Volo Commerce raises £6.2 million in new funding .
19 September 2017
Volo Commerce, a leading provider of multichannel e-commerce technology, today announced it has raised £6.2 million in new investment led by NVM Private Equity with participation from funds managed by Downing LLP. Volo will primarily use this new funding to expand its business into North America and across other international sales channels.
Volo Commerce enables brands and retailers to maximise the opportunity of multichannel commerce.
By deploying Volo’s software platform, customers are able to efficiently and rapidly grow their e-commerce business by accessing leading marketplaces such as Amazon, eBay and Walmart, and automating all aspects of the selling process. In addition, the solution incorporates multichannel best practices and know-how, whilst giving customers valuable analytics to improve profitability and drive growth. Volo supports hundreds of customers ranging from major brands to online specialists, to achieve greater scale through marketplace selling and international expansion, by removing costs and complexity.
“Our mission continues to be ‘to make selling online as easy as buying online.’ Through simplifying the selling process and adding valuable analytics our customers continuously outperform the market and typically grow their business by 100% or more by their third year with Volo. This investment will enable us to help more businesses grow and accelerate our international expansion whilst continuing to innovate across the platform” said Paul Watson, CEO of Volo Commerce.
“The growth in multichannel e-commerce continues to accelerate and is a huge opportunity but also a complex challenge for most businesses. Volo has built a platform that removes much of this complexity with a revenue model that aligns with its customers to drive growth” said NVM Private Equity Investment Director Charlie Winward. “We look forward to partnering with Volo as Paul and the team bring their solution and expertise to new customers.”
“We are delighted to be investing in Volo, backing a talented team in expanding their business. All areas of retail continue to face pressure and Volo is able to open up new growth channels and geographies for them,” noted James Lewis, Investment Director, Downing LLP.
Volo is headquartered in the UK but also has a growing office in New York with mature partnerships and integrations with the leading marketplaces. Volo’s Chairman is industry veteran, Ben White one of the best known technology entrepreneurs in the UK and a co-founder of Messagelabs, the first company in the world to deliver anti-virus and anti-spam in the cloud. Messagelabs was sold to Symantec for $700 million in 2008.
Volo Commerce has over a decade of multichannel e-commerce experience working closely with merchants and brands selling across international marketplaces like Amazon and eBay and website platforms. Volo combines powerful, end-to-end automation with marketplace know-how and account management expertise to grow sales, increase efficiencies and remove complexity for retailers. Brands that trust Volo include BMW, Dixons Carphone, Euro Car Parts, Office, Superdry and Tesco Outlet. Volo provides ecommerce ERP to a community of online multichannel merchants in all sectors. The company processes more than 40 million orders annually across nearly 200 countries.
Customers on average achieve over 50% revenue increase in their first year working with Volo and 100% by the end of the third year. Volo headquarters are in the UK, with offices in the UK and US. www.volocommerce.com
NVM is independently owned with over 30 years’ experience of investing in unquoted UK businesses. NVM is a generalist investor, managing over £270 million of funds, and is differentiated by having executives living and working in regional business communities throughout the UK. NVM seeks investment opportunities of between £2 million and £12 million in UK businesses which have the right mix of growth potential and market vision. They may be looking to grow organically, acquire another business or secure a management buy-out. www.nvm.co.uk
About Downing LLP
Established in 1986, Downing is a London-based FCA authorised and regulated investment manager operating a broad range of tax efficient products. Its Venture Capital Trusts allow investors to support the growth of small UK businesses while receiving attractive tax reliefs in return. Downing has 25 years of investment management experience and has raised more than £1.7 billion from over 35,000 investors. Downing currently manages in excess of £950 million of funds, of which approximately £240 million is in respect of VCT funds. www.downing.co.uk
Principals and key advisors to the transaction:
NVM was provided with:
- Legal advice by Shoosmiths (Robert Pook)
- Financial due diligence by WK Corporate Finance (Ed Minton and Daniel Jonas)
- Product due diligence by Rich Insight (Richard Hurtley)
- Management due diligence by Continuum (Steve Wycherley)
- Commercial due diligence by PMSI (Piers Copham)
NVM Private Equity was introduced to the deal by Armada Ventures.
Download photos of: Volo and general images – www.nvm.co.uk/PRphotos
For more information please contact:
Shelley Driscoll (Volo: PR) – 0791 894 2320 Shelley.Driscoll@volocommerce.com
Natalie Dickinson (NVM: PR & Marketing) – 0118 951 7021 firstname.lastname@example.org
Charlie Winward (NVM: Investment Director)– 0118 951 7012 email@example.com