Octopus Investments’ development capital team has provided growth funding to retail automation platform Veeqo.
Veeqo is the retail automation platform that helps retailers sync their inventory across multiple sales channels and fulfil customer orders.
Octopus Investments joins existing investors, Daniel McPherson and New Look founder Tom Singh, along with the crowdfunding platform Seedrs, in supporting the company through this next stage of rapid growth.
This latest round of fundraising will be used to further Veeqo’s position in the UK market and to expand into the USA. Veeqo’s growth strategy will be driven by a mix of inbound marketing, outbound sales and strategic channel partnerships to cement its position as the leading, all-in-one inventory and fulfilment software for the retail market.
Every year, the Veeqo platform powers over 31 million shipments by its user base. Hundreds of retail brands such as Brompton Bikes, Maidenhead Aquatics and Dove already use Veeqo to fulfil ecommerce orders to customers all over the world, with one Veeqo retailer shipping up to 10,000 orders a day during their peak season.
With its head office based in Swansea, South Wales, and additional offices in London and Bishkek, Veeqo will be expanding with a US team based in North America later in 2019.
Matt Warren, CEO and founder of Veeqo said: “I’m passionate about building a global tech company from our home here in Swansea. We’re the first Welsh company to close growth capital investment and it’s fantastic to be working with Octopus – one of most well-regarded investment firms in London.
“With the High Street facing increasing challenges day-by-day, brands selling on multiple channels have an opportunity to grow at an astonishing rate. Veeqo will play a crucial role in helping these retail giants of tomorrow provide the best customer experience to customers everywhere.”
Richard Court, head of development capital at Octopus Investments, said: “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.
“We look forward to working with the team and helping them deliver on their ambitious growth plans.”