Blippar set for expansion with £1.5m Barclays funding
Finance facility will help “ease cashflow pressures” for the image recognition app
UK mobile image recognition platform Blippar, featured in the Startups 100 2012, has been boosted by a £1.5m finance facility provided by Barclays.
Set to “ease cashlow pressures” related to its large client pay structures, Blippar intends to use the funding for expansion in the near future having recently launched in international markets such as India, the US, and Japan.
Founded in August 2011, Blippar specialises in augmented reality software which enables users to scan a brand logo and unlock exclusive content with leading names such as Coca-Cola, Craft and Nestle among clients which have made themselves ‘blippable’.
With 200 employees and 50 million users to date, Barclays’ relationship director Juliet Rogan said it was the start-ups growth potential which attracted its attention:
“To become an industry leader in such a short space of time is testament to the founders’ ability to identify a world-changing idea and execute a business strategy”.
Blippar co-founder and CEO, Ambarish Mitra, commented: “In reality, we are still a relatively small company and have all the same pain-points as a small and medium enterprise.
“Knowing the financial support is there to manage money going in and out of the business gives us increased confidence in working with global industry-leading organisations.”