Veeqo on track to raise £1 million in investment
Veeqo, a retail technology start-up based in Swansea, has launched a new investment campaign on crowdfunding platform Seedrs to help it accelerate growth.
The company has already raised £1.4 million since launching in 2013 and is on track to raise a further £1 million through the popular crowdfunding website.
Currently valued at £8 million, Veeqo has continued on its journey of prosperity since its earliest seed round in 2013, when it raised a few hundred thousand.
It’s grown immensely since then. The last public equity round, which took place in 2015, saw the company receive a valuation of £1.75 million. Since then, it’s been oversubcribed by 271 per cent.
Thanks to previous investments, the company has gone from one employee to a headcount of 30 full-time members of staff within the past two years.
The next round of money will be used to grow the team even further and to improve the Veeqo software. It currently plans to employ 75 more people over the next three years.
Veeqo has also received support from the Welsh Government, including a £50,000 grant from its Digital Development Fund. The company has delivered a 504 per cent growth on its monthly recurring revenue.
The Welsh firm has developed a mobile-ready platform that can help retailers manage their inventories through the cloud. It sports integrations with Amazon, eBay and Shopify.
Matt Warren, CEO and founder of Veeqo said: “This is a really exciting time for us at Veeqo. We’re working hard to be one of the most successful tech companies in the country, and are extremely proud to have our roots in Wales.
“The level of local talent on offer is nothing short of exceptional, and we’ve been able to build the best possible platform for ecommerce retailers in the world, right here from our home in South Wales.”