Global smartphone penetration and the need for contactless solutions for the pandemic led to the surge in the use of QR codes even though they were first invented in 1994. Now that consumers, brands, and retailers have readily adapted to using QR codes for menus and even for seamless product discovery in TV advertisements, entrepreneurs are starting to devise clever extended uses for the paperless, seamless, and near thirty-year-old technology. Two London cofounders are betting that you’ll start using them for digital receipts. Slip is a soon-to-launch startup that has built a platform that allows consumers to present a QR code to retailers, allowing them to receive a digital receipt. In addition to offering a centralized receipt tracking repository, the platform has an added environmental benefit; there are over 11.2B printed in the UK each year, all of them non-recyclable. Slip has also built an ecosystem around its solution that provides consumers with exclusive offers, discounts, rewards, and benefits while giving retailers valuable consumer data.
London TechWatch caught up with Slip CEO and Cofounder Tash Grossman to learn more about the inspiration for the business, the company’s strategic plans, first round of funding, and much, much more…
Who were your investors and how much did you raise?
£750K. Pre-seed. Round was led by Haatch Ventures with participation from Syndicate Room Super Angel Fund and leading retail industry investors.
Tell us about your product or service.
Slip is an app that allows customers to receive digital receipts, simply by presenting their QR code to the retailer. We allow users to view, manage and retain receipts without having to spell out their email address, or take a non-recyclable paper receipt. For retailers, our software allows them to access unprecedented insights on customer experience and trends to inform decision-making.
What inspired the start of Slip?
The idea came from Tash being a frustrated customer after not being able to return a pair of trousers in Zara because she had lost the receipt – she was certain there was a better way!
How is it different?
We have a number of key differentiators, the core being the speed at which a digital receipt can be generated as we don’t rely on data entry at the point of sale. Secondly, we have a massive focus on sustainability and eradicating paper receipts.
What market you are targeting and how big is it?
We can work with any retailer, regardless of size, so a massive market, but we are focusing our launch on clothing & apparel retailers.
What’s your business model?
The Slip app is free for customers to use and we sell our software directly to retail partners.
What are your post-COVID office plans??
We have just taken office space in Baker Street – we have found that the teamwork so much better when together and we really want to build an amazing team culture from the outset. We are flexible though and will accommodate hybrid/remote working.
What was the funding process like?
A rollercoaster. A lot of rejections, a lot of maybe next time, and a lot of learnings to take from it.
What are the biggest challenges that you faced while raising capital?
Naturally, as a woman, access to investor networks is a challenge, but I think the biggest challenge I faced was having to take myself away from the business to fundraise. I was often told that fundraising is a full-time job, and this is by no means an exaggeration.
What factors about your business led your investors to write the check?
I think a range of factors. Firstly, this space hasn’t been effectively disrupted for decades and there is such a big opportunity to do so. Secondly, I think the timing is key, data is king, so understanding who the in-store shopper is couldn’t be more important. Thirdly, we have a team of stellar advisors, with over a century of retail experience who have supported us with their incredible insights and network
I think a range of factors. Firstly, this space hasn’t been effectively disrupted for decades and there is such a big opportunity to do so. Secondly, I think the timing is key, data is king, so understanding who the in-store shopper is couldn’t be more important. Thirdly, we have a team of stellar advisors, with over a century of retail experience who have supported us with their incredible insights and network
What are the milestones you plan to achieve in the next six months?
Launching the product is our first key milestone, as well as growing the team to a headcount of six.
What advice can you offer companies in London that do not have a fresh injection of capital in the bank?
Try and do as much as you physically can before going out to investors, the more proof you have that you have an investable business and business model, the more likely you are to secure funds. Find mentors who can act as advisors, bringing their experience and their network to help the business grow.
Try and do as much as you physically can before going out to investors, the more proof you have that you have an investable business and business model, the more likely you are to secure funds. Find mentors who can act as advisors, bringing their experience and their network to help the business grow.
Where do you see the company going now over the near term?
We see Slip becoming the checkout option of choice for all post-payment experiences.
What’s your favourite outdoor activity in London?
Sitting in the sun and exploring London’s parks!
