Inventory and order management software for retailers.
|Location||Swansea United Kingdom|
|Sectors||SaaS/PaaS Digital B2B|
|Incorporation date||6 Feb 2013|
Learn more about convertible campaigns.
All-in-one platform for retailers to save time. Use shipping integrations to process orders instantly and automatically sync inventory across all sales channels. Increase sales by listing products on major marketplaces in a few clicks.
Integrated with all major UK and US shipping companies such Royal Mail, DPD, DHL, UPS, Collect+, Interlink, UK Mail, USPS, FedEx and DX.
Integrated with key ecommerce and marketplaces such as eBay, Amazon, Shopify, WooCommerce and Magento.
Convertible Key Terms
They key terms that apply to the Veeqo convertible are as follows:
► Discount – conversion at a 20% discount to the valuation set by a Trigger Event.
► This convertible does not have a valuation cap.
► Conversion is triggered by ("Trigger Events"):
◆ An Equity Fundraise – defined as the Company raising investment capital of at least £1 million from one transaction or a series of transactions, in exchange for the issue of Ordinary Shares. The Seedrs fund raise does not count as a transaction;
◆ A Change of Control of the company (transfer of more than 50% of the share capital); or
◆An IPO – being a listing of the company’s shares on a recognised stock market or secondary market.
If conversion has not been triggered by the longstop date (12 months from the date of the convertible) shares will be issued on the longstop date at a valuation based on the lower of (i) a pre-money company valuation of £3,266,220 (being the post money valuation of the company's last fundraising round); or (ii) the price for any share issued after the date of the convertible agreement. The convertible would also convert to equity at this price in the event of winding up or liquidation of the company.
At conversion, the investment agreement governing an Equity Fundraise (in particular) shall contain the standard Seedrs investor protections including pre-emption rights, tag & drag rights and information rights.
Whilst we think managing orders in each of their sales channels systems is very hard for a retailer, we aim to bring all their orders into Veeqo to manage.
We would make managing these orders much easier with shipping integrations to print shipping labels automatically, so no copy and pasting addresses anymore, with tracking numbers updating the original sales channel. Advanced order workflow management, grouping orders by status/warehouse/sales channel and more.
We think syncing inventory across all those sales channels is even harder and often ends in over sellings. Veeqo would manage this for you, syncing your inventory in real time to all your sales channels.
The system would manage cost of inventory very carefully, thus allowing business to see their true margin by product/group and, most usefully, by sales channel.
Substantial accomplishments to date
Over 250 paying customers since launch
270% MRR Revenue Growth over last 12 months.
Launched major new features in last 3 months including stock taking and pick/pack features.
Average monthly selling price has increased from £41 in July 2015 to £176 in June 2016 - 330% increase.
Hired "JC" as our CRO, he worked for world's leading cloud point of sale company Vend for 4 years and helped them grow from 40 customers to 15,000. He also helped them raise over $40m from top VC's and the company is now valued at over $200m.
Acquired shipping startup ParcelBright.com for cash deal, which then gave our customer shipping integrations with DPD, DHL, Interlink, Collect+ and DX. Plus it now gives us the option to offer customer cheaper shipping rates, where we make a margin.
SaaS with a monthly fee for customers depending on their size, starting from £70 to £999. See our pricing model here: http://www.veeqo.com/pricing_plans
In August we will be re-launching the ParcelBright service with the aim to start making revenue on shipments.
Use of proceeds
The vast majority will go into scaling the marketing and sales operation, to increase our growth.
This will be focussed on the UK, where we are very confident of our metrics and now need to invest more into marketing to create more leads.
We will also be investing into marketing in Germany, where we have had a lot of traction without any marketing to date.
Small and medium businesses around the world that sell online.
Our focus will be UK and Germany, but we already have clients in the United States, Switzerland, Australia and more.
Characteristics of target market
There are 228,000 online retail businesses in the UK.
Focus on 3 key areas, which we have already proven can generate sales
2/ Paid for leads
The idea of Veeqo was born from the frustration that none of the existing solutions met our needs.
Simple to use
All of our clients compliment on how beautiful Veeqo is and how easy it is to use, we put a lot of work into making everything as easy to do as possible.
Veeqo is web based, which means it would work on PCs, Macs, tablets and even smart phones. Stock takes, for example, could be done by walking around your warehouse/store with an iPad. Some of our competitors are PC installable software.
Be amazing at one thing
Veeqo will connect the best of breed from CRM, Accounts, eCommerce, email into one dashboard, rather than trying to replace all of those system with something "average", we want to be the glue that joins everything together. Some of our competitors have built in accounting/CRM which is poor.
UK courier integrations
Our US competitors have virtually no support for UK market, especially not having integrations with UK couriers.