Welsh retail automation platform Veeqo raises €3.8 million from Octopus Investments

Veeqo Leadership Team March 2019

Based in Swansea, Wales, Veeqo is a retail automation platform that helps retailers to sync their inventory across multiple sales channels and fulfil customer orders.

Each year, the Veeqo platform powers over 31 million shipments. Hundreds of retail brands such as Brompton Bikes, Maidenhead Aquatics and Dove already use Veeqo to fulfil e-commerce orders to customers all over the world, with one Veeqo retailer shipping up to 10,000 orders a day during their peak season.

Founded in 2013, the startup has raised a €3.8 million round led by Octopus Investments, along with existing investors Daniel McPherson and Tom Singh, and additional funding through the equity crowdfunding platform Seedrs.

With Veeqo’s software, retailers can pick, pack, and ship a high volume of orders to customers all over the world, and its omnichannel inventory and order management functionality keeps stock levels across multiple warehouses accurate and reliable.

Veeqo can also be accessed via a smartphone app, allowing retailers to check, manage, and update stock levels, scan barcodes to select products, and view sales and profits remotely. The startup’s barcode scanning hardware also provides digital picking and packing capabilities, resulting in a paperless warehouse where every order can be shipped quickly and accurately.

The new funding will be used to further Veeqo’s dominant 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 fulfillment software for the retail market.

“I’m passionate about building a global tech company from our home here in Wales,” said Matt Warren, CEO and founder of Veeqo. “We’re the first Welsh company to raise a growth investment of this size, and it’s fantastic to be working with Octopus – one of the most well-regarded investment firms in London. With the High Street facing increasing challenges day-by-day, retailers selling omnichannel have an opportunity to grow at an astonishing rate and Veeqo can help them achieve that goal.”

“Veeqo has a very exciting proposition and we’re delighted to be able to support this next phase of growth,” said Richard Court, Head of Development Capital at Octopus Investments. “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.”