VC firms invest $37m in Blippar

The company, which said it once turned down a $1.5bn takeover bid, is struggling to keep a lid on losses, with accounts for the year to March 2017 showing a loss if £34.4m, up from £24.2m the year before. Auditors of the 2017 accounts warned it would need more funding to continue operating.

The round was led by Candy Ventures and Qualcomm Ventures, and involved all current existing investors.

Previous funding
Qualcomm provided a round of seed funding in 2012, followed by a $45m round in March 2015. A larger group of investors, led by the Malaysian government's sovereign wealth fund, invested $54m in the firm in 2016.

Company
Founded in 2011 and based in London, Blippar develops an image recognition and augmented reality app. It has around 250 staff and generated revenues of £5.7m in the year to March 2017.

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• Topics
• UK / Ireland
• Healthcare
• Expansion
• Qualcomm Ventures Europe
• United Kingdom