Online discovery platform finds funds
An online platform that has been called Tinder for retail buyers and products uppliers has secured funds of £330,000 after a period of “rapid growth”.
Retail tech outfit Product Guru, which is based in Glasgow, has netted an investment of £230,000 from S cot mid Coop and Techstart VC, with a further £100,000 in funding via Scottish Enterprise.
Despite the challenges faced during the pandemic, the firm has more than doubled its workforce and seen sign-ups leap 310 per cent in the first eight months of 2020, with product submissions on the platform surging by 1,000 per cent.
Billed as an online product discover y platform, Product Guru helps fast-moving consumer goods, home, gift and travel suppliers by opening up opportunities to connect with major retailers. Since launching in 2018, a raft of high street retailers, including John Lewis, Sainsbur y’s and TK Maxx, have signed up to use its services.
Chief executive Simon Coyle said: “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. Our vision is to shake up how retail buying works. The system was broken even before Covid, with buyers missing opportunities to find the products their consumers wanted and suppliers desperately trying to find the right channel to reach buyers.
“More than ever, retail needs to adapt and find new ways of working. As activities move online and remote working becomes the norm, Product Guru is uniquely placed to continue revolutionising how products end up on shelves.”
He added: “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.”
C al um Forsy th, investor at Techstar t Ventures, said: “Small and challenger brands punch well above their weight in markets that hav et raditionally 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.”
The investment will also allow the tech firm to recruit two skilled senior developers to support the launch of the platform’s premium subscription service in 2021. The new service promises greater opportunities for suppliers to catch the attention of retail buyers.
Reflecting on a recent event, Coyle added: “Virtual product pitching at The Pan try Live was a clear sign of the changing times we live in.
“To see a micro business selling direct from their own kitchen into the kitchen of a John Lewis buyer was extraordinary. It felt like we were seeing product discovery as it should be. It personalised the process, with real relationships being formed.”