Welsh retail automation platform raises £3.3m
A retail automation platform which helps retailers to fulfil customer orders has secured its latest round of funding.
Founded in 2013, Swansea-based Veeqo has raised £3.3m to support its ambitious global growth plans.
The company’s software allows retailers to track inventory and ship orders on its ‘omnichannel’ platform.
It now processes over 31 million shipments, with international clients including Dove, Brompton Bikes, and Maidenhead Aquatics.
The new funding will be used to improve the company’s position in the UK market ahead of expansion into the USA.
The company said its strategy will be driven by a mix of inbound marketing, outbound sales and strategic channel partnerships.
The funding is provided by Octopus Investments’ development capital team, alongide existing investors Daniel McPherson, New Look founder Tom Singh, and crowdfunding from the Seedrs platform.
“I’m passionate about building a global tech company from our home here in Wales,” said Matt Warren, CEO and founder of Veeqo.
“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 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.”