Retail tech firm Veeqo announces Series A funding round
Swansea-based tech start-up will use funding to cement its position in the UK before expanding in the US market
Veeqo, the Swansea-based retail technology start-up, has launched a Series A funding round led by New Look founder Tom Singh and business angel Daniel McPherson and available to investors on Seedrs – which it raised £693,000 on in 2015.
Founded in 2013 by Matt Warren, Tech Pitch-featured Veeqo’s software helps online retailers grow their business by managing orders and inventory across multiple channels and countries.
Integrated with Amazon, Shopify and eBay, the platform also provides insights into sales performance that can help to inform future business strategy.
Now 30-strong, Veeqo claims to have processed £8m for 300 different retailers throughout November and has seen 504% growth over the last 12 months.
The finance will be used to help the company “dominate the UK market” before setting its sights on US expansion.
Warren commented: “This is a really exciting time for us at Veeqo. We’re working hard to create a global $1 billion company to trade sell or IPO.
“We’ve been able to build the best possible platform for e-commerce retailers in the world from our home in South Wales, but now it’s time to take the business to the next level.”
Singh added: “I have been an investor in Veeqo since its inception in 2014. They have delivered phenomenal growth over the past two years and they have a very strong business. I see Veeqo aiming for a billion pounds exit in a few years.”