Weve made a loss of £25M in its first year

Weve made a loss of £25M in first year – report

12 MAY 2014

UK m-commerce venture Weve, which is backed by O2, Vodafone and EE, made a loss of “about £25 million” in the 12 months to December 2013, according to the Financial Times.

The performance is perhaps unsurprising give the venture was in start-up mode in 2013, having launched its service commercially early in the year.

However, Weve was given £38 million by its backers – the UK’s three leading operators – to support its launch last year, said the report.

The firm made revenues of about £13 million in its initial 12 months, according to filings at Companies House.

Revenues came mainly though SMS-based advertising and marketing campaigns, its initial service. Weve has subsequently branched out into display advertising.

Further pieces in its service mix – mobile loyalty, offers, coupons and payments – are still in the trial phase.

The venture’s strength is offering a single point of contact for advertisers to reach the vast majority of the UK’s mobile subscribers.

But Weve has to walk a line between revealing valuable data about their subscribers’ activities – of much interest to advertisers – and maintaining their privacy.

Watch an exclusive interview with Weve CEO David Sear here.

Author

Richard Handford

Richard is the editor of Mobile World Live’s money channel and a contributor to the daily news service. He is an experienced technology and business journalist who previously worked as a freelancer for many publications over the last decade including...

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