Retail automation platform raises £3.3 million
Retail automation platform Veeqo has raised £3.3 million of growth investment to launch a global scale-up campaign.
The investment round was led by the Development Capital team at Octopus Investments, who join existing investors Daniel McPherson and New Look founder Tom Singh along with equity crowdfunding platform Seedrs.
Veeqo said it’ll use the funds to further its market position by investing in a mix of inbound marketing, outbound sales and strategic channel partnerships. With offices in Swansea, London and Bishkek, the firm also plans to expand its US-based team later this year.
Headquartered in Swansea, Veeqo helps retailers sync their inventory across multiple sales channels and fulfil customer orders. It handles more than 31 million shipments annually and works with brands such as Brompton Bikes, Maidenhead Aquatics and Dove.
Matt Warren, CEO and founder of Veeqo, said: “I’m passionate about building a global tech company from our home here in Wales. We’re the first Welsh company to raise a growth investment of this size, and it’s fantastic to be working with Octopus – one of the most well-regarded investment firms in London.
“With the High Street facing increasing challenges day-by-day, retailers selling omnichannel have an opportunity to grow at an astonishing rate and Veeqo can help them achieve that goal.”
Richard Court, head of development capital at Octopus Investments, added: “Veeqo has a very exciting proposition and we’re delighted to be able to support this next phase of growth.
“The platform Matt and his team have created is market leading, providing SME ecommerce retailers with a strong back-end platform to manage their orders.
“As a result, Veeqo is positioned well to dominate the UK market and expand further into the USA. We look forward to working with the team and helping them deliver on their ambitious growth plans.”