‘Tinder for retailers’ secures further investment
Simon Coyle: ‘nothing will be the same’
Online product discovery platform, Product Guru, has secured £330,000 to disrupt the traditional retail buying process by re-inventing how products end up on shelves.
The investment of £230,000 from Scotmid Coop and Techstart VC, with a further £100,000 funding from the Scottish Enterprise, follows a period of rapid growth for the retail tech company.
Last year Scotmid and Scottish Enterprise contributed to a £300,000 fund-raising to which Asia-based retail technology investor Belmond Capital also contributed.
Despite the ongoing challenges faced during the pandemic, Product Guru has more than doubled its workforce and seen sign-ups increase by 310% in the first eight months of 2020, with product submissions on the platform growing by 1000% in the same period.
Product Guru, described as ‘Tinder for retail buyers and product suppliers’, helps fast moving consumer goods (FMCG), home, gift and travel suppliers of all sizes by opening up opportunities to connect with some of the UK’s most well-known retailers via an innovative online software platform.
Since launching in 2018 it has signed up high street retailers, including John Lewis, Sainsbury’s and TK Maxx.
Simon Coyle, CEO, 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.
“This funding has come at a critical time as we look to build upon the success of our rapid growth.”
The investment will also allow Product Guru to recruit two senior developers to support the launch of the platform’s premium subscription service in 2021.