Veeqo, a UK based software company, has announced a £1 million Series A crowdfunding round. Veeqo is a company that helps online retailers increase their profit by selling on multiple channels and by managing their inventory, orders and shipping across a single, cloud-based platform. Veeqo has integrated with global marketplaces on Amazon, Shopify and eBay, as well as leading logistic providers Royal Mail, DHL and DPD.
“Veeqo is a simple but powerful solution managing a retailer’s entire operation from one application.”
The offer on Seedrs is being anchored by investors Tom Singh, the founder of New Look and entrepreneur and business angel Daniel McPherson. The offer is almost fully funded as 45 investors have pushed the funding total to just under the million pound mark. Pre-money valuation of Veeqo was set at £8 million. The company stated it would be raising funding offline in 2017, this likely being their last Seedrs round and opportunity for retail investors to get involved.
What is interesting about this round is the fact this is the 7th successful crowdfunding offer for Veeqo and is being described as to why equity crowdfunding is key to the startup ecosystem in the UK.
Veeqo first listed its Seed funding round on Seedrs back in 2013. Seedrs has continued to support the young company as it moves up the capital ladder.
Founder and CEO Matt Warren, who happens to be the successful entrepreneur who created online watch retailer Jura, shared with Crowdfund Insider back in 2013 why he decided to crowdfund instead of going straight to Angels. Today, Veeqo appears poised for rapid growth and potentially a solid exit for investors. Warren is on a “mission to create a global $1 billion company to trade sell or IPO.”
Investor Tom Singh stated;
“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.”
Veeqo claims some solid growth figures. In the last 12 months the company has grown 504% with revenue now annualized at over £1 million. In November, Veeqo processed £8 million for 300 different retailers (busiest Black Friday ever). Veeqo services retailers all around the globe with 75% being from the UK, 15% from the US, 10% from other countries
Jeff Lynn, CEO and co-founder of Seedrs, described Veeqo as emblematic of entrepreneurial success;
“Veeqo is one of the great emergent tech businesses in South Wales, and it is fast becoming a true British success story. Matt and his team came to Seedrs in the very earliest days of the company, and I am so thrilled that we have the opportunity to be part of their journey. In my mind, Veeqo is a great example of why equity crowdfunding is instrumentally important to the future of the early stage investment and why sophisticated investors should seriously look to add this asset class to their broader investment portfolio.”
Warren said this was a very exciting time for his company;
“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.”
Warren explained that the new funding will be utilized to grow the team (now at 30) and improve the software. They plan to hire an additional 120 worldwide employees over the next three years on their planned march to a billion pound valuation.
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