily adapted to suit businesses of all sizes. We look forward to working with the team to support its growth.”
The Midlands Engine Investment Fund II supports fast-growing, innovative businesses with the potential for significant impact, said the British Business Bank‘s senior investment manager David Tindall. “This latest investment in Serve First will enable the company to scale, create jobs, and contribute positively to both the region and the economy.”
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