When we first encountered Veeqo, we were immediately impressed by the dynamic combination of a mission-driven team, led by founder Matt Warren, and a brilliant product. In March of 2019, we led a £3.3 million growth investment in the company. A year later and the world looked altogether different as the Covid-19 pandemic changed everything.
It’s been a busy couple years for Matt and his team due to the pandemic induced e-commerce boom, we are excited to share that Veeqo has been acquired by Amazon.
A focused sales strategy
At its core, Veeqo’s software helps small and medium sized online retailers efficiently manage and grow their multi-channel business with inventory, order, shipping, and warehouse management capabilities.
Matt’s previous experience as a founder in the e-commerce space gave him a deep and personal understanding of customers’ needs, with a relentless focus on the user experience. Veeqo iterated constantly, always looking for improvements to an already excellent product.
However, no matter how good a product is, you still need to get your sales strategy right. We supported Veeqo as it developed a product led approach, by expanding its free-trial offering and focusing on attracting the small online retailers it knows best. It proved to be the right call.
The lesson here is twofold. First, pick an investor with a long-term outlook, which is willing to back the management in bold decisions. And second, don’t overlook the value of an excellent product. Veeqo’s success with its sales strategy was only made possible because its product was so good.
A critical hire
Ultimately, as everyone knows, it’s the people that determine the success of any business.
Shortly after we invested, we introduced Veeqo to Martin Fincham, a Silicon Valley veteran who took on the role of Chairman at the company. Matt put together an outstanding team at Veeqo, brimming with young talent. As a highly experienced operator, with decades of software and go-to-market experience under his belt, we thought Martin would complement the team perfectly. Sure enough, there was an instant connection. As Chairman, Martin made a huge contribution in helping Veeqo succeed.
A successful exit
A massive congratulations to the Veeqo team. A winning combination of product, personnel, and a dynamic approach to strategy have led to an exciting next step for Veeqo. We’ll be watching with excitement to see what comes next!