Veeqo aims to raise Â£250k through fourth Seedrs pitchBy Storm Rannard, Digital Staff Writer
Swansea retail software firm Veeqo has launched its fourth Seedrs pitch in a bid to raise £250,000.
Founder Matt Warren told Insider the capital would go towards creating jobs in Wales, accelerating growth and expanding further into the US.
Warren launched the Veeqo app, which allows companies to manage orders and inventory across distribution channels, in June 2014. It has already secured 25 per cent of its target, which has been offered in return for a 12.5 per cent equity stake in the business.
He told Insider that the funds will go towards expanding the company's team and expects to take its Swansea workforce from 15 to 20 staff early next year.
"The money will be invested in hiring more software engineers and salespeople. That's were 99 per cent of our costs lie – in building our team," he said.
As well as expanding its workforce, which is based at Swansea's TechHub, Warren told Insider some money will also go towards consolidating the company's presence in North America.
"We'll hire a vice-president of sales in the US to act as out beachhead there," he said.
"At the moment, 10 per cent of our clients are based there, without us having any sales or marketing staff there. The plan is to start ramping that up, starting with one employee. As activity grows, we'll start building our team there and have an office there eventually."
Warren added that the company now has clients based around the globe, including customers in Australia, Switzerland and Shanghai. But he confirmed the company's base will remain in South West Wales in the future.
"Of course we'll stay here. Our whole team is based here and we work closely with both local universities. All of our guys are graduates," he said.
Veeqo has raised more than £150,000 from previous Seedrs pitches. It secured £30,000 in March 2013 to prepare the app for launch and a further £120,000 in May 2013. It also raised £4,155 via the platform in March 2014.
"The first rounds enabled us to build the product, test it with customers and really fine-tune it.
"This round will accelerate the growth we've seen in the past four months – we've been growing 25 per cent month-on-month since we launched in June."
In June, Tom Singh, the founder of high street clothing giant New Look, became the latest investor in the company. The funding was provided through Launcha, an early-stage fund backed by Singh.