Touchstone Innovations plc (AIM: IVO or 'the Group', 'Innovations') has participated in a £2.9m funding round in Resolving Limited ('Resolver' or 'the Company') the parent company of Resolver.co.uk, the independent website dedicated to consumer rights and complaint resolution.
Innovations has committed £1.1 million to the round alongside co-investor Draper Esprit. As a result of this investment, Innovations will have an interest of 8.1% in the Company.
Founded in 2014 and based in London, Resolver.co.uk is a website dedicated to making it easier for consumers to make complaints or raise issues with brands, companies and organisations. Users can sign up in seconds via the web site (or its iOS or Android apps) to create a case and send it off in minutes to the more than 30,000 companies, brands and organisations in the Resolver database. The Company is also working with the London School of Economics to analyse data within complaints, assess the severity of these complaints at scale and attach a severity index to each complaint. This can be used to rank large volumes of complaints.
The web site is growing at a rate of more than 10% month-on-month and is now the UK's leading web site for complaint resolution, with 665,000 registered users and more than 700,000 visits each month. The site now raises an average of 3,000 new cases on any given day. To date Resolver.co.uk has seen 65% of cases offered a resolution and has resolved £80 million of issues. Top issues include banking, travel and flight delays, shopping instore/online, telecoms, utilities and eating out.
The new funding will allow Resolver to expand its team and invest in new technologies such as artificial intelligence and machine learning helping to predict the outcome of a customer case. This will allow the Company to automate key processes to increase the speed at which cases can be raised and also to help predict the likelihood of successful resolution.
Jon Edington, Director of Technology Ventures, Touchstone Innovations, said:
"Resolver is working to transform consumer rights and complaint resolution by automating the process for the benefit of both consumers and businesses. The Company has made fantastic progress since its creation two years ago and we are delighted to back founder James Walker and his team.
"We are looking forward to working with Resolver to grow its user base and increase its breadth of offering, not only for consumers, but also for the thousands of companies in Resolver's database that use its services to improve customer service and understand how well their own companies and organisations are performing."