Octopus Investments injects £3.3m into Veeqo

Alessia Argentieri
20 March 2019

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Octopus Investments, via its Development Capital division, has invested ТЃ3.3m in Veeqo, a UK-based developer of inventory and fulfilment software for the retail market.

The capital injection is composed of both equity and debt, and brings the total funding raised by the company to around £6m.

Unquote understands that the VC house deployed capital from its £110m fund Octopus Apollo.

The company plans to use the fresh capital to consolidate its position in the UK market, expand in the US, and further develop and improve its product offering. In addition, Veeqo plans to scale up its team of 35 people by adding at least 15 new staff in 2019 and opening a new office in the US.

Previous funding
Following several seed investments for a total of around £1.1m, Veeqo raised a £1.2m series-B funding round in November 2016 from equity crowdfunding platform Seedrs and entrepreneurs Tom Singh and Daniel McPherson.

Company
Founded in 2013, Veeqo is a retail automation platform that helps retailers sync their inventory across multiple sales channels and fulfil customer orders. The company's software allows retailers to pick, pack and ship a high volume of orders to customers all over the world and keep an accurate omni-channel inventory, with order management functionality across multiple warehouses.

The platform powers around 31 million shipments every year and is used by hundreds of retail brands, including Brompton Bikes, Maidenhead Aquatics and Dove. Veeqo is headquartered in Swansea, South Wales, and has additional offices in London and Bishkek, Kyrgyzstan. It employs 35 staff.

People
Octopus Investments – Richard Court (head of development capital).
Veeqo – Matt Warren (founder, CEO).