Tech Pitch: Veeqo
The first Welsh company to raise funding through Seedrs, Startups' catches up with the software start-up changing the way retailers track orders…
Company name: Veeqo
Founder: Matt Warren (35)
Background: E-commerce entrepreneur
Based in: Swansea Techhub
Very simply, what does your tech start-up do?
Veeqo is a single online system that allows retailers to manage orders, inventory and shipping in one place, enabling retailers to ship more in less time while providing real-time customer sales information.
Tell us why there’s a need – what do you disrupt?
When shipping a large amount of customer orders each day, retailers log into different inventory, marketplace and shipping systems, which is time consuming and costly.
As a result, retailers sometimes struggle to keep track of shipping customer orders, overselling, refunds and an ever-growing sales team, and most become frustrated with the lack of technology options available. This was a problem I faced when running Jura Watches and after trialling three different systems, nothing met the criteria, so I decided to take it into my own hands.
There are some similar US systems but they are clunky and difficult to use. There’s nothing that provides an easy-to-use dashboard bringing all other retail systems into one place and that works across any computing device, be it PC, Mac, tablet or mobile.
Are you funded?
Yes, Veeqo’s first round was through crowdfunding platform Seedrs in February 2013 and we successfully raised £30,000.
Veeqo was the first Welsh company to raise funding through Seedrs. After the first attempt we attracted so much interest, so another Seedrs campaign was launched and raised a further £120,000 three months later, allowing the company to take on more employees.
Recently Veeqo received further investment from Launcha; an early stage fund backed by Tom Singh, founder of global clothes retailer, New Look. Combined with additional support from the Welsh government’s Digital Development Fund last year, total invested capital for Veeqo to date is £375,000.
What were you doing before starting?
In 2002, I launched an e-commerce company called Jura Watches from my flat in London which quickly became a multi-million pound online business selling luxury watches across Europe.
I expanded online by selling on Amazon Marketplace and offline through two retail stores in Mayfair, London it became a multi-channel business.
My experience from Jura Watches and other e-commerce ventures led me to start-up Veeqo because I couldn’t find one, easy-to-use system that helped me manage orders, inventory and shipping in one place.
What the best thing about where you’re based?
The Swansea Techhub has a lot to offer new technology start-ups as there are lot of other cool start-ups to work alongside.
I’m particularly passionate about Welsh start-ups and we like to bring different advisors, speakers and motivators to Swansea for the benefit of both Veeqo employees and other Techhub start-ups.
The Swansea Techhub is becoming a space for creativity and innovation. Working alongside talented, entrepreneurial people, cheapish rent and funding on offer from the Welsh Assembly Government makes the Swansea Techhub a great place to work. The beautiful coast and surrounding countryside of Wales within easier reach is also an added attraction.