Retail tech startup Virtualstock valued at £70m after fundraising
Virtualstock, a London-based tech startup whose cloud-based inventory solutions are used by retailers including John Lewis and Wonderbra, has completed a fundraising round that valued the business at nearly £70m.
The £3.42 million funding, raised through the Enterprise Investment Scheme, takes the total capital invested into the business since its launch to £7 million. The money will be used to scale the business and prepare for international expansion, it said.
Additionally, Virtualstock announced the appointment of René Schuster as chairman with immediate effect. He has a wealth of experience in growing global telecommunications and technology businesses, having led Telefonica Deutschland through the largest IPO in Europe in 2012 as CEO.
He has also previously been chief operating officer at Vimplecom, global marketing director at Vodafone and senior vice president at Hewlett Packard.
Virtualstock provides digital supply chain solutions for retailers, helping them gain total visibility of inventory levels, connect the offline and online channels for a more seamless omnichannel experience and offer flexible delivery options.
René Schuster, incoming chairman commented about joining Virtualstock: “I have been impressed by the strength of the management team, the client base and particularly its unique proposition, built from an expert understanding of the specific needs of the retail and healthcare sectors, which is helping leading UK retailers and the NHS keep pace with rapid structural changes.”
"With its blue-chip client base and compelling solution, I am excited by the opportunities presented to the Group to roll out and scale its offering across other verticals and particularly across new international markets.”
Virtualstock’s client list includes six of the top 10 UK retailers including Tesco, John Lewis, Argos and Sainsbury’s, as well as the NHS.
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