Veeqo secures £693,000 in overfunded round on Seedrs
Tech start-up claims to have achieved impressive 25% month on month growth since launch last year
Online inventory management software Veeqo, listed in our feature on Starting a business in Swansea, has raised £693,000 through crowdfunding platform Seedrs.
E-commerce entrepreneur Matt Warren launched the company in 2014 after becoming frustrated with how much time it took for his team to update stock from Amazon and Ebay, and with overselling on online channels due to having no central stock level management system.
Warren – who has 12 years experience running e-commerce companies with a combined turnover of £40m – decided to build a solution to the problem after being unable to find a similar product on the market that met his needs. Veeqo allows online retailers to sync stock between their retail stores, website, eBay Shop and Amazon Marketplace in real time.
Originally looking to raise just £250,000 through the crowdfunding platform, large demand from investors led to an overfunded round with Daniel McPherson (launcha) and Tom Singh (New Look founder) finalising the round with £300,000.
Since launch the company claims to have grown 25% month on month and currently employs 23 people. The finance will be used for international expansion, in the development of new features and to grow its customer base.
Veeqo was one of the high growth tech start-ups selected to pitch at 10 Downing Street as part of the Pitch 10 event, and featured in Startups Tech Pitch 2014.