May 21, 2015
Veeqo today announced that they have officially raised $1 million in funding to fuel the reach of their expansion efforts into the US from the UK. It’s a great outcome for the company, which was only looking to raise $400,000 via the Seedrs platform.
“We already have a great deal of customers from all over the US, and due to that high demand we are expanding to provide US retailers sales and support,” says Matt Warren, founder of Veeqo. “I am really excited about expanding into the US and looking forward to welcoming lots of new customers.”
So, what’s got the investors all abuzz? It might not appear too interesting at first glance; Veeqo offers web based software for online retailers which, in turn, allow them to sync their stock levels from their website directly to a POS, Amazon, and eBay channel. It’s an incredibly large pain point in the market vertical.
Further, it integrates into courier systems so that retailers might bulk print shipping labels without excess, outside data entry into a standalone system. And if that weren’t all enough the team designed Veeqo to link to your accounting software and automatically export sales from your channels into your accounts.
In a way it’s designed to be the whole back office system for an online retailer. And the team is working towards one goal with this system: make day to day management less time consuming and painful for retailers.
Founder Matt Warren began Veeqo because he was frustrated with the amount of time it took to update stock from Amazon to eBay. He was also fed up that there was overselling through online channels because there was no central management system for stock levels.
“With this new investment we will be able to work with fantastic merchants and help them achieve higher productivity rates with substantial cost savings,” says lead investor Daniel McPherson. “Veeqo is all about helping merchants achieve more with less.”
Image Credit: Wikimedia Commons
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