Member Article

Newcastle price comparison site gets six-figure investments

Newcastle-based price comparison site, Mintprice.com has received a six-figure investment for growth.

The office supplies and stationery comparison specialists have attracted over 5,000 customers since launching in 2010.

Founder Elie Jankelewitz patented the price comparison technology in 2001 and has since turned it into a successful web business.

Mintprice managing director, Nigel Hudson, said: “The funding provided by Rivers Capital enables us to continue to invest in customer service as well as sales and marketing to grow the business.

“Mintprice.com has the potential to modernise the stationery industry in the same way that web sites like Comparethemarket.com and Uswitch.com have modernised the way that many people buy insurance, financial products and utilities, and we have huge ambitions to become a leading brand.

“We’re growing quickly, winning over 300 new customers every month, including home users as well as small, medium and larger businesses, such as Hays Travel and Esh Group. We also have a growing number of Schools and Colleges using the website. Our plan is to double this growth rate over the next year.

“We also have plans to expand the site and introduce new product categories including Personal Protection Equipment (PPE) and other categories where users tend to buy “by the basket.”

Elie Jankelewitz said: “I looked at the early developments of internet price comparison technologies and realised that while they were powerful and very useful, they only enabled the buyer to compare the price of one product or service at a time. That’s fine if you’re buying a washing machine, computer, photocopier or insurance, but it does not work if you are buying a whole basket of lower value products, like office supplies and stationery.

“Our invention, Mintprice.com, compares the price on a basket of office supplies and stationery products and shows you the lowest priced supplier. You can then immediately place the order from the Mintprice.com site. For the buyer, it’s very easy to use and it saves time and money.

“The site is very popular with our suppliers, because it helps them to reach new customers cost-effectively without spending large sums of money on internet marketing campaigns.”

Rivers Capital director, Jonathan Gold said: “Mintprice demonstrated not just a coherent commercial web proposition but they have built a strong management team. It’s the kind of Internet business that investors like to see, they have already proved themselves and have huge potential.”

Mintprice (Best Price Purchase Ltd) were advised by John Hammill, senior associate at Square One Law. Rivers Capital were advised by Imogen Holland, partner at Ward Hadaway.

This was posted in Bdaily's Members' News section by Tom Keighley .