Online product discovery platform, Product Guru has secured £330,000 in funding as it looks to disrupt the retail industry.
As part of the deal, the company will receive £230,000 in funding from Scotmid Coop and Techstart Ventures, as well as an additional £100k from Scottish Enterprise.
Through its online platform, Glasgow-based Product Guru helps FMCG, home, gift and travel suppliers by connecting them with some of Britain’s most well-known retailers.
Since launching in 2018, the firm has secured partnerships with a host of high street retailers, including John Lewis, Sainsbury’s and TK Maxx.
This latest investment follows an exciting period of growth for the tech firm. Despite the disruption of the coronavirus pandemic, the company says it has more than doubled its workforce and boosted sign-ups significantly in the first eight months of 2020.
Commenting on the investment, Product Guru CEO Simon Coyle, said: “This funding has come at a critical time as we look to build upon the success of our rapid growth.
“Continually developing our services to meet retailers’ needs will allow us to connect and match even more suppliers and buyers, helping us to build upon the disruptive changes we’ve made to the sector.”
Coyle added: “2020 sent shockwaves through the high street, and nothing will ever be the same. Having worked in retail for 20 years, this has made me even more ambitious with our plans for growth over the next 18 months.”
Product Guru said the funding boost will enable it to recruit two highly skilled senior developers to support the launch of the platform’s premium subscription service in 2021.
The new service will offer greater opportunities for suppliers to catch the attention of retail buyers.
- Fresh investment to help SICCAR grow data-sharing platform
- Cybersecurity specialist Adarma appoints ex-Cisco VP as Chief Exec
- Scots medical firm secures £280k in oversubscribed funding round
Calum Forsyth, investor at Techstart Ventures, said: “Small and challenger brands punch well above their weight in markets that have traditionally been led by large corporations. Through consistent reinvention, innovation and a focus on the customer, we have seen unprecedented levels of growth among these brands.
“Product Guru is a very elegant solution that sits at the heart of this marketplace challenge. We are delighted to be backing the team and joining them on this journey.”